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The Deal: California Bill Requiring Women on Boards May Face Court BattleSeptember 21, 2018
A bill awaiting the governor’s signature in Sacramento would mandate California-based public companies to appoint female directors to their boards. The bill requires each such board to have one woman by 2019, with the number increasing in subsequent years. Failure to comply with this potential legislation would result in a $100,000 fine. Shelly Heyduk, an O’Melveny partner in the Newport Beach office called this new approach, premature. “Not a single company dismisses the issue," said Heyduk. "A growing number are recognizing that the next director on the board should be a woman. We will see increasing improvements, and there's momentum -- it's slow -- but the momentum will increase. If a company does [push back], they will message it as to avoid setting a precedent, not that they are against diversity.” To read the full article, click here.