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CA SB826

Bill

Status

Passed

9/30/2018

Primary Sponsor

Hannah-Beth Jackson

Click for details

Origin

Senate

2017-2018 Session

AI Summary

  • Requires publicly held corporations with principal executive offices in California to have at least one female director on their board by the close of 2019.

  • Increases the minimum female director requirement by the close of 2021 to two female directors for corporations with five directors, and three female directors for corporations with six or more directors.

  • Applies requirements to both domestic and foreign corporations listed on major United States stock exchanges, with foreign corporations subject to California law rather than their jurisdiction of incorporation.

  • Authorizes the Secretary of State to impose fines of $100,000 for first violations and $300,000 for subsequent violations, with collected fines available for administering the law.

  • Requires the Secretary of State to publish reports documenting compliance rates, corporate headquarters relocations, and other data related to the requirements on specified dates.

Legislative Description

Corporations: boards of directors.

Last Action

Chaptered by Secretary of State. Chapter 954, Statutes of 2018.

9/30/2018

Committee Referrals

Appropriations8/8/2018
Judiciary6/26/2018
Banking and Finance6/14/2018
Appropriations4/25/2018
Judiciary4/19/2018
Banking and Financial Institutions3/16/2018
Rules3/15/2018
Insurance, Banking and Financial Institutions1/16/2018
Rules1/3/2018

Full Bill Text

No bill text available