This bill amends existing laws to require both domestic and foreign corporations to include demographic information about their corporate boards and senior management in their annual reports filed with the Department of the Treasury. Specifically, corporations must now report statistics on race, ethnicity, sexual orientation, gender identity or expression, disability status, and veteran status of their directors and officers. Additionally, the bill removes previous requirements related to the addresses of the principal business office and the names of directors and officers, streamlining the reporting process.

Furthermore, the bill mandates that the State Treasurer prepare and submit a report every four years, starting February 1, 2024, to the Governor and the Legislature. This report will document the demographic information of officers and directors of publicly held corporations based in New Jersey, including changes in demographics over time and aggregate data. The aim of this legislation is to enhance transparency and promote diversity within corporate leadership in the state.