,,ii #aahth ,,congress #ast ,session ,s4 #bjjg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #ae1 #bjbc,mr4 ,menendez 7for himself1 ,ms4 ,cortez ,masto1 ,ms4 ,hirono1 ,ms4 ,smith1 ,ms4 ,warren1 ,mr4 ,booker1 ,mr4 ,warnock1 ,mr4 ,brown1 ,mr4 ,van ,hollen1 and ,mr4 ,padilla7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,securities ,exchange ,act of #aicd to require the submission by issuers of data relating to diversity1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,improving ,corporate ,governance ,through ,diversity ,act of #bjbc4 #b4 ,submission of data relating to diversity by issuers ,section #ac of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7 is amended by adding at the end the following3 7t7 ,submission of data relating to diversity 7#a7 ,definitions ,in this subsection-- 7,a7 the term executive officer has the meaning given the term in section #bcj4eja7;f7 of title #ag1 ,code of ,federal ,regulations1 as in effect on the date of enactment of this subsection2 and 7,b7 the term veteran has the meaning given the term in section #aja of title #ch1 ,united ,states ,code4 7#b7 ,submission of disclosure ,each issuer required to file an annual report under subsection 7a7 shall disclose in any proxy statement and any information statement relating to the election of directors filed with the ,commission the following3 7,a7 ,data1 based on voluntary self-identification1 on the racial1 ethnic1 and gender composition of-- 7i7 the board of directors of the issuer2 7ii7 nominees for the board of directors of the issuer2 and 7iii7 the executive officers of the issuer4 7,b7 ,the status of any member of the board of directors of the issuer1 any nominee for the board of directors of the issuer1 or any executive officer of the issuer1 based on voluntary self-identification1 as a veteran4 7,c7 ,whether the board of directors of the issuer1 or any committee of that board of directors1 has1 as of the date on which the issuer makes a disclosure under this paragraph1 adopted any policy1 plan1 or strategy to promote racial1 ethnic1 and gender diversity among-- 7i7 the board of directors of the issuer2 7ii7 nominees for the board of directors of the issuer2 or 7iii7 the executive officers of the issuer4 7#c7 ,alternative submission ,in any #a-year period in which an issuer required to file an annual report under subsection 7a7 does not file with the ,commission a proxy statement or an information statement relating to the election of directors1 the issuer shall disclose the information required under paragraph 7#b7 in the first annual report of issuer that the issuer submits to the ,commission after the end of that #a-year period4 7#d7 ,annual report ,not later than #ah months after the date of enactment of this subsection1 and annually thereafter1 the ,commission shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives1 and publish on the website of the ,commission1 a report that analyzes the information disclosed under paragraphs 7#b7 and 7#c7 and identifies any trends with respect to such information4 7#e7 ,best practices 7,a7 ,in general ,the ,director of the ,office of ,minority and ,women ,inclusion of the ,commission shall1 not later than #c years after the date of enactment of this subsection1 and every #c years thereafter1 publish best practices for compliance with this subsection4 7,b7 ,comments ,the ,director of the ,office of ,minority and ,women ,inclusion of the ,commission may1 pursuant to subchapter ,,ii of chapter #e of title #e1 ,united ,states ,code1 solicit public comments related to the best practices published under subparagraph 7,a74 4 #c4 ,diversity advisory group 7a7 ,definitions ,for the purposes of this section3 7#a7 ,advisory ,group ,the term ,advisory ,group means the ,diversity ,advisory ,group established under subsection 7b74 7#b7 ,commission ,the term ,commission means the ,securities and ,exchange ,commission4 7#c7 ,issuer ,the term issuer has the meaning given the term in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 7b7 ,establishment ,the ,commission shall establish a ,diversity ,advisory ,group1 which shall be composed of representatives from-- 7#a7 the ,federal ,government and ,state and local governments2 7#b7 academia2 and 7#c7 the private sector4 7c7 ,study and recommendations ,the ,advisory ,group shall-- 7#a7 carry out a study that identifies strategies that can be used to increase gender1 racial1 and ethnic diversity among members of boards of directors of issuers2 and 7#b7 not later than #bgj days after the date on which the ,advisory ,group is established1 submit to the ,commission1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,committee on ,financial ,services of the ,house of ,representatives a report that-- 7,a7 describes any findings from the study conducted under paragraph 7#a72 and 7,b7 makes recommendations regarding strategies that issuers could use to increase gender1 racial1 and ethnic diversity among board members4 7d7 ,annual report ,not later than #a year after the date on which the ,advisory ,group submits the report required under subsection 7c77#b71 and annually thereafter1 the ,commission shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that describes the status of gender1 racial1 and ethnic diversity among members of the boards of directors of issuers4 7e7 ,public availability of reports ,the ,commission shall make all reports of the ,advisory ,group available to issuers and the public1 including on the website of the ,commission4 7f7 ,inapplicability of certain provisions ,chapter #aj of title #e1 ,united ,states ,code1 shall not apply with respect to the ,advisory ,group or the activities of the ,advisory ,group4