94 California Companies Have No Women On Board Of Directors

CALIFORNIA – Governor Jerry Brown signed a bill into law Sunday that requires women to be included on the boards of directors of firms headquartered in California. The bill requires California's publicly held corporations to include at least one woman on boards of directors by the end of 2019, and at least two by July 2021. All boards with at least six total members will be required to have at least three women by July 2021.

Studies show that companies with women on their boards are more profitable, yet 94 of nearly 400 California companies in the Russell 3000 stock index have no female directors, according to research cited by the legislation. Each of those companies will need to add at least one woman to their board of directors, and some will need to add more than one, CBS reported. The companies have until 2021 to find their female directors.

Here's a full list of California companies with no female directors as of Sept. 30, according to CBS:

• 8x8, Inc. (EGHT)
• A10 Networks, Inc. (ATEN)
• Acacia Research Corporation (ACTG)
• Adesto Technologies Corporation (IOTS)
• Adverum Biotechnologies, Inc. (ADVM)
• Aerohive Networks, Inc. (HIVE)
• Ambarella, Inc. (AMBA)
• American Assets Trust, Inc. (AAT)
• AnaptysBio, Inc. (ANAB)
• Anworth Mortgage Asset Corporation (ANH)
• Apollo Medical Holdings (AMEH)
• Aquantia Corp. (AQ)
• Arrowhead Pharmaceuticals, Inc. (ARWR)
• Avid Bioservices, Inc. (CDMO)
• AXT, Inc. (AXTI)
• B. Riley Financial, Inc. (RILY)
• BayCom Corp. (BCML)
• BofI Holding, Inc. (BOFI)
• Cadiz Inc. (CDZI)
• CareTrust REIT, Inc. (CTRE)
• Cellular Biomedicine Group, Inc. (CBMG)
• ChemoCentryx, Inc. (CCXI)
• Clean Energy Fuels Corp. (CLNE)
• CohBar Inc. (CWBR)
• Cohu, Inc. (COHU)
• Corvus Pharmaceuticals, Inc. (CRVS)
• Cryoport, Inc. (CYRX)
• Daily Journal Corporation (DJCO)
• DASAN Zhone Solutions, Inc. (DZSI)
• Ducommun Incorporated (DCO)
• DURECT Corporation (DRRX)
• Electronics for Imaging, Inc. (EFII)
• Energy Recovery, Inc. (ERII)
• Enphase Energy, Inc. (ENPH)
• Fate Therapeutics, Inc. (FATE)
• FibroGen, Inc. (FGEN)
• Fluidigm Corporation (FLDM)
• Foundation Building Materials, Inc. (FBM)
• Guidewire Software, Inc. (GWRE)
• Heron Therapeutics, Inc. (HRTX)
• Hortonworks, Inc. (HDP)
• Ichor Holdings, Ltd. (ICHR)
• Impac Mortgage Holdings, Inc. (IMH)
• Imperva, Inc. (IMPV)
• Infinera Corporation (INFN)
• Innovative Industrial Properties, Inc. (IIPR)
• Kindred Biosciences, Inc. (KIN)
• Kura Oncology, Inc. (KURA)
• LiveXLive Media, Inc. (LIVX)
• MannKind Corporation (MNKD)
• Masimo Corporation (MASI)
• MaxLinear, Inc. (MXL)
• Maxwell Technologies, Inc. (MXWL)
• MediciNova, Inc. (MNOV)
• Mirati Therapeutics, Inc. (MRTX)
• Monolithic Power Systems, Inc. (MPWR)
• NantHealth, Inc. (NH)
• NantKwest, Inc. (NK)
• Natural Health Trends Corp. (NHTC)
• Nektar Therapeutics (NKTR)
• NeoPhotonics Corporation (NPTN)
• Odonate Therapeutics, Inc. (ODT)
• OSI Systems, Inc. (OSIS)
• Pacific Mercantile Bancorp (PMBC)
• PDF Solutions, Inc. (PDFS)
• Pfenex Inc. (PFNX)
• Puma Biotechnology, Inc. (PBYI)
• RadNet, Inc. (RDNT)
• Retrophin, Inc. (RTRX)
• Rigel Pharmaceuticals, Inc. (RIGL)
• Sabra Health Care REIT, Inc. (SBRA)
• ShotSpotter, Inc. (SSTI)
• Sientra, Inc. (SIEN)
• Sigma Designs, Inc. (SIGM)
• Simulations Plus, Inc. (SLP)
• Skechers U.S.A., Inc. (SKX)
• SMART Global Holdings, Inc. (SGH)
• Sorrento Therapeutics, Inc. (SRNE)
• Stamps.com Inc. (STMP)
• Synaptics Incorporated (SYNA)
• Tandem Diabetes Care, Inc. (TNDM)
• Tejon Ranch Co. (TRC)
• The Ensign Group, Inc. (ENSG)
• The Habit Restaurants, Inc. (HABT)
• TiVo Corporation (TIVO)
• Turtle Beach Corporation (HEAR)
• Universal Electronics Inc. (UEIC)
• Veeva Systems Inc. (VEEV)
• Veritone, Inc. (VERI)
• Viking Therapeutics, Inc. (VKTX)
• WageWorks, Inc. (WAGE)
• Willis Lease Finance Corporation (WLFC)
• Xencor, Inc. (XNCR)
• XOMA Corporation (XOMA)

The measure was proposed because women make up 52 percent of California's population, but only 15 percent of the boards for public corporations, according to state Sen. Hannah-Beth Jackson, the Santa Barbara Democrat, who co-authored the bill with Senate leader Toni Atkins, a Democrat from San Diego. (For more California news, sign up for real-time news alerts and free morning newsletters from your local California Patch . If you have an iPhone, click here to get the free Patch iPhone app.)

"We are not going to ask anymore. We are tired of being nice. We're tired of being polite. We are going to require this because it's going to benefit the economy," Jackson said in a floor speech, according to the Times. "It's going to benefit each of these companies. It's time that we burst that man-cave and put women in the boardrooms."

U.S. companies that started the five-year period from 2011 to 2016 with at least three women on boards of directors reported significantly higher earnings growth than companies with none, according to a study by financial firm MSCI. However, increasing the representation of women on corporate boards may go beyond just economic benefits, the Huffington Post said.

Companies with more women on their boards are more likely to "create a sustainable future" by taking "steps to improve energy efficiency of operations, to measure and reduce carbon emissions, the reduction of packaging, and investment in renewable power generation," according to a 2012 University of California, Berkeley study.

"One-fourth of California's publicly traded companies still do not have a single woman on their board, despite numerous independent studies that show companies with women on their board are more profitable and productive," Jackson said in a statement. "The time has come for California to bring gender equity to our corporate boards."

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