Oregon House passes bill on diversity for public companies

Women of color hold just under 5% of board seats on Fortune 500's publicly traded companies, and women make up 20% of Russell 3000 board seats.

Posted: May 5, 2021 11:50 AM

SALEM, Ore. -- The Oregon House has passed a bill addressing diversity for public companies.

Bill 3110 A will require boards of directors for publicly traded companies in Oregon to have at least one female director and one director who is a member of an underrepresented community by Jan. 1, 2024.

According to House members, the bill looks to diversify the work force and ensure historically excluded populations are given a seat at the table.

Rep. Janelle Bynum who sponsored the bill said: “The data is there: when companies are more diverse with different ideas and perspectives at the table, this is reflected in the results the company yields for consumers and investors alike."

The bill passed 40 to 18 and now moves to the Senate.

California became the first state to legally compel public companies to add women directors in 2018.

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