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Browse: Home / 2019 / December / 18 / California Companies Are Rushing to Find Female Board Members – The New York Times

California Companies Are Rushing to Find Female Board Members – The New York Times

By Securities Docket on December 18, 2019, 10:27 am

In September 2018, California became the first state to legally compel corporate board diversity with a law mandating that every public company in the state have at least one female director by the end of 2019. The law set off a scramble to find hundreds of female directors, many of whom don’t fit the traditional mold.

If companies fail to comply with that mandate, they face a one-time fine of $100,000.

By the end of 2021, the law’s requirements ramp up, compelling companies with five board members to have at least two female directors and at least three on six-person boards. If companies continue to break the law, they face a steeper penalty of $300,000 for every seat that should be filled by a woman.

via California Companies Are Rushing to Find Female Board Members – The New York Times.

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Posted in Industry, Regulation, Top | Tagged Boards of Directors, California

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