“The Fearless Girl” statue stands across from the Wall Street charging bull in New York City in March 2017. PHOTO CREDIT: Drew Angerer/Getty Images via Vox
This week, California became the first state to require publicly traded companies to include women on their board of directors. By the end of next year, companies will need to have at least one female director on the board in each California-based public corporation. This will increase to up to three female directors by the end of 2021. If companies fail to comply with this new law, they will be fined $100,000 for their first violation and $300,000 for any violations that follow.
Currently, about one in four public companies headquartered in California don’t have any women on their board of directors. The author of this California law (SB 826) said “she believes having more women in power could help reduce sexual assault and harassment in the workplace” according to AP News.
“This is one of the last bastions of total male domination. We know that the public and business are not being well-served by this level of discrimination.” ~ CA state Sen. Hannah-Beth Jackson via AP News
This is a small step in the fight to make gender equality a reality. Hopefully, other states and companies will follow suit and embrace female leadership at the board level of organizations.