House passes Meeks’ corporate diversity bill

Rep. Gregory Meeks sponsored a bill designed to promote racial, ethnic and gender diversity in top corporate positions and boards. Eagle file photo by Andy Katz.

By David Brand

A bill aimed at ensuring racial and gender diversity among corporation boards and executive staff, sponsored by U.S. Rep. Gregory Meeks, passed the U.S. House of Representatives Tuesday.

The bill would require public companies to publish diversity data on the racial, ethnic, and gender composition of their board of directors, nominees for the board of directors and executive officers each year.

The measure would also direct the Director of the Office of Minority and Women Inclusion of the Securities and Exchange Commission to publish best practices for compliance with the disclosure requirements of this bill every three years.

Meeks, chair of the Queens County Democratic Party, praised the House vote on the “Improving Corporate Governance Through Diversity Act of 2019” bill.

The measure “is the culmination of years of work dedicated to increasing transparency so that the highest levels of corporate America can begin to reflect the diversity of America,” he said. 

“Studies have shown that the lack of diversity in C-suites and corporate boards is not only an injustice, it is a detriment to business and a hindrance to innovation,” he added. Bringing diversity to the highest levels of corporate governance will make companies more accountable to the public and to the economy, and improve their financial performance, as studies have shown.”

The bill now goes before the Senate.