State Legislative Updates

California Senate Bill 826

California — Senate Bill 826 amends the Corporations Code to provide that no later than the close of 2019 a publicly held domestic or foreign corporation whose principal executive offices, according to its SEC 10-K form, are located in California, shall have a minimum of one female director on its board. No later than the close of 2021, a publicly held domestic or foreign corporation whose principal executive offices, according to its SEC 10-K form are located in California, must have a minimum of three female directors if its number of directors is six or more, a minimum of two female directors if its number of directors is five, and a minimum of one female director if its number of directors is four or fewer.  The Secretary of State is authorized to impose fines for violations including $100,000 for a first violation and $300,000 for subsequent violations.

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