CHICAGO – State Rep. Camille Y. Lilly, D-Chicago, recently joined members of the Illinois Legislative Black Caucus and statewide business leaders to support a measure to ensure women and African Americans are represented in corporate boardrooms.
“For too long, corporate boards have underrepresented women and African Americans,” said Lilly. “This legislation will ensure that the leadership of public companies reflects the diversity of Illinois and will have a positive economic impact.”
The Lilly-sponsored House Bill 3394 requires publicly held corporations based in Illinois to have at least one female and one African American on their board of directors by the end of 2020. The bill requires the secretary of state’s office to annually publish a report on the diversity of corporate boards in Illinois. Data from the Credit Suisse Research Institute and Harvard Law School Forum on Corporate Governance shows that companies with diverse corporate boards perform better than their competition in a variety of ways, including profitability, risk management, share price and social governance.
“A diverse corporate board means more perspectives and experiences are represented during the creation of products and services,” Lilly said. “As America continues to diversify, companies will require diverse expertise, experiences, and knowledge in order to succeed in a competitive marketplace.”
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