A great deal of attention has been paid to board diversity — or lack thereof — in recent months. California enacted AB-979, which expanded upon California’s earlier gender diversity law and requires boards to make strides in other types of diversity, including considering racial and ethnic minorities. The law requires every public company with securities listed on a major U.S. stock exchange and that has its principal executive office in California, as listed on its form 10-K annual report, to have at least one director from an underrepresented community on its board by the end of the 2021 calendar year, and upwards of three directors from an underrepresented community on its board by the end of the 2022 calendar year. This presentation discusses the implications and regulatory consequences of this growing trend and the importance of diversity beyond mandated requirements.
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