Corporate Boards Must Have Female Directors Starting in 2026 Under Bill

Michigan News Source

Starting in 2026, a publicly held domestic or foreign corporation with Michigan-based principal executive offices must have at least three female directors on a board under legislation proposed by State Sen. Sylvia Santana (D-Detroit).

“There’s been research (from) time immemorial that shows that companies that have a diverse corporation board are 30 percent more profitable, or even more profitable than that,” said Santana to MIRS News on her SB 242. “When we’re a first-world country, we need to make sure that we are looking at how we can best service our population…but more importantly, make sure that we put women in key roles.”

According to a 2022 report titled “Women’s Leadership In Michigan Public Companies,” the share of women directors serving on a public company’s corporate board in the state grew from 10 percent in 2015 to 24 percent in 2021. When it came to the presence of women positioned as one of a company’s top five compensated officers, the number doubled from 7.1 percent in 2003 to 14 percent in 2021.

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