A California official defending the state’s landmark law that mandates women be placed on corporate boards testified Thursday that it was essentially toothless and there are no plans to penalize companies for not complying.
FILE - Then-California Gov. Jerry Brown talks during an interview in Sacramento, Calif., on Dec. 18, 2018. When former Gov. Brown signed the nation's first law requiring that women sit on corporate boards of publicly traded companies, he suggested it might not survive legal challenges. Three years later, a judge will begin hearing evidence on Wednesday, Dec.
“The secretary of state has no plans to draft regulations or implement fines in furtherance of the act,” Deputy Attorney General Ashante Norton said. Fewer than half the nearly 650 applicable corporations in the state reported last year that they had complied. More than half didn’t file the required disclosure statement, according to the most recent report.
Padilla said it would cost more than $10 million to create infrastructure for the program. Fines anticipated would be inadequate to fund the estimated $900,000 it would cost each year to maintain it.Brown noted when he signed the bill that the law could be overturned in court but he wanted to send a message during the #MeToo era.
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