Legislation

SEC Chair Speech on Board Diversity

June 2016. In a speech before the ICGN on June 27, 2016, SEC Chair Mary Jo White said that “…the SEC has a responsibility to ensure that our disclosure rules are serving their intended purpose of meaningfully informing investors.  does not and it should be changed.  Our lens of ...

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H.R.4718 – The Gender Diversity in Corporate Leadership Act of 2016

This bill directs the Securities and Exchange Commission (SEC) to establish a Gender Diversity Advisory Group, composed of government, academic, and private sector representatives, to study strategies to increase gender diversity among the members of the boards of directors of issuers. The Securities Exchange Act of 1934 is amended to direct ...

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Illinois Becomes Second State in Nation to Pass a Women on Boards Resolution

June 2015. The State of Illinois House of Representatives passed HR 0439, a resolution to encourage equitable and diverse gender representation on corporate boards of directors. This makes Illinois the second state in the nation to pass a women on boards resolution. The resolution was spearheaded by 2020 Women on Boards/Chicago ...

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Canada: OSC Issues Revised Disclosure Rules Regarding Gender Diversity

October 15, 2014. Today the Ontario Securities Commission (together with eight other provincial securities commissions) issued its revised disclosure rules regarding gender diversity in the boardroom and executive suites. OSC Chairman Howard Wetston had previewed the rulemaking at the SAIS Conference last month. On a comply or explain basis, listed companies must disclose: director term limits ...

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California: Setting the Pace for Women on Corporate Boards

Senate Resolution 62 was adopted by the California legislature earlier this year, urging publicly held companies with nine or more directors seats to fill at least three of them with women over the next three years.  Companies with 5-8 directors should have at least two women during that time frame.  ...

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SEC et al Propose Joint Standards for Assessing Diversity Policies

On Friday, October 25, the SEC, Board of Governors of the Federal Reserve System ("FRB"), Consumer Financial Protection Bureau ("CFPB"), FDIC, National Credit Union Administration ("NCUA") and Office of the Comptroller of the Currency ("OCC") proposed joint standards for assessing the diversity policies and practices of the institutions that they ...

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European Commission Urges 40% Women on Boards by 2020

EU-listed companies should aim to ensure, by 2020, that at least 40% of their non-executive board members are women, so as to promote gender equality in economic decision making, say draft rules proposed by the European Commission and backed by the Women's Rights and Gender Equality and Legal Affairs committees ...

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California: Women Executives Break into Boys’ Club

California legislature passed a non-binding resolution that corporate boards of California companies should be gender diverse.  If it has 5 to 8 seats, at least 2 should be held by women.  If fewer than 5, than at least 1 should be female. Read the full article here.

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Canada: OSC Initiates Consultation On Disclosure Of Women On Boards

On July 30, the Ontario Securities Commission initiated a public consultation process that seeks to address the underrepresentation of women on boards and in positions of senior management of TSX-listed issuers.  The consultation process follows a request by the Ontario government in the 2013 Ontario budget tabled last May that the OSC ...

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More Women on Corporate Boards — Does Malaysia Need a Nudge?

Malaysian Reserve, 8/21/13: The article overviews the Malaysian government's recent actions to remedy the lack of representation of women on corporate boards, and asks whether further steps are needed. In 2011, the government instituted the Women Director Programme to groom women for corporate boardrooms. The program aims to place 1,500 women ...

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