Encourage gender-balanced and diverse corporate boards.

This bill requires that the state consider a corporation's committment to gender and racial diversity when evaluating that corporation to receive tax breaks or incentives.

Similar bills have been proposed or passed in 13 other states, in both Democratic and Republican legislatures — and such legislation makes sense for Virginia as well. The most profitable companies in the U.S. have boards that are similarly gender-balanced and diverse.

These companies are able to marshal a wider range of ideas, skills and knowledge to sustain corporate growth, and they more appropriately reflect their investors, their customers, and their employees. Studies have shown that companies with gender-balanced and diverse boards carry less debt, are less risk averse, have improved stock performance, and have higher employee retention rates.

Urge our legislators to support HB212.