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Sunwoo Hwang is a Ph D candidate at the University of North Carolina Kenan-Flagler Business School; Anil Shivdasani is the Wells Fargo Distinguished Professor of Finance at the University of North Carolina Kenan-Flagler Business School; and Elena Simintzi is Assistant Professor of Finance at the University of North Carolina Kenan-Flagler Business School. On September 30, 2018, California enacted Senate Bill 826 mandating that all publicly-traded companies headquartered in the state to have at least one female director by the end of 2019.The law further requires that by year-end 2021, all firms have at least one female director if the board has four members or fewer, two female directors if the board has five members, and three female directors if the board has six members or more.Rather, our message is that considering the implications of supply-side factors is important in evaluating the economic effects of legislation on board composition.
Studies suggest that diversity in decision making facilitates consideration of a more comprehensive range of strategies and can lead to higher quality decision-making.
At the World Summit at UN Headquarters in September 2005, Member States asked Secretary-General Kofi Annan to “review all mandates older than five years”, and to provide an analysis and make recommendations to facilitate that review.
Following up on that request, Secretary-General Annan presented his report on mandating and delivering to the UN General Assembly on 30 March 2006.
In presenting his report, the Secretary-General recalled that the first review of mandates had been conducted, at the request of the membership, in 1954, when Dag Hammarskjöld had concluded that “the very nature of the responsibilities that must be assumed by the Secretary-General and his senior staff imposes a limit on the volume of the tasks that can be handled effectively”.
Secretary-General Annan said that was even truer in 2006, when the number of mandates were so much greater.
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The 1954 review, for example, had led to a reduction in the number of reports and the length of documents in general.