Sec. 5416. Submission of data relating to diversity
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Section 13 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m ) is amended by adding at the end the following: In this subsection— the term executive officer has the meaning given the term in section 230.501(f) of title 17, Code of Federal Regulations, as in effect on the date of enactment of this subsection; and the term veteran has the meaning given the term in section 101 of title 38, United States Code. Each issuer required to file an annual report under subsection
(a)shall disclose in any proxy statement and any information statement relating to the election of directors filed with the Commission the following: Demographic data, based on voluntary self-identification, on the racial, ethnic, gender identity, and sexual orientation composition of— the board of directors of the issuer; nominees for the board of directors of the issuer; and the executive officers of the issuer. The status of any member of the board of directors of the issuer, any nominee for the board of directors of the issuer, or any executive officer of the issuer, based on voluntary self-identification, as a veteran. Whether the board of directors of the issuer, or any committee of that board of directors, has, as of the date on which the issuer makes a disclosure under this paragraph, adopted any policy, plan, or strategy to promote racial, ethnic, and gender diversity among— the board of directors of the issuer; nominees for the board of directors of the issuer; or the executive officers of the issuer. In any 1-year period in which an issuer required to file an annual report under subsection
(a)does not file with the Commission a proxy statement or an information statement relating to the election of directors, the issuer shall disclose the information required under paragraph
(2)in the first annual report of issuer that the issuer submits to the Commission after the end of that 1-year period. Not later than 18 months after the date of enactment of this subsection, and annually thereafter, the Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and publish on the website of the Commission, a report that analyzes the information disclosed under paragraphs
(2)and
(3)and identifies any trends with respect to such information. The Director of the Office of Minority and Women Inclusion of the Commission shall, not later than 3 years after the date of enactment of this subsection, and every 3 years thereafter, publish best practices for compliance with this subsection. The Director of the Office of Minority and Women Inclusion of the Commission may, pursuant to subchapter II of chapter 5 of title 5, United States Code, solicit public comments related to the best practices published under subparagraph (A). .
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Sec. 5416
Submission of data relating to diversity
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