Requires racial and gender diversity in membership of certain boards of directors.

This bill (A 3445) requires publicly held corporations with their principal office in New Jersey to have boards of directors that reflect the racial and gender diversity of New Jersey by December 31, 2021. Corporations must use the most recent U.S. Census data to determine compliance, can add directors to meet the requirement, and must annually report director demographics to the Secretary of State. Failure to comply results in civil penalties of $100,000 for the first violation and $300,000 for subsequent violations. The Secretary of State must also annually report on compliance, corporate relocations, and companies no longer subject to the law.