According to the San Diego Union Tribune, California is pleased with the results of its 2018 gender diversity law. It has contributed to a record number of women being appointed to public company board seats of California companies. Nevertheless, litigation continues and there is an ongoing trial. In addition to the California law, SB-826, pressure from institutional shareholders, governance advocates, and new requirements from the regulators have contributed to the increase in board diversity.
Still, California’s 750 public companies have overwhelmingly accepted the law’s mandates. Only 12 firms statewide have no women directors, according to the study. None are based in San Diego. To date, the secretary of state hasn’t fined any businesses for violations. Some of the fears around the bill, such as it would drive firms to relocate headquarters or result in “over boarding” where highly qualified women candidates would be pressured to sit on too many boards, haven’t come to pass.