Business will no longer be free
to hire their own managers
Businesses to be forced to put Transgenders and Women on corporate boards
California’s Democrat-dominated legislature is moving to require “gender diversity” on the boards of publicly-held companies, which would have to appoint individuals self-identifying as female.
In May, the California State Senate passed SB 826 on a party-line vote. The bill mandates that by the last day of 2019, California’s 445 publicly-held companies must pay a fine unless they have at least one female — defined as “an individual who self-identifies her gender as a woman, without regard to the individual’s designated sex at birth.”
By the last day of 2021 — if the bill becomes law — California corporate boards with five or fewer directors must have a quota of at least two self-identifying females. Corporations with six or more board members must have at three least self-identifying females to avoid a fine.
The California Secretary of State would be empowered to set regulations and issue fines equal to the average compensation of a corporation’s directors for the first violation, and triple the average compensation for any subsequent violations.
Advancing gender equality quotas for individuals identifying as female has been a hot topic for progressives, who claim that publicly-held corporations have a societal duty to lead the way — and that the law may be a necessary tool to force compliance.
The California Assembly must pass SB 826 by the end of August, and Gov. Brown must sign the legislation, for it become state law.
Read More . . . .