California Enacts Law Requiring Public Company Boards to Include Members of Underrepresented Communities
On September 30, 2020, California Governor Gavin Newsom signed Assembly Bill 979, which will require each NYSE and Nasdaq-listed public company with its principal executive offices in California to have at least one director from an “underrepresented community” on its board by December 31, 2021. On December 31, 2022, the minimum will increase to to three directors from underrepresented communities, if the company has nine or more directors, or two directors from underrepresented communities, if the company has between five and eight directors.
This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.
Copy link to share post