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

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

  1. How cis-gender of Jerry Brown. What about transgenders and non-genders? What about dwarves? I don’t know of any dwarf on boards of directors, do you?
    Shouldn’t public companies be required to have one of those on their board of directors too? /Sarc

     
  2. Soon they will be telling people what hand to wipe with. Communists, all of them.

     
  3. What a racist bill!

    Where’s the multi-ethnic requirement?

    I’d be outraged if I were black, or brown (not Asian, though – they’re so smart, they don’t need any help).

    This is not cultural divershitty at its finest!

     
  4. Pure communism. Gawd what a disaster! How much more of this can we take until it starts to look like Sweden? If this isn’t overuled in the courts then we will witness Ross Perots’ prophesy about NAFTA, come to pass once again i.e., there will be the giant sucking sound of companies leaving California. I think this ass has done more damage to the state of Ca. Than any other previous governor.

     
  5. I would volunteer, been on the edges of corporate for five years, but mines dried up.

     

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