(Source: CalMatters.org) For 46 publicly held companies in California with all-male boards, the clock is ticking.
The corporations, including pharmaceutical, financial and software companies that tend to be on the smaller, younger side, have only until revelers ring in 2020 to name a woman to their boards of directors or face a $100,000 penalty.
A bill signed into law by former Gov. Jerry Brown in September 2018 required public companies with headquarters in California to name at least one female director by the end of 2019. The law further mandates that companies with five-member boards have at least two female directors by the end of 2021; corporations with six or more directors need at least three women. The penalties for failing to comply rise accordingly.
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