California legislators on Wednesday passed a bill that requires major companies based in the state to put female directors on their boards. The U.S. has no federal requirement for female representation on company boards and no other U.S. state has successfully pushed such a mandate. In the U.S., even some staunch advocates of boosting the numbers of female directors have been reluctant to endorse board quotas. Many large corporations based in California, including Chevron Corp. , Netflix Inc. and Alphabet Inc. —the parent company of Google and YouTube—already have multiple female directors. All public companies are required to have a board of directors that represents shareholders and oversees company management.

Source: Wall Street Journal August 29, 2018 19:48 UTC