As of 2019, publicly traded California corporations will have to have at least one woman board-member or face fines; the minimum number of woman board members climbs to two in 2020 (three for companies with boards of six or more people).
A majority of companies in the S&P 500 have at least one woman on their boards, but only about a quarter have more than two, according to a study from PwC.
California state Sen. Hannah-Beth Jackson told The Wall Street Journal last month when the legislation passed that "one-fourth of California's publicly traded companies still do not have a single woman on their board, despite numerous independent studies that show companies with women on their board are more profitable and productive."
"With women comprising over half the population and making over 70% of purchasing decisions, their insight is critical to discussions and decisions that affect corporate culture, actions and profitability," she told the outlet.
California has a new law: No more all-male boards
[Julia Carpenter and Jackie Wattles/CNN Money]