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Mum's The Word At California's Civil Rights Department Regarding Fair Investment Practices By Investment Advisers Law (AKA SB 54)

I wrote about a bill, SB 54, that would have required institutional investors, securities and real estate brokers, and others to report on the diversity status of "founding teams".  At the time, I criticized the bill as being...more

California's Inept Attempt To Define Who Is A "Founding Team Member"

Last week, I reported that Governor Newsom had signed SB 54 (Skinner) even while acknowledging in his signing message that it contained "problematic provisions".   SB 54 requires "venture capital companies", as defined, to...more

Nonsensical Bill Requiring Founding Team Diversity Reports Advances

In April, I reported on SB 54 (Skinner), a bill that would have required institutional Investors, securities and real estate brokers, and others to report on the diversity status of "founding teams".  At the time, I...more

Are All Lawsuits Against "Woke" Directors "Nonstarters"?

In a recent post, UCLA Professor Stephen Bainbridge concludes: "And the law is that suits claiming woke directors breached their fiduciary duties by their decisions about how the corporation behaves in the political arena are...more

Federal Court Rules California Board Quota Law Unconstitutional

A little over a year ago, I wrote that California Superior Court Judge Terry Green had found that AB 979 facially violates the Equal Protection Clause of the California Constitution,  Cal. Const. Art. I, § 7.  Crest v....more

California Bill Would Require Some Advisers To Venture Capital Firms To File Diversity Reports, But What About Preemption?

As I discussed in this post from earlier this month, SB 54 would have required institutional investors, securities and real estate brokers, and others to report diversity status of startup founding teams.  The bill has since...more

Will Corporate DEI Efforts Engender Caremark Claims?

In a posting on the Business Law Prof Blog, Professor Stefan J. Padfield recently highlighted a complaint filed by America First Legal Foundation with the U.S. Equal Employment Opportunity Commission.  The complaint alleges...more

Court Of Appeal Declines To "Sit On" Board Diversity Judgment

In July, California Secretary of State Shirley Weber filed a petition for a writ of supersedeas in the California Court of Appeal with respect to the trial court's judgment in Crest v. Padilla.  In that case, the trial court...more

Does Your Surname Define Your Cultural Ancestry?

In a recent paper, four authors attempt to assess board cultural diversity and firm performance under competitive pressures.  The authors conclude that "culturally diverse boards are associated with superior performance for...more

The Verdict Is In On California's Female Director Quota Law

As I noted yesterday, Los Angeles Superior Court Judge Maureen Duffy-Lewis has found California's female director quota law, SB 826, to violate the Equal Protection clause of the California Constitution (A person may not be ....more

Judge Finds California Female Director Quota Law To Be Unconstitutional

Following a lengthy trial, Los Angeles Superior Court Judge Maureen Duffy-Lewis has found that California's female director quota law violates the Equal Protection Clause of the California Constitution...more

More On Board Nominations

Yesterday's discussion of an amicus brief filed by 17 law professors in a case challenging SB 826, California's female director quota mandate, reminded me of a related question that I raised a few years ago...more

17 Law Professors File Amicus Brief Assailing Corporate Democracy

Earlier this year, the trial of one of the challenges to SB 826, California's female director quota law, concluded but Los Angeles Superior Court Judge Maureen Duffy-Lewis has yet to release her decision.  Crest v. Weber,...more

Judge Green Explains Why AB 979 Violates The Constitution

When I reported last Friday that Los Angeles Superior Court Judge Terry Green had ruled in favor of the plaintiffs in their challenge to California's board quota law, AB 979, all I had was a brief minute order from the...more

Plaintiffs Prevail In Constitutional Challenge To California Board Quota Law

This afternoon, Judge Terry Green granted the plaintiff's summary judgment motion in a case challenging the constitutionality of AB 979.  Crest v. Padilla, LA Super. Ct. Case No. 20STCV37513...more

Does Improving CalPERS' Returns Justify State Mandated Discrimination?

We may learn as early as today whether a pending constitutional challenge to AB 979 will be going to trial in May.  AB 979 is California's law requiring publicly held domestic and foreign corporations having their principal...more

Legislator Proposes To Expand Definition of "Director From An Underrepresented Community"

Enacted in 2020, AB 979 requires publicly held domestic or foreign corporations having their principal executive offices in California to have specified minimum numbers of directors from "underrepresented communities".  Cal....more

Judge Weighs Challenge To California Board Quota Law

On Monday,  Los Angeles Superior Court Judge Terry Green heard arguments on opposing motions for summary judgment in a case challenging the constitutionality of AB 979.  Crest v. Padilla, L.A. Super. Ct. Case No....more

Appearances Matter According To ISS' Proxy Voting Guidelines

Last month, Institutional Shareholder Services published its Americas 2022 Proxy Voting Guidelines.  As part of its updated guidelines, ISS has removed the "grace" period for board diversity so that its policy now reads as...more

What Is And Is Not Mandatory With Respect To California's Female Director Quota Law

On Monday, I noted that because California's female director quota law uses the word "shall", it is mandatory.  Confused?  Here's how I break down the law...more

Does A Statutory Fine Constitute A "Threat"?

As the trial of of the constitutionality of SB 826, California's female director quota, law continues, the question of the plaintiffs' standing remains in contention.  As I reported in June of last year, Judge Maureen...more

Secretary Of State Argues SB 826 Does Not Require An Impermissible Quota

SB 826 is scheduled to go on trial today before Los Angeles Superior Court Judge Maureen Duffy-Lewis.  Crest v. Weber, Cal. Super. Ct. Case No. 19STCV27561.   SB 826 requires all publicly held corporations headquartered in...more

Challenges To California Director Quota Law Keep Coming

It should be a surprise to no one that California's laws imposing strict gender and diversity requirements on publicly held corporations continue to attract legal challenges.  Tomorrow, a trial is scheduled to begin in...more

Study Finds "A Robust and Significantly Negative Stock Market Reaction" To California's Gender Quota Mandate

A study by an international team of scholars has concluded that California's imposition of a gender quota on publicly held corporations with their principal executive offices in the state resulted in a "robust and...more

Is Self-Identification Antithetical To Remedying Discrimination?

As has been previously discussed in this space, California Secretary of State Shirley N. Weber is seeking dismissal of a federal court challenge to California's director quota mandates - SB 826 and AB 979.  Alliance For Fair...more

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