SB1248: MEI Project Approval Commission; board-level gender and diversity requirements.

Legislative Summary

MEI Project Approval Commission; board-level gender and diversity requirements. Prohibits the MEI Project Approval Commission from recommending approval of any major employment and investment (MEI) project for a business that does not have and does not commit to maintaining a balanced board of directors based upon gender and racial diversity, such that at least 30 percent of such board of directors consists of women and historically underrepresented groups. The bill requires any business seeking approval of a project to submit a board diversity disclosure and to update such disclosure annually, specifying the number and percentage of diverse directors on the board of such business who self-identify as female or represent a national, racial, ethnic, indigenous, or cultural identity in the country of the business's principal executive offices. MEI Project Approval Commission; board-level gender and diversity requirements. Prohibits the MEI Project Approval Commission from recommending approval of any major employment and investment (MEI) project for a business that does not have and does not commit to maintaining a balanced board of directors based upon gender and racial diversity, such that at least 30 percent of such board of directors consists of women and historically underrepresented groups. The bill requires any business seeking approval of a project to submit a board diversity disclosure and to update such disclosure annually, specifying the number and percentage of diverse directors on the board of such business who self-identify as female or represent a national, racial, ethnic, indigenous, or cultural identity in the country of the business's principal executive offices.