In March 2020, LCDA announced its analysis of women appointed to boards following the enactment of SB 826, finding that the largest number of appointments, 77.9%, went to white women, followed by 11.5% to Asian women, 5.3% to African American women, and the lowest number, 3.3%, went to US Latinas. Alarmed at the lack of Latina appointments in a state where the Latino population is 39.4%, LCDA conducted further analysis of the ethnic and racial composition of all California public company boards.
LCDA's new review of all 662 California companies registered on the NYSE, NASDAQ, and AMEX concluded that 35%, or 233 companies have all white boards of directors. LCDA further concludes that SB 826, the California Gender Diversity Law, perpetuates the status quo of majority white board of directors. LCDA analysis of California public companies reveals that a number of corporations have chosen to comply with SB 826 by adding women that are not inclusive of ethnic and racial minorities, stated California LCDA Member and Former Secretary of the U.S. Small Business Administration, Maria Contreras-Sweet. The SB 826 mandate of women on boards has largely left out women of color on corporate boards in the most diverse state in the nation, underscoring the need to address fundamental flaws in the state legislatures efforts to diversify California corporate boards, added Contreras-Sweet.