Maine – Law Brings Gender Equity to Corporate Boards

House Bill 878 (Public Law 385) became law June 30 without the governor’s signature and is intended to bring gender parity to corporate boards.  Corporation annual reports shall include indications whether a domestic corporation is publicly held and how many female directors are on the board of directors.  Publicly held domestic corporations shall have a minimum of one female director no later than June 1, 2023 and to comply with additional requirements no later than June 1, 2024 (a board with 6 or more directors shall have a minimum of 3 female directors; a board with 5 directors shall have a minimum of 2 female directors; and a board with 4 or fewer directors shall have a minimum of 1 female director).

Jurisdictional Updates 7-15-21