Assembly Bill 979 signed by the governor and effective September 30 requires public companies incorporated or physically located in California to report to the Secretary of State within 150 days after the end of their 2021 fiscal year the number of directors who are members of underrepresented communities.  Public companies in California previously were required to report the number of women directors by the end of their 2019 fiscal year on a Corporate Disclosure Form (Form SI-PT) filed with the Secretary of State.  The bill text of AB 979 can be accessed at https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB979

The governor’s signing message on a group of bills including AB 979 to advance racial justice can be accessed at https://www.gov.ca.gov/2020/09/30/governor-newsom-signs-landmark-legislation-to-advance-racial-justice-and-californias-fight-against-systemic-racism-bias-in-our-legal-system/

California – New Reporting Requirements for California Companies Effective after 2021 Fiscal Year End