“The primary issue is the governance in terms of how boards are operating. If you buy into the corporate finance 101 — that the board of directors is the heart of the company and whatever the board's oversight they provide is going to directly impact the company— and if the board, based on research, is diverse, including women and people of color, then it's going to perform better,” Laurent-Ottomane added.
In the California legislature’s hearings on SB 826 and AB 979, business leaders called on lawmakers to expand the legislation to make data standardized and accessible and apply the law to private companies as well.
“We need to embrace a mandate that employers eliminate all barriers, explicit and implicit, in their process to truly diversify their workforce,” Hina Shah, a professor of law at Golden Gate University, told Holden and California lawmakers in her testimony. “What gets measured publicly gets done.”
Research from the Latino Corporate Directors Association, a Washington, D.C.-based association of Latino directors on publicly traded or large privately held company boards, found that gender diversity in new appointments has improved but a racial disparity in new directors remains persistent, according to Esther Aguilera, the group’s CEO.
The association found that from July 1, 2020, through June 30, 2021, men made up about 59.9 percent of the 1,443 new appointments on California corporate boards. White people comprised about 69 percent of those new directors. Asian directors represented 18 percent of those appointments, while Black and Latino board appointments made up about 10 and 3.5 percent, respectively.
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October 14, 2021 at 06:02PM
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California board diversity requirements face legal challenge - Roll Call
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