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California on verge of mandating women on company boards, with bill headed to governor
mercurynews.com
California could soon become the first state in the nation to require public companies based within the state to have at least one woman on their boards.
SB 826 headed to Gov. Jerry Brown’s desk Thursday after the state Senate passed it in a 23-9 vote. The Assembly had approved the bill Wednesday in a 41-26 vote.
If Brown signs the bill, the one-woman mandate will take effect by the end of 2019. By the end of 2021, the bill calls for at least two women on the board if a company has five directors, and at least three women if it has six directors. Companies would be fined for non-compliance...
The bill was opposed by business groups and the California Chamber of Commerce. They say it violates the state and federal constitutions and is discriminatory against men, and warned that it could lead to legal battles...
Under the California bill, a first violation would draw a $100,000 fine, and subsequent violations would be $300,000. Companies that fail to file information about their board directors with the Secretary of State in a timely manner would also be fined $100,000.
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