NEW:  Troutman Pepper discusses the recent filing of stockholder derivative actions for alleged breach of fiduciary duty and for proxy solicitation violations under Section 14(a) of the federal Securities Exchange Act based on failure to achieve board diversity and misleading disclosures regarding commitments to diversity in A New Wave of Board Diversity Derivative Litigation.

D&O Diary’s Kevin LaCroix discusses the California Partners Project’s Progress Report on Women’s Representation on California Corporate Boards, which tracks the changes in gender diversity on California boards, in Progress Report on California Public Company Board Gender Diversity Requirements.

Cooley discusses A Progress Report on Women’s Representation on California Corporate Boards, which tracks the changes in gender diversity on California boards since enactment of a state law requiring companies headquartered in California to add women to their boards of directors, citing research purportedly showing that companies with women on their boards outperform companies without them, in New report looks at board gender diversity in California.

D&O Diary’s Kevin LaCroix discusses California’s adoption of a new law requiring boards of directors of public companies headquartered in California, whether or not incorporated in California, to have a minimum number of directors from underrepresented communities on their boards, and a lawsuit — Robin Crest, et al. v. Alex Padilla, C.A. No. 20-37513, compl. (Cal. Super. Sept. 30, 2020) — challenging the constitutionality of the law in California Board of Directors Diversity Bill Signed Into Law, Challenged by Lawsuit.

Fenwick & West discusses California’s adoption of a new law requiring boards of directors of public companies headquartered in California, whether or not incorporated in California, to have a minimum number of directors from underrepresented communities on their boards in New Law Requires Racial, Ethnic or LGBT Diversity on Boards of California-Based Public Companies.

Richa Joshi at Truvalue Labs discusses California’s adoption of a new law requiring boards of directors of public companies headquartered in California, whether or not incorporated in California, to have a minimum number of directors from underrepresented communities on their boards in Board Diversity: No Longer Optional.

Deloitte discusses the results of survey data regarding company, board, and management practices related to diversity, equity, and inclusion and advancement of diversity and inclusion in their organizations in Diversity, equity, and inclusion. 

Cooley reports that parties who previously brought suit challenging the constitutionality of California’s gender diversity statute, which requires that foreign and domestic public corporations headquartered in in California appoint women to their boards of directors have filed a new lawsuit challenging the constitutionality of the state’s more recently adopted statute requiring that California headquartered companies appoint members of “underrepresented communities” to their boards in Crest v. Padilla redux – conservative activist group challenges AB 979, California’s board diversity law for “underrepresented communities”.

Jones Day discusses several recent stockholder derivative actions that challenge alleged material misstatements and omissions to investors regarding companies’ professed commitment to diversity in Shareholder Derivative Litigation Concerning Diversity in Corporate Leadership Is an Emerging Trend.

Arnold & Porter Kaye Scholer discusses California’s adoption of a new law requiring boards of directors of public companies headquartered in California, whether or not incorporated in California, to have a minimum number of directors from underrepresented communities on their boards in California Becomes First State to Require Members of Underrepresented Communities on Boards of Directors.

Wilson Sonsini discusses the passage of a new California law requiring that publicly held corporations having their principal place of business in California to have at least one director from an underrepresented community by the end of 2021, and up to three, depending on board size, by the end of 2022, in California Expands Board Diversity Mandate.

D&O Diary’s Kevin LaCroix discusses a stockholder action challenging alleged failures to achieve board diversity and misleading disclosures regarding commitments to diversity filed against Cisco in Cisco Systems Hit With Board Diversity Lawsuit.

D&O Diary’s Kevin LaCroix discusses a stockholder action challenging alleged failures to achieve board diversity and misleading disclosures regarding commitments to diversity filed against Monster Beverage in Monster Beverage Hit With Latest Board Diversity Lawsuit.

Olshan Frome Wolosky discusses passage of a bill by the California legislature that would require increased racial and ethnic diversity on corporate boards of directors for domestic and foreign corporations having their principal place of business in California in California State Legislature Passes Bill Requiring Each Public Company Headquartered in the State to Include a Minimum Number of Directors from Underrepresented Communities on its Board.

Reuters discusses challenges of increasing diversity on corporate boards posed by lack of disclosure and self-reporting of ethnicity in Color blind? How boardroom diversity data eludes advocates.

D&O Diary’s Kevin LaCroix discusses the Board Challenge, pursuant to which corporate Pledge Partners agree to add a Black director in the next twelve months in Growing Number of Companies Pledge to Address Board Diversity Issues.

D&O Diary’s Kevin LaCroix discusses a stockholder action challenging alleged failures to achieve board diversity and misleading disclosures regarding commitments to diversity filed against Danaher in Yet Another Board Diversity Derivative Lawsuit, This Time Against Danaher’s Board.

D&O Diary’s Kevin LaCroix discusses a stockholder action challenging alleged failures to achieve board diversity and misleading disclosures regarding commitments to diversity filed against The Gap in The Gap Hit with Board Diversity Derivative Lawsuit.

Keith Bishop discusses passage of a bill by the California legislature that would require racial, ethnic, gender, and gender role diversity in the composition of corporate boards of directors for domestic and foreign corporations having their principal place of business in California in California Legislature Passes Corporate Board Racial/Ethnic/Gender Quota Bill.

Cooley discusses companies’ increasing concern with expanding board diversity, and considerations raised in the study Why Do Boards Have So Few Black Directors? and the Black Corporate Directors Time Capsule Project survey in Addressing the challenge of board racial diversity.

D&O Diary’s Kevin LaCroix discusses the latest stockholder action challenging alleged failures to achieve board diversity and misleading disclosures regarding commitments to diversity filed against NortonLifeLock in NortonLifeLock Hit with Board Diversity Derivative Suit.

Cleary Gottlieb discusses stockholder actions challenging alleged failure to uphold commitments to diversity at Oracle, Facebook, and Qualcomm in 3 Cases Spotlight Shareholder Interest In Public Co. Diversity.

The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years examines demographic data on the socioeconomic backgrounds of CEOs, finding CEOs raised in male-dominated families—those where the father was the only income earner and had more education than the mother—hire fewer women and allocate smaller capital budgets to female managers.

Shearman & Sterling discusses stockholder breach of fiduciary duty actions suits recently filed against directors and officers of Oracle, Facebook, and  Qualcomm based on failure to uphold commitments to diversity in Shareholder Derivative Complaints Allege Lack Of Board And Senior Executive Diversity.

Gender and Executive Job Mobility: Evidence from Mergers and Acquisitions – examines gender differences in job mobility based on senior managers displaced when their employers are acquired, finding a significant “gender penalty” for women.

Wachtell discusses increasing pressures public companies face to increase gender and racial diversity on boards in Corporate Governance Update: Raising the Stakes for Board Diversity.

D&O Diary’s Kevin LaCroix discusses ra ecent derivative breach of fiduciary duty and securities actions challenging alleged failures to achieve board diversity and misleading disclosures to stockholders regarding commitments to internal policies regarding diversity filed against Qualcomm in Qualcomm Hit with Board Racial Diversity Derivative Lawsuit.

D&O Diary’s Kevin LaCroix discusses recent derivative breach of fiduciary duty and securities actions challenging alleged failures to achieve board diversity and misleading disclosures to stockholders regarding commitments to internal policies regarding diversity filed against Oracle and Facebook in Oracle Directors Hit with Derivative Suit on Board Diversity Issues, and Facebook Board Hit with Derivative Lawsuit on Board Diversity and Other Race-Related Issues.

Barington Capital Group discusses its activist investor perspective on board diversity that companies benefit most from demographically diverse directors who also help improve cognitive diversity in the boardroom in Maximizing the Benefits of Board Diversity: Lessons Learned From Activist Investing.

Keith Bishop discusses a bill introduced in the California legislature that would require domestic and foreign publicly held corporations having their principal place of business in California to include individuals who are African-American, Hispanic, or Native American on their board of directors in Bill Would Impose Minimum Number Of “Directors From An Underrepresented Community”.

The New York City Office of the Comptroller discussed progress of its Boardroom Accountability program in obtaining commitments from companies with which it does business to engage in search processes that ensure that women and people of color are considered for executive and board positions in NYC Comptroller’s Boardroom Accountability 3.0 Results.

Shearman & Sterling reports that a recent amendment to Washington State corporation law require that public companies have a “gender-diverse board” by January 1, 2022 or provide board diversity disclosures in Washington State Becomes Next to Mandate Gender Diversity on Boards.

Jackson Lewis discusses measures that twelve states have enacted or are considering to enhance diversity on corporate boards in States are Leading the Charge to Corporate Boards: Diversify!

Cooley discusses research suggesting that, despite recent efforts to promote diversity on corporate boards, diversity in corporate executive positions remains low, in The sorry state of C-suite diversity.

Wachtell reports the dismissal of a lawsuit challenging California’s law mandating gender diversity on corporate boards for lack of standing in Creighton Meland v. Alex Padilla, C.A. No. 19-2288, compl. (E.D. Cal. Nov. 13, 2019), noting that plaintiff has already appealed the ruling, in Federal District Court Dismisses Challenge to Board Diversity Statute.

Davis Polk reports that the New York City Comptroller announced 75% of companies have approved stockholder proposals establishing diversity search policies seeking to increase board representation by women and people of color, submitted by the New York City Retirement Systems as part of the city’s Boardroom Accountability Project 3.0, which seeks to foster diversity in leadership of companies in which the Retirement System invests, in NYC Comptroller Stringer Reports Progress on Project to Boost Board/CEO Diversity.

Cooley reports that Creighton Meland v. Alex Padilla, C.A. No. 19-2288, compl. (E.D. Cal. Nov. 13, 2019), a lawsuit challenging the constitutionality of California’s board gender diversity statute filed by a conservative legal organization on behalf of a public company stockholder has been dismissed for lack of standing in  Federal District Court dismisses a challenge to California board gender diversity statute.

Cooley reports findings that California’s California’s SB 826 board gender diversity statute has led to significant gains in board diversity, and discusses other states that have introduced similar legislation in Will other states follow California in adopting board gender diversity mandates?

Reuters reports Goldman Sachs’ announcement that from June 30, it will only help take companies having at least one diverse member company, citing superior performance of such companies after going public, in Goldman Sachs to companies: Hire at least one woman director if you want to go public.

Spencer Stuart discusses key takeaways from the 2019 U.S. Spencer Stuart Board Index finding that boards have increasingly added new directors with diversity of gender, age, race/ethnicity and professional backgrounds, but that board turnover remains low, with new directors representing only 8% of all S&P 500 directors. 2019 U.S. Spencer Stuart Board Index.

Deloitte discusses the latest statistics on global boardroom diversity, efforts to increase gender diversity in 66 countries, and political, social, and legislative trends. Women in the Boardroom: A Global Perspective.

Keith Paul Bishop discusses a study of negative effects of California’s SB 826, imposing gender quotas on the boards of publicly traded companies headquartered in California. Business Professors Find “Large Negative Stock Market Reaction” To California’s Board Quota Law.

The New York City Comptroller calls on boards of directors to adopt a policy requiring that searches for director and officer candidates include qualified female and racially/ethnically diverse candidates, and candidates from non-traditional environments such as government, academic, or non-profit. NYC Comptroller Boardroom Accountability 3.0.

Davis Polk’s Betty Moy Huber and Paula H. Simpkins report findings from the 2019 U.S. Spencer Stuart Board Index that S&P 500 companies are accelerating the addition of women and minority directors. Spencer Stuart Shows How Boards Are Transforming.