In Case You Missed It...Corporate Board Reporting Penalty Provisions Amendment

On Wednesday, a new amendment was filed on HB 989 which was previously a shell bill. This floor amendment adds onerous penalty provisions to the corporate board reporting requirements. Many of you will recall the board reporting requirement was passed a few years ago after much controversy and the exclusion of penalty provisions. This act applies to all publicly traded companies with principal headquarters in Illinois. Under this amendment, the penalty for a first time oversight is $100,000. The penalty more than doubles for second and subsequent violations.

The Chamber has always maintained that this issue shouldn't be micromanaged from 50 different state capitals.

Since this is a floor amendment, it may be called in committee with only an hour's notice. Please provide us your thoughts as soon as possible. We will discuss this bill in greater detail on Monday's GAP call.

New penalty provisions highlighted (right).

Link to full bill here: HFA1 to HB989