SB 115

United States - Michigan

Gender
Yes
Minorities
LGBTQ+
Veterans

Applicable to

All publicly held domestic corporations or foreign corporations whose principal executive offices, according to the corporation's SEC 10-K form, are located in this state

Key requirements

1) Beginning January 1, 2021, a publicly held domestic corporation or foreign corporation whose principal executive offices, according to the corporation's SEC 10-K form, are located in this state must have a minimum of 1 female director on its board. A corporation may increase the number of directors on its board to comply with this section.

(2) Beginning January 1, 2023, a publicly held domestic corporation or foreign corporation whose principal executive offices, according to the corporation's SEC 10-K form, are located in this state must comply with 1 of the following, as applicable:

(a) If its number of directors is 6 or more, the corporation must have at least 3 female directors.
(b) If its number of directors is 5, the corporation must have at least 2 female directors.
(c) If its number of directors is 4 or fewer, the corporation must have at least 1 female director.

Penalties

A corporation that violates this section, or that fails to timely file board member information with the administrator under a rule promulgated under subsection (6), is subject to an administrative fine of not more than $100,000.00 for a first violation, or a fine of not more than $300,000.00 for a second or subsequent violation.