On September 30, 2020, California Governor Gavin Newsom signed Assembly Bill 979, which will require each NYSE and Nasdaq-listed public company with its principal executive offices in California to have at least one director from an “underrepresented community” on its board by December 31, 2021. On December 31, 2022, the minimum will increase to three directors from underrepresented communities, if the company has nine or more directors, or two directors from underrepresented communities, if the company has between five and eight directors.

Read the full memo here.