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CA SB826
Bill
Status
9/30/2018
Primary Sponsor
Hannah-Beth Jackson
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AI Summary
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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.
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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.
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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.
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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.
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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