California Legislation – Women on Public Boards
The California legislature recently passed a bill that would require public companies whose principal place of business is in California (as indicated in their Form 10-K) to have at least 1 woman on its Board of Directors by the end of 2019. Thereafter, by the end of 2021, these companies would be required to have a minimum of 1 female director if they have a board of 4 or less, 2 female directors if they have a board of 5, or 3 female directors if they have a board of 6 or more. There would be a monetary fine for non-compliance of $100,000 for a first violation and $300,00 for a second or subsequent violation (per-seat).
The bill is currently under consideration by Governor Jerry Brown, who has until September 30th to decide whether to sign the bill.