SB 1142

Bill Subjects

Abstract

Existing law, no later than the close of the 2021 calendar year, requires a domestic general corporation or foreign corporation whose principal executive office is located in California that is a publicly held corporation, defined as a corporation with outstanding shares listed on a major United States stock exchange, to have a minimum of one female director or more depending on the number of directors that the corporation has. Existing law requires, on or before specified dates, the Secretary of State to publish various reports on its internet website documenting, among other things, the number of corporations in compliance with these provisions. Existing law authorizes the Secretary of State to impose fines for violations of these provisions, as specified, and requires the moneys from these fines to be available, upon appropriation, to offset the cost of administering these requirements. This bill, no later than the close of the 2021 calendar year, would require a publicly held corporation, whether foreign or domestic whose principal executive office is located in California to have a minimum of one female director or more in office depending on the number of authorized directors the corporation has. The bill would make other revisions with respect to the information required on the annual reports published by the Secretary of State.