Tag Archives: board of directors

Vaginas required: Gov. Moonbeam signs bill requiring public companies to have at least one female director on their board

Wait, real vaginas are not actually required. One only needs to self-identify her gender as a woman, without regard their designated sex at birth.

From Sacramento Bee: With Gov. Jerry Brown’s signature on Sunday, California public companies will soon expand female representation on their boards.

Senate Bill 826, introduced by Democrats Hannah Beth-Jackson and Toni Atkins, requires public companies to have at least one female director on their board by the end of next year. By the end of 2021, companies with five directors must have two women on their boards, and companies with six or more board members must have at least three women.

In a signing statement, Brown acknowledged concerns that “may prove fatal” to the bill’s implementation, but said “it’s high time corporate boards include the people who constitute more than half the ‘persons’ in America.”

The proposal received opposition from the California Chamber of Commerce, which argued the bill would violate the independent voting rights of corporate boards and force companies to discriminate against qualified men. Despite the concerns, the bill was a top priority this year for the California Legislative Women’s Caucus. The bill cleared the Legislature on the final week of session.

“SB 826 is a giant step forward for women, our businesses and our economy,” Jackson said in a statement.

From the bill text:

“This bill, no later than the close of the 2019 calendar year, would require a domestic general corporation or foreign corporation that is a publicly held corporation, as defined, whose principal executive offices, according to the corporation’s SEC 10-K form, are located in California to have a minimum of one female, as defined, on its board of directors, as specified. No later than the close of the 2021 calendar year, the bill would increase that required minimum number to 2 female directors if the corporation has 5 directors or to 3 female directors if the corporation has 6 or more directors. The bill would require, on or before specified dates, the Secretary of State to publish various reports on its Internet Web site documenting, among other things, the number of corporations in compliance with these provisions. The bill would also authorize the Secretary of State to impose fines for violations of the bill, as specified, and would provide that moneys from these fines are to be available, upon appropriation, to offset the cost of administering the bill.”

According to VC Star, companies can be fined $100,000 for a first violation and $300,000 for subsequent violations. The law also requires companies to report their board composition to the California secretary of state and imposes a $100,000 fine if a company fails to do so.

DCG

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