May 9, 2021

Business Information

‘Can I call it B.S.?’ Jennifer Siebel Newsom is fed up with skepticism of board quotas

2 min read
Good morning, Broadsheet readers! Amy Coney Barrett’s confirmation hearings continue, a senator shares his abortion...

Good morning, Broadsheet readers! Amy Coney Barrett’s confirmation hearings continue, a senator shares his abortion story, and the Fortune MPW Next Gen Summit gets a sneak peek from California’s Jennifer Siebel Newsom. Have a terrific Tuesday.

– Boards report. The Fortune MPW Next Gen Summit is kicking off this afternoon, and today’s programming will feature a conversation with California First Partner Jennifer Siebel Newsom.

Ahead of her session, Siebel Newsom shared with Fortune some stats from the organization she cofounded, California Partners Project. The group dug into the state’s 2018 legislation requiring gender diversity on corporate boards of directors and discovered that since the law went into effect, 669 public company board seats have been filled by women. In 2018, nearly 30% of public company boards in California consisted of men alone; now that figure is down to under 3%.

The numbers show the effectiveness of California’s mandate, Siebel Newsom says. “Can I call it B.S.?” she asked Fortune‘s Michal Lev-Ram about those old concerns that quotas would lead to unprepared women being appointed to board seats. “Women are talented, women are ready and there are so many women who could add value to any board—public, private, or non-profit. This is just an ‘old boys’ club’ narrative.”

Michal will also speak to the first partner on stage today, where the pair will have the opportunity to dive further into the issue—and to look ahead to the effects the state’s recently enacted legislation on racial diversity on corporate boards could have down the line.

You can see the schedule for the details on Siebel Newsom’s session—and the rest of today’s programming—here.

Emma Hinchliffe
[email protected]
@_emmahinchliffe

Source link