SPRINGFIELD – State Senator Christopher Belt (D-Cahokia) passed a measure today seeking to increase minority representation on corporate boards.

Under the legislation, all publicly held corporations whose principal executive offices are located in Illinois would be required to submit information with their annual report regarding the gender and racial/ethnic make-up of their board of directors. 

The University of Illinois would then conduct a study to make recommendations on how to improve minority and female representation.

“Lack of diversity at the top often results in bad business decision-making,” Belt said. “By encouraging minority representation on corporate boards we are not only securing opportunities for minorities, but also promoting better business.”

Currently, only eight percent of the 77 Illinois Fortune 1000 companies have corporate boards composed of 20 percent or more women. Nationwide, black professionals make up only 6.3 percent of corporate boards. Asian Americans and Latinos make up 3.7 percent and 2 percent, respectively.

“The inclusion of different perspectives breeds an environment where innovation and creativity increase, which advances corporations’ progression,” Belt said.

House Bill 3394 passed the Senate and now goes back to the House for concurrence.