A bill to amend 1972 PA 284, entitled “Business corporation act,” by amending section 1002 (MCL 450.2002), as amended by 2008 PA 402, and by adding section 505a.
The bill would amend the Business Corporation Act to do the following: -- Require, beginning January 1, 2024, each publicly held domestic corporation or foreign corporation that had principal executive offices in the State to have a minimum of one female director on its board. -- Require, beginning January 1, 2026, each publicly held domestic corporation or foreign corporation that had principal executive offices in the State to have a specified number of female directors on its board, depending on the board's size. -- Require the Department of Licensing and Regulatory Affairs (LARA) to publish annually a report on its website concerning the number of compliant corporations and changes to the number of publicly held corporations in the State. -- Prescribe fines for first and subsequent violations of these requirements.
Introduced
by
Referred to the Committee on Economic and Community Development
