Posted on 12/19/2019 10:35:37 AM PST by karpov
...
In September 2018, California became the first state to legally compel corporate board diversity with a law mandating that every public company in the state have at least one female director by the end of 2019. The law set off a scramble to find hundreds of female directors, many of whom don’t fit the traditional mold.
If companies fail to comply with that mandate, they face a one-time fine of $100,000.
By the end of 2021, the law’s requirements ramp up, compelling companies with five board members to have at least two female directors and at least three on six-person boards. If companies continue to break the law, they face a steeper penalty of $300,000 for every seat that should be filled by a woman.
The text of the law, signed by former Gov. Jerry Brown, cites several studies that found an association between diverse boards and enhanced company performance, though researchers also emphasized that the link wasn’t evidence of cause and effect.
For years, governments across Europe have been pushing similar efforts, with Norway becoming the world’s first country to put in place a gender quota in 2008, and France, Germany, Spain and Italy following suit.
But the California mandate isn’t without controversy.
Two lawsuits filed this year argue that the law is unconstitutional because it “seeks to force shareholders to perpetuate sex-based discrimination,” according to one of the plaintiffs, Creighton Meland Jr., a shareholder in OSI Securities.
In the U.S., women hold about 20 percent of board seats at companies listed in the Russell 3000 stock index, up from 17 percent in 2018, according to the nonprofit 2020 Women on Boards. Of the more than 600 companies based in California that are listed on a major stock exchange, almost one-third had no women on the board
(Excerpt) Read more at nytimes.com ...
California Sued Over Law Requiring Corporations To Adopt Woman Quotas
California’s Board Diversity Tax A study finds that a director mandate cost companies $60 billion.
Would Bruce Jenner count?
I’ll claim I’m female for 300K a year. Of course, anything beyond that is gonna cost extra....
I presume that the State of California has added some Vagina Inspectors to the payroll to ensure compliance with this law.
Its a retarded law.
Bit thats what you get with socialist totalitarians.
They’re probably going to have to settle for tranny “women”. After all, it is California.
How hard can this be?
Do members of the state legislature lack daughters who are as qualified as Hunter Biden?
So if an existing member of an all male board decides to identify as a woman is the corporation in compliance?
Nothing like having a gubamint that runs businesses and sets their rules as they deem proper to make an economy hum., Huh?
Ol’ MoonBeam. His Pap must be real proud of his progeny and the hell they have wrought since he passed.
Bruce Gender would be perfect. “Here’s your female quota.”
No one using the grace period to relocate out of state?
Note the 2nd thread I linked to.
Just have the existing board members draw straws, and one of them gets to wake up tomorrow morning identifying as a female.
So many on the right laugh at California when businesses bolt the state because of idiotic laws such as this one. Then reality hits when such businesses land in a red state and bring with them a liberal ideology and left-leaning workforce.
I presume that the State of California has added some Vagina Inspectors to the payroll to ensure compliance with this law.
“I’m not a gynecologist, but I’d be happy to take a look.”
Mussolini would love califorqueya.
Hahahahahaha...
Of all the stupid things that can be done by a government to a business, this ranks in my opinion as one of the stupidest and most useless regulations.
Well, that is California, and probably soon to be some of us as well.
My sympathies to those conservatives in California, and there are plenty of them.
California is like Massachusetts on a larger scale, and they have corrupted the political process to the point where the odds are stacked against non-Leftists.
They have institutionalized that corruption of the political process.
My wife just retired. Dr. mrs. jimfree would be a great director.
Hell, before we all got woke, I thought I’d have to pass a physical. Now all I’d need to do in CA is shave my legs and pits, let my hair grow out, color it green, and self-declare as a woman, penis and testicles be damned. I’d be a shoe in for any CA board.
This California law is a hellish combination of fascist and insane. And where will it stop? If a dealership employs auto mechanics, will CA eventually demand that half of them be female?
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