SB 826

United States - Califorinia 1

Gender
Yes
Minorities
LGBTQ+
Veterans

Applicable to

All domestic general corporations or foreign corporations that are publicly held corporation, as defined, whose principal executive offices, according to the corporation’s SEC 10-K form, are located in California

Key requirements

Have a minimum of one female, as defined, on its board of directors, as specified. No later than the close of the 2021 calendar year, the bill would increase that required minimum number to 2 female directors if the corporation has 5 directors or to 3 female directors if the corporation has 6 or more directors.

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, the amount of one hundred thousand dollars ($100,000).
(C) For a second or subsequent violation, the amount of three hundred thousand dollars ($300,000).