Improving Corporate Governance Through Diversity Act of 2017

“4713. Submission of data relating to diversity by certain contractors.

“(a) Submission of data—In the case of the award of a contract in an amount of $5,000,000 or more to a covered contractor, the head of an executive agency shall require the contractor to submit, not later than 60 days after the award of the contract, the following:

“(1) Data on the racial, ethnic, and gender composition of the board of directors and the C-level executives of the covered contractor.

“(2) Data on the affiliation of any member of the board of directors or any C-level executive to a historically underrepresented group, including veterans of the Armed Forces and individuals with disabilities.

“(3) Any plan or strategy that exists on the date of the submission of data under this subsection to improve the diversity of the board of directors or the C-level executives of the covered contractor.

“(b) Reports

“(1) Quarterly report to General Services Administration—After the end of a calendar quarter, each executive agency shall submit to the Administrator of General Services a report that includes the data submitted by contractors under subsection (a) during the quarter covered.

“(2) Annual report to Congress and Offices of Minority and Women Inclusion

“(A) In general—Not later than February 14 of each calendar year, the Administrator of General Services shall submit to Congress and each Office of Minority and Women Inclusion established under section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5452) an annual report that—

“(i) includes the data submitted to the Administrator under paragraph (1) during the preceding calendar year and the data submitted under section 13(s) of the Securities Exchange Act of 1934;

“(ii) uses the data described in clause (i), as well as information from other reliable sources, to analyze the diversity of the board of directors and the C-level executives of each entity submitting data in comparison to the industry peers of such entity, including any trends and progress related to such diversity; and

“(iii) based on the analysis conducted under clause (ii), lists each entity submitting data that is significantly lagging behind the industry peers of such entity with respect to the diversity of the board of directors and the C-level executives.

“(B) Public availability—The Administrator of General Services shall make publicly available each annual report submitted under subparagraph (A).

“(c) Public comment—After the end of the four-year period beginning on the date of the enactment of this section, and every four years thereafter, the Administrator of General Services shall review the implementation of the requirements of this section and provide an opportunity for public comment on such review.

“(d) Definitions—In this section:

“(1) Covered contractor—The term “covered contractor” means a for-profit business with annual gross receipts in excess of $1,000,000,000 during the year preceding the submission of a bid or proposal for a contract described in subsection (a).

“(2) C-level executive—The term “C-level executive” means the most senior executive officer, information officer, technology officer, financial officer, compliance officer, or security officer of a covered contractor.”

“(s) Submission of data relating to diversity

“(1) Submission of data—Each issuer required to file an annual report under subsection (a) shall disclose in that report, the following:

“(A) Data on the racial, ethnic, and gender composition of the board of directors and the C-level executives of the issuer.

“(B) Data on the affiliation of any member of the board of directors or any C-level executive of the issuer to a historically underrepresented group, including veterans of the Armed Forces and individuals with disabilities.

“(C) Any plan or strategy that exists on the date of the submission of data under this paragraph to improve the diversity of the board of directors or the C-level executives of the issuer.

“(2) C-level executive defined—In this subsection, the term “C-level executive” means the most senior executive officer, information officer, technology officer, financial officer, compliance officer, or security officer of an issuer.”