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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. Annual Meeting 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 We
encourage you to add your business or
organization's name to our coalition to stop the progressive income tax.
You can learn more at our website at: chambersagainsttax.com. 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. |
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