California just became the first state in the nation to require women on corporate boards.
Gov. Jerry Brown (D) signed Sept. 30 a bill the state legislature passed in August.
“There have been numerous objections to this bill and serious legal concerns have been raised,” Brown said in a statement. “I don’t minimize the potential flaws that indeed may prove fatal to its ultimate implementation.”
It’s considered likely to face a lawsuit over concerns including whether California can oversee companies that are incorporated in other states.
“Nevertheless, recent events in Washington, D.C., and beyond, make it crystal clear that many are not getting the message,” Brown said.
The new law will require Skechers U.S.A. Inc., TiVo Corp., and other California-based companies that have only men on their boards add at least one woman by the end of 2019. Companies would need to have at least two or three female directors, depending on their board’s size, beginning in 2021.
www.bna.com
Read More
0 comments:
Join the Conversation