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Gender Diversity in the Boardroom bill passes in Annapolis

Posted: 10:56 PM, May 22, 2019
Updated: 2019-05-23 08:21:45-04
Annapolis

ANNAPOLIS, Md. — A bill aimed to promote the advancement of women in professional and executive roles was signed into law by Governor Larry Hogan.

House Bill 1116/Senate Bill 911, also known as the Gender Diversity Bill, was introduced by Delegate Shelly Hettleman. For the past 11 years it has produced an annual census report on the under-representation of women on boards in Maryland.

“Maryland legislators understand that greater diversity and inclusion in boardrooms benefits everyone,” said Patricia McHugh Lambert, president of Executive Alliance. “Special thanks to those who supported this effort by coming to Annapolis to testify and lobby, sending support letters, calling key legislators and assisting with outreach and promotion.”

The bill will now urge equal and diverse gender representation on corporate boards and will push companies and organizations to have 30 percent representation of women on their boards by Dec. 31, 2022. It will also require private companies and nonprofits in Maryland with more than $5 million to report the number of women on their boards to Maryland’s Department of Assessments and Taxation on the Annual Report of Personal Property Tax Form-1.

Research shows that having women on boards increases the performance of a company, according to Executive Alliance.