As states other than California contemplate board quota laws and federal regulators consider legislation concerning mandated board-level diversity disclosure, the women on boards law in California so far has led to an influx of new directors with backgrounds in finance and technology who also hold C-suite roles.
According to a new report from data intelligence provider MyLogIQ, which compared the California secretary of state’s March 2020 Women on Boards status report to public company filings, among the 330 California companies that filed 2019 disclosures with the state, 308 have at least one female board member and only 22 companies didn’t have women directors as of March. (See companion story, “Enforcement to ‘Hammer’ Diversity Laggards,” in this issue.)
Among the boards that have moved forward in recruiting women, the recruiting has added value, sources say. Some new female board members have also gone on to serve as committee chairs and lead directors.
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