Many California corporations will have to increase the diversity of their boards of directors under a new law signed Wednesday by Gov. Gavin Newsom to address a shortage of people of color in executive positions.
The law requires some 625 publicly held corporations headquartered in California to include at least one person from an underrepresented community by the end of next year, with additional appointments required in future years.
Newsom said during an online signing ceremony that the law is necessary to promote diversity in corporate boardrooms as part of a broader effort to improve racial equity in the U.S.
“When we talk about racial justice, we talk about empowerment, we talk about power, we need to talk about seats at the table,” Newsom said.
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