FOR IMMEDIATE RELEASE
November 10, 2022
California First Partner Jennifer Siebel Newsom Applauds Latest Data Showing California Companies Continue to Increase Diversity on Boards
California Partners Project finds California-based publicly-held companies making strides in gender representation on corporate boards.
Sacramento, CA – The California Partners Project (CPP) and co-founder First Partner Jennifer Siebel Newsom released new data today indicating gender diversity on California’s public company boards continues to increase. For the first time ever, one-third of California's public company board seats are held by women, 5% above the national average and more than double the 15.5% of seats held by women in California in 2018. Full data can be found here.
“Consistent improvement in corporate board diversity is evidence of a cultural shift and our progress towards gender equity in California,” said First Partner Siebel Newsom. “While there is still work to be done to ensure public company boards reflect the gender and ethnic diversity that sets California apart, steady increases in women’s representation means we’re moving in the right direction towards parity. More equitable workplaces translate to a more equitable society."
Senate Bill 826, which was signed into law in 2018, required all public companies in California to have one to three women on their board of directors - dependent on board size - by the end of 2021. When the law took effect in 2018, 29% of public companies had zero women serving on their boards. Today, only 1% of California's public companies have no women serving on their boards. Further, 2,103 California public company board seats are held by women today, up from 766 before Senate Bill 826 was enacted.
CPP’s robust data analysis, produced in partnership with executive and director data firm Equilar, Inc., will be released semi-annually. The organization’s latest findings show there is still work to be done to increase representation across all groups of women. As of CPP’s last report, 9.4% of total board seats were held by women of color, an improvement from 6.6% just a year prior. However, women of color comprise 30.3% of California’s population. And while nearly one in five residents of California is Latina, they remain significantly underrepresented, holding only 1.5% of board seats. CPP’s The Big Picture report includes full demographics of California public company board seats held by women.
About California Partners Project: Co-founded by California First Partner Jennifer Siebel Newsom and Olivia Morgan, in partnership with the people of California, the California Partners Project is dedicated to championing gender equity across the state and promoting the mental, behavioral, and physical well-being of California’s children. For more information about CPP visit https://www.calpartnersproject.org/. To connect on social media, follow California Partners Project on LinkedIn and Instagram.
“The twin pillars of our work – gender equity and child wellbeing – are intimately interconnected, and they both forefront teamwork and cooperation over individualism and going it alone.”
Jennifer Siebel Newsom