SB 826: Nearly 100 California Companies Must Add Women to the Board

California's new requirement that public business meeting rooms include at least one woman may seem like a small step forward. However, this will affect an impressive number of businesses.

According to a study cited by law, a quarter of the Russell 3000 companies headquartered in California have no female directors. As of September 30, 94 companies had no women on their board of directors and will have to add at least one, according to a study by Equilar.

Some will need to add more than one. SB 826 requires at least one woman on tables of four members or less; two women on boards of five people and three women on boards of six or more people. Companies have three years to find these directors before the 2021 deadline.

Here are three of the biggest:

Skechers USA

The third largest shoe manufacturer in the United States has nine men, including three employees (including General Manager Robert Greenberg). Under CB826, Skechers is expected to appoint at least three women to its board of directors by 2021. The minimum requirement for boards of six or more members.

The company, based in Manhattan Beach, California, employed 11,800 people in January and had sales of $ 4.1 billion last year.

Wageworks

The company, headquartered in San Mateo and has a seven-member board of directors, specializes in the administration of certain types of pre-tax benefits for large corporations, such as flexible health savings accounts or transit passes. It currently has more than 100,000 corporate clients, including nearly two-thirds of the Fortune 500, according to its website.

PCM

Although it is not a known name, this business-to-business technology company made a $ 2.3 billion turnover last year and employs 4,100 people. It has four members (whose chairman is the CEO of the company) and appointed a new board member in 2006.

Here is the complete list of California companies with no female leaders as of Sunday:

• 8×8, Inc. (EGHT)
• A10 Networks, Inc. (ATEN)
• Acacia Research Corporation (ACTG)
• Adesto Technologies Corporation (IOTS)
• Adverum Biotechnologies, Inc. (ADVM)
• Aerohive Networks, Inc. (HIVE)
• Ambarella, Inc. (AMBA)
• American Assets Trust, Inc. (AAT)
• AnaptysBio, Inc. (ANAB)
• Anworth Mortgage Asset Corporation (ANH)
• Apollo Medical Holdings (AMEH)
• Aquantia Corp. (AQ)
• Arrowhead Pharmaceuticals, Inc. (ARWR)
• Avid Bioservices, Inc. (CDMO)
• AXT, Inc. (AXTI)
• B. Riley Financial, Inc. (RILY)
• BayCom Corp. (BCML)
• BofI Holding, Inc. (BOFI)
• Cadiz Inc. (CDZI)
• CareTrust REIT, Inc. (CTRE)
• Cell Biomedicine Group, Inc. (CBMG)
• ChemoCentryx, Inc. (CCXI)
• Clean Energy Fuels Corp. (CLNE)
• CohBar Inc. (CWBR)
• Cohu, Inc. (COHU)
• Corvus Pharmaceuticals, Inc. (CRVS)
• Cryoport, Inc. (CYRX)
• Daily Journal Corporation (DJCO)
• DASAN Zhone Solutions, Inc. (DZSI)
• Ducommun Incorporated (DCO)
• DURECT Corporation (DRRX)
• Imaging Electronics, Inc. (EFII)
• Energy Recovery, Inc. (ERII)
• Enphase Energy, Inc. (ENPH)
• Fate Therapeutics, Inc. (FATE)
• FibroGen, Inc. (FGEN)
• Fluidigm Corporation (FLDM)
• Foundation Building Materials, Inc. (FBM)
• Guidewire Software, Inc. (GWRE)
• Heron Therapeutics, Inc. (HRTX)
• Hortonworks, Inc. (HDP)
• Ichor Holdings, Ltd. (ICHR)
• Impac Mortgage Holdings, Inc. (IMH)
• Imperva, Inc. (IMPV)
• Infinera Corporation (INFN)
• Innovative Industrial Properties, Inc. (IIPR)
• Kindred Biosciences, Inc. (KIN)
• Kura Oncology, Inc. (KURA)
• LiveXLive Media, Inc. (LIVX)
• MannKind Corporation (MNKD)
• Masimo Corporation (MASI)
• MaxLinear, Inc. (MXL)
• Maxwell Technologies, Inc. (MXWL)
• MediciNova, Inc. (MNOV)
• Mirati Therapeutics, Inc. (MRTX)
• Monolithic Power Systems, Inc. (MPWR)
• NantHealth, Inc. (NH)
• NantKwest, Inc. (NK)
• Natural Health Trends Corp. (NHTC)
• Nektar Therapeutics (NKTR)
• NeoPhotonics Corporation (NPTN)
• Odonate Therapeutics, Inc. (ODT)
• OSI Systems, Inc. (OSIS)
• Pacific Mercantile Bancorp (PMBC)
• PDF Solutions, Inc. (PDFS)
• Pfenex Inc. (PFNX)
• Puma Biotechnology, Inc. (PBYI)
• RadNet, Inc. (RDNT)
• Retrophin, Inc. (RTRX)
• Rigel Pharmaceuticals, Inc. (RIGL)
• Sabra Health Care REIT, Inc. (SBRA)
• ShotSpotter, Inc. (SSTI)
• Sientra, Inc. (SIEN)
• Sigma Designs, Inc. (GMIS)
• Simulations Plus, Inc. (SLP)
• Skechers U.S.A., Inc. (SKX)
• SMART Global Holdings, Inc. (SGH)
• Sorrento Therapeutics, Inc. (SRNE)
• Stamps.com Inc. (STMP)
• Synaptics Incorporated (SYNA)
• Tandem Diabetes Care, Inc. (TNDM)
• Tejon Ranch Co. (TRC)
• The Ensign Group, Inc. (ENSG)
• The Habit Restaurants, Inc. (HABT)
• TiVo Corporation (TIVO)
• Turtle Beach Corporation (HEAR)
• Universal Electronics Inc. (UEIC)
• Veeva Systems Inc. (VEEV)
• Veritone, Inc. (VERI)
• Viking Therapeutics, Inc. (VKTX)
• WageWorks, Inc. (WAGE)
• Willis Lease Finance Corporation (WLFC)
• Xencor, Inc. (XNCR)
• XOMA Corporation (XOMA)

The Russell 3000 underestimates the total number of public companies involved, writes Annalisa Barrett, founder and chief executive officer of Board Governance Research. That's because the Russell 3000 includes only the 3,000 largest US state-owned companies and excludes so-called microcap companies – companies worth less than $ 300 million – that have no women on their boards. administration, Barrett revealed in a recent study.

Large companies are more likely to have female representation on their boards. However, the numbers on most business councils are far from identical. According to a study by Institutional Shareholder Services, the most common number of women directors is two boards of directors. As many companies have six women on their boards who do not have one.

This means that California law would require some large corporations to change the composition of their boards in the next few years. Facebook, with a council of nine members but only two women (one of which is the director of operations, Sheryl Sandberg), will have to add one. Just like Apple, which has two women out of eight directors.