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California has just been the first to require that publicly traded companies register at least one woman on their board of directors by the end of 2019. Natasha Abellard de Veuer has the following. history.
Buzz60

SAN FRANCISCO – California law requires public companies to demand that women sit on their board of directors, a first in the country, and face a legal battle. But he is receiving support, especially from women, according to a new survey.

Almost all Californians surveyed – 95% – say businesses are not doing enough to add more women directors and 71% have said they support the bill. Signed by Governor Jerry Brown on Sunday night, a new TheBoardlist survey was found.

98% of those surveyed outside of California said they would like to see a similar bill passed in their own states. No other state has passed legislation requiring quotas for corporate boards although a handful has approved non-binding resolutions. Business groups, including the California Chamber of Commerce, have opposed the California bill, arguing that the quotas imposed were probably unconstitutional.

TheBoardlist, an organization that highlights women qualified to sit on the board, says the survey interviewed 250 people, mostly women. The survey found that 40% of men vs. nearly 80% of women support the new law, a result which, according to TheBoardlist, reflects divergent views on how to increase women's representation on boards.

Supporting support for California's new law: According to the survey, 42% of respondents said that various businesses were more profitable and that 38% of women who had proven themselves were given jobs.

Research shows that companies with at least one female director perform better than their male counterparts, but the percentage of women on corporate boards in California was 16% this year, compared to 15.5% in 2013.

Of those who did not support the new law, 37% cited government bidding. There was also a marked division between the political parties: less than half of the Republicans supported the new law, against 85% of the Democrats.

The law applies to companies whose "main management offices" are located in California. By the end of 2019, these companies must have at least one woman on their boards of directors and by 2021 at least two or three women, depending on the size of their board of directors. Companies that do not comply with this rule may be fined hundreds of thousands of dollars.

California law may face legal obstacles. Governor Brown, however, referred to the recommendation of the Senate Judiciary Committee regarding the appointment of Brett Kavanaugh to the Supreme Court.

"There have been many objections to this bill and serious legal issues have been raised," Brown said in a statement. "I do not minimize the potential flaws that could indeed be fatal to its final implementation. Nevertheless, recent events in Washington, DC and beyond clearly show that many do not understand the message. "

Shannon Gordon, CEO of TheBoardlist, says quotas have pros and cons, but slow progress in increasing the number of women at the top of US companies requires action.

Men occupy all of the board seats of a quarter of California's publicly traded companies and the national numbers are no better, with only one woman holding just one in six seats in Russell's companies 3000.

"At this rate, we will not reach gender parity until 2055," Gordon said.

Quotas have proved effective. In France, the number of council seats in 2010 increased from 12% to 43% in 2018 after the adoption of a 40% quota in 2011. Similar trends have been observed in Europe.

"I think it's a giant step, not only for women, but also for our businesses and our economy," said American Senator Hannah-Beth Jackson, Democrat of Santa Barbara and co-author of bill, at USA TODAY. "It's a win-win-win."

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