October 2, 2020
This Week in Illinois
California Governor Signs Corporate Boardroom Diversity Law
This week California Governor Gavin Newsom signed a bill requiring more than 660 public corporations with California headquarters to have at least one board member from an unrepresented community or face stiff civil penalties. The measure requires at least two directors on boards with at least four members that identify as Black, Latino, Asian, Pacific Islander, Native American, Native Hawaiian or Alaska Native or as gay, lesbian, bisexual or transgender. Firms that have more than nine directors must have at least three board members that meet the above criteria. Firms that do not comply face $100,000 fines for the first violation and $300,000 for subsequent violations.
We expect similar legislation to be introduced in Illinois this spring with the new legislative session. The Illinois Chamber has great concerns about this type of legislation and has opposed similar bills introduced in the past. We will keep you informed as further action is warranted.
Also from the California Files
California Governor Gavin Newsome signed an executive order last week which will ban the sale of gasoline and diesel-powered passenger cars in that state by 2035. California often serves as the harbinger of things to come in Illinois. For now, Governor Pritzker's electric ambitions remain merely goals.
If you missed the Chamber's virtual annual meeting last week, you can view President and CEO of the Federal Reserve Bank of Chicago Charles Evans' keynote speech on Economic Development in Distressed Communities below.
Next week, we will be sending out more photos and videos from the event, including the opening remarks from Illinois Market at Commerce Bank CEO and Chamber Board Chair Brent Eichelberger and the panel discussion with Chairman of the Chicago Cubs Tom Ricketts and Wintrust President Timothy S. Crane, moderated by Wintrust Vice President of Community Affairs and Chamber International Business Council Co-Chair Susana Meza.
Progressive Income Tax
Now is the time to come together and say NO to the progressive income tax amendment that will close businesses and raise taxes on working Illinois families.