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SMALL BUSINESS NEWS

Nov 2018

 

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CA Businesses Required To Have Female Board Members

If you’re business is a publicly held corporation it will be required by a new California law [Senate Bill No. 826] to have female board members by 2021.

 

California law defines a female as an individual who self-identifies her gender as a woman, without regard to the individual's designated sex at birth.

 

The law applies to publicly held corporations that are domestic (California-incorporated) general corporations or foreign (not California-incorporated) corporations whose principal executive offices are located in California.

 

Companies will be required to have at least two(2) female directors if the company has a total of five(5) directors and three(3) women if the company has a total of six(6) or more directors.

 

A publicly held corporation is a corporation with outstanding shares on a major United States stock exchange.

 

No exception is made for small companies.  Small and large companies that are traded on the major exchanges are subject to the law.

 

By the end of 2019, each publicly held corporation must have at least one female director.

 

By the end of 2021, each publicly held corporation must comply with the following:

 

If the total number of directors is 6 or more, the corporation must have at least 3 female directors.

 

If the total number of directors is 5, the corporation must have at least 2 female directors.

 

If the total number of directors is 4 or fewer, the corporation must have at least 1 female director.

 

Publicly held corporations may increase the number of directors on its board to add seats for female directors, rather than displace male directors.

 

Violators can face fines of at least $100,000 and up to $300,000 for multiple violations of the statute.

 

California follows several countries with legal mandates for female representation on boards, among them Germany, Norway, France, Spain, Iceland and the Netherlands.

 

Sources:
Senate Bill No. 826

By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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