California companies to be required to name minority, LGBTQ leaders under bill heading to Newsom
The California Legislature late Sunday sent Gov. Gavin Newsom a bill that would direct public corporations headquartered in California to appoint minority or gay representatives to their boards of directors. Companies that don’t comply with the law could face fines between $100,000 and $300,000, according to the bill.
“Corporations have money, power and influence,” said bill author Assemblyman Chris Holden, D-Pasadena, in a statement. “If we are going to address racial injustice and inequity in our society, it’s imperative that corporate boards reflect the diversity of our state.”