AB 979

United States - Califorinia 2

Gender
Minorities
Yes
LGBTQ+
Yes
Veterans

Applicable to

All publicly held domestic or foreign corporations whose principal executive office is located in California

Key requirements

No later than the close of the 2021 calendar year, such a corporation to have a minimum of one director from an underrepresented community, as defined. The bill would require, no later than the close of the 2022 calendar year, such a corporation with more than 4 but fewer than 9 directors to have a minimum of 2 directors from underrepresented communities, and such a corporation with 9 or more directors to have a minimum of 3 directors from underrepresented communities.

Penalties

(A) For failure to timely file board member information with the Secretary of State pursuant to a regulation adopted pursuant to this paragraph, the amount of one hundred thousand dollars ($100,000).
(B) For a first violation, as described in paragraph (2), the amount of one hundred thousand dollars ($100,000).
(C) For a second or subsequent violation, as described in paragraph (2), the amount of three hundred thousand dollars ($300,000).