Bill > S3695

Introduced Session

This bill requires a publicly held domestic or foreign corporation, based in New Jersey, to have a board of directors that reflects the racial and gender diversity of this State. Under this bill, a publicly held domestic or foreign corporation, whose principal executive office is located within this State, will be required to have a board of directors that reflects the racial and gender diversity of this State by December 31, 2021. In order to comply with this requirement, a corporation will be able to increase the number of directors on its board and use information from the most recent decennial census published by the United States Bureau of the Census. Corporations will also be required to file a list of all directors and each director's terms of service with the Secretary of State. Additionally, by March 1, 2022, and annually thereafter, the Secretary of State will be required to prepare and submit a report to the Governor and the Legislature that contains the following: (1) A list of publicly held domestic and foreign corporations subject to, and in compliance with, the diversity requirement of this bill during at least one point within the preceding calendar year; (2) The number of publicly held domestic and foreign corporations that moved their United States headquarters during the preceding calendar year to New Jersey from another state or from New Jersey to another state; and (3) The number of domestic and foreign corporations that were subject to the diversity requirement of this bill during the preceding calendar year but are no longer publicly traded.

AI Summary

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Joe Cryan (D)*,  Teresa Ruiz (D)*, 

Senate Commerce Hearing (19:00 12/6/2021 The State House Annex has reopened to the general public.Visitor) (on 12/06/2021)

Official Document