Sec. 432. Diversity advisory group
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For the purposes of this section: The term Advisory Group means the Diversity Advisory Group established under subsection (b). The term Commission means the Securities and Exchange Commission. The term issuer has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). The Commission shall establish a Diversity Advisory Group, which shall be composed of representatives from— the Federal Government and State and local governments; academia; and the private sector.
The Advisory Group shall— carry out a study that identifies strategies that can be used to increase gender, racial, and ethnic diversity, and diversity with respect to individuals self-identifying as lesbian, gay, bisexual, transgender, or queer, among members of boards of directors of issuers; and not later than 270 days after the date on which the Advisory Group is established, submit to the Commission, the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that— describes any findings from the study conducted under paragraph (1); and makes recommendations regarding strategies that issuers could use to increase gender, racial, and ethnic diversity, and diversity with respect to individuals self-identifying as lesbian, gay, bisexual, transgender, or queer, among board members.
Not later than 1 year after the date on which the Advisory Group submits the report required under subsection (c)(2), and annually thereafter, the Commission shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that describes the status of gender, racial, and ethnic diversity, and the status of diversity with respect to individuals self-identifying as lesbian, gay, bisexual, transgender, or queer, among members of the boards of directors of issuers, including breakdowns by each State (including the District of Columbia and each territory of the United States), Tribal government entity, and congressional district.
The Commission shall make all reports of the Advisory Group available to issuers and the public, including on the website of the Commission. The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply with respect to the Advisory Group or the activities of the Advisory Group.
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Sec. 432
Diversity advisory group
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