SB 1491

Abstract

Amends the Business Corporation Act of 1983. Provides that as soon as practical after the effective date of the amendatory Act, but no later than January 1, 2024, a corporation that has contracts with the State shall include as part of its annual report submitted to the Secretary of State a list of its professional services suppliers by category. Provides that the list shall include the percentage of owners and employees in each category that are women or are members of a minority group. Provides that the list shall identify minority groups with specificity. Provides that corporations that submit annual supplier diversity reports to the Illinois Commerce Commission in accordance with the Business Enterprise for Minorities, Women, and Persons with Disabilities Act are exempt from the reporting requirements. Effective immediately.