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I'm not sure which bill I'm commenting on entirely. All I know for sure is I'm a type 1 diabetic of 30 years. And our government seems to care very little about my health or the insane costs of the medication that I absolutely have to have to live. Or getting the care I need. Which has been expensive, and has kept me struggling to survive pay rent or see the many doctors I need to see. I am ready to share my story. About my lows where I wake up in the hospital then wind up with an $8000 hospital bill as well as a $4000 bill for a 10 minute ambulance ride. Or about my highs, or just about the struggle of being a Diabetic who was uninsured who struggles to survive in a government that seems to care more about pharmaceutical companies profits than it's citizens health. I have quite a bit to say on the subject and my struggles as a diabetic.

The Virginia NAACP supports HB 212 and 256

I am asking you to support HB 212, Gender Balanced & Diverse Corporate Boards as a factor in the MEI Approval process for those corporations requesting tax breaks/incentives from our State. The Companion Bill in the Senate SB 393 and sponsored by Senator Pekarsky passed in the Senate earlier this week. I hope that it will be able to pass out of the House Labor and Commerce Committee so it can be voted on in the full house. Here is further information about the Bill. Virginia law provides that in considering state tax incentives for economic development or other projects, the Major Employment and Investments (MEI) Project Approval Commission must evaluate various factors, such as return on investment and effect on employment. HB212 would add another factor for the Commission to consider how gender balanced and diverse the corporate board is of a company seeking such economic incentives, to determine whether at least 30 percent of its board consists of women and historically underrepresented groups, and whether on approval of an incentive package, the company will commit to annually update and submit board diversity disclosures to the Commission and to the Senate and House appropriation chairs. 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. They 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. This bill imposes no mandate, as it only adds another factor for the Commission to consider in evaluating companies that ask for tax breaks, and it will add no line item in the budget. A similar bill passed the Senate in the 2023 General Assembly as SB1248, and the language of HB212 has been modified to better reflect the goals of the MEI Project Approval Commission. Note that NASDAQ requires corporate boards to be diverse for a company to be listed on their exchange, and Goldman Sachs will not facilitate an Initial Public Offering from a company that does not have a diverse board. What is good for the nation top tier companies is also good for Virginia. Please support HB212. In closing thank you for the good work that you perform for the citizens of Virginia.

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Thank you for giving me the opportunity to talk with you today. My name is Marie Ann Leyko and I am a member of a group that is advocating for issues important to diverse groups. We are members of the FCDC Women's Caucus, Virginia Grassroots Coalition, Defend Democracy NoVA, and the Loudoun County Dems. I am hear to speak about HB 212. This bill was originally introduced in the 2023 General Assembly as SB 1248. It passed in the Senate but was tabled in the House Rules Committee. In 2024, HB 212 has been rewritten by Delegate Watts and is requesting that gender-balanced and diverse boards be considered a “factor” when companies request a tax breaks from the state of Virginia. Having Gender-balanced and diverse corporate boards is not a new concept. Many of our major corporations in the US have gender-balanced and diverse boards. Despite the recent backlash for such measures, The NASDAQ requires board diversity for their listed companies. The investment brokerage firm, Goldman Sachs will not fund an Initial public offering if your company does not have diverse boards. 13 states have proposed or passed similar legislation. Three American studies (KPMG, Deliotte & The Boston Club) have shown that companies with diverse boards are more profitable, have better employee retention and are less risk adverse. The homogeneous board members of the 20th Century were successful in their time. But in the 21st Century, business markets are changing due to our diverse society. The 21st Century Boards need to reflect this change in order to develop new and profitable markets. Additionally, it is believed that diverse groups will be better able to identify these markets with their advance IT skills. This bill is “not” a requirement it is only a “factor” to be considered. It is also not a mandate nor will not be a line item in the budget. Thank you for giving me this opportunity to speak.