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News & Press: Industry News

Deadline Approaching for Requiring Female Board Members

Tuesday, March 17, 2020  
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To comply with the new state law on female board representation, California publicly-traded companies will have to add 1,000 women board members by January 2021 according to an article published in the Sacramento Bee, which cites an independent study.

Former Governor Brown signed the law that mandates that by 2021 California publicly traded corporations with at least five directors have at least two women on their board of directors and those with six or more directors have at least three women. All California publicly-traded companies had to have at least one woman on their board by the end of last year. Boards may also satisfy the requirement by expanding board membership.

Penalties for noncompliance range from $100,000 to $300,000. The law is also currently being challenged in court.

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