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00:00THANK YOU FOR JOINING US. WHAT HAS BEEN YOUR REACTION TO THE COURT IN L.A. STRIKING THIS DOWN AND THE JUDGE SAYING THIS LAW IS UNCONSTITUTIONAL? JENNIFER: IT IS GREAT TO BE WITH YOU. THANKS SO MUCH. THE LAW HAS LED TO PROGRESS. WE HAVE AROUND 1300 SEATS FILLED IN THE PAST FEW YEARS WITH WOMEN IN PUBLIC COMPANIES IN CALIFORNIA. WE NEARLY DOUBLED THE NUMBERS, THE PERCENTAGE OF WOMEN ON PUBLIC COMPANY BOARDS FROM 15.5% IN 2018 TO 32% IN 2021. WE NEARLY TRIPLED THE NUMBER OF BOARD SEATS HELD BY WOMEN BECAUSE WE INCREASED THE NUMBER OF PUBLIC COMPANIES IN CALIFORNIA AS WELL. THE LAW HAS BEEN A SUCCESS AND I ' M A FIRM BELIEVER THAT POLICY CHANGE LEADS TO SHIFTS IN HEARTS AND MINDS AND ATTITUDES AND BEHAVIORS, SO IT HAS BEEN WORKING. EMILY: BUT HERE YOU HAVE THIS LAW BEING OVERTURNED. DOES THIS SET PROGRESS BACK AND IF SO, HOW MUCH? JENNIFER: FIRST, WE ARE APPEALING THE OVERTURNED BECAUSE IT IGNORES THE SUBSTANTIAL DISCRIMINATION AGAINST WOMEN TO BE ON PUBLIC COMPANY BOARDS. WE ALL KNOW AND RESEARCH INDICATES THAT THE BOARD SEATS ARE TYPICALLY HELD BY MEN WHO HAVE BEEN CONDITIONED OR HAVE BIASES TOWARD SELECTING WOMEN CANDIDATES FOR THE BOARD, SO EVERYTHING FROM THIS PERCEPTION OF RISK TO INSULAR NETWORKS AND ARTIFICIALLY NARROW SEARCHES, ALL OF THIS CONTRIBUTES TO A BAR RAISED IN THE PROCESS FOR WOMEN AND LOWERED FOR MEN. SO I AM CONFIDENT IN THIS APPEAL THAT ANOTHER COURT WILL SEE THE BENEFIT OF THIS LEGISLATION AND WE ONLY HAVE 300 SEATS LEFT TO FILL. I ' M CONFIDENT EVERYONE ALREADY SEES WHEN YOU HAVE MORE DIVERSITY, MORE WOMEN IN PUBLIC COMPANY BOARD SEATS THAT THERE IS GREATER PROFITABILITY AND ULTIMATELY, IT ' S BETTER FOR BUSINESS ALL AROUND. EMILY: I WONDER IF THIS IS PART OF A DISTURBING TREND WHERE WE SEE WOMEN BACKSLIDING? WE SAW THEM BACKSLIDE IN THE PANDEMIC. ON THE HEELS OF THE #METOO MOVEMENT, NOW WE ARE SEEING COMPANIES GOING THROUGH LAYOFFS, HEADING INTO A TENT MACRO ECONOMIC ENVIRONMENT. ARE YOU CONCERNED WOMEN COULD BE BACKSLIDING EVEN MORE AS WE SPEAK? JENNIFER: WE ARE LIVING IN REALLY STRANGE TIMES AND IF WE LOOK AT S & P CEOS AND BROADLY SPEAKING, THE BOARD REPRESENTATION IN PUBLIC COMPANIES. 94% OF CEOS ARE MALE AND WE ARE LIVING IN THESE TIMES OF CRISES WITH INCREDIBLE ECONOMIC EQUALITY. THE CLIMATE CRISIS, THE MENTAL HEALTH CRISIS, ETC., COMING OUT OF THE PANDEMIC, THERE IS SO MUCH WOMEN HAVE NOT HAD SEATS AT THE TABLE AND ALL SIGNS POINT TO YOU PUT MORE WOMEN WITH THEIR PERSPECTIVE AND EXPERIENCES, AT THE DECISION-MAKING TABLE, IT IS JUST BETTER FOR BUSINESS AND BETTER FOR OUR SOCIETY, BETTER FOR THE ENVIRONMENT, BETTER FOR EVERYONE. ALL STUDIES INDICATE WOMEN INVEST NOT JUST IN PROFIT BUT THEY WILL FOCUS ON PEOPLE AND THE PLANET AT HIGHER RATES THAN MEN WILL. THE OUTCOMES OF HAVING WOMEN SIT ON PUBLIC COMPANY BOARDS ARE SUBSTANTIALLY GREATER. I ' M HAPPY TO TALK ABOUT THOSE IN DETAIL BUT I THINK THIS ALL POINTS TO THE PAST HASN ' T BEEN WORKING WAS SO WE NEED TO KEEP SUPPORTING AND ENCOURAGING MORE WOMEN IN LEADERSHIP AND GIVING THEM SEAT AT THE TABLE WHERE THEY NEED TO BE. WOMEN ARE PRIMED TO SOLVE SOME OF THESE COMPLEX ISSUES ACROSS OUR ECONOMY AND SOCIETY TODAY. EMILY: WE ARE SEEING COMPANIES INCREASINGLY FACING PRESSURE TO TAKE A STAND, WHETHER IT IS DISNEY ON THE DON ' T SAY GAY LEGISLATION OR COMPANIES IN GENERAL ON THE POTENTIAL FOR ROE V. WADE TO BE OVERTURNED. WHAT DO YOU THINK COMPANIES SHOULD DO IN THESE SITUATIONS, KNOWING THESE ARE VERY POLARIZING ISSUES? JENNIFER: YOU ARE TALKING TO SOMEONE WHO HAS ALWAYS BELIEVED IN THE TRIPLE BOTTOM LINE MODEL THAT A SUCCESSFUL COMPANY INVESTS IN ITS EMPLOYEES AND PROVIDES A FAMILY FRIENDLY POLICY AND PAYS ITS EMPLOYEES EQUITABLY. A SUCCESSFUL COMPANY MAKES SURE IT ' S NOT HARMING THE ENVIRONMENT AND ITS LEAVING THE ENVIRONMENT IN A BETTER PLACE AND IT POUNDED . AND THAT IT IS PROFITABLE. COMPANIES NEED TO BE BOLD AND LEAN INTO THEIR VALUES, LIKE WE ARE LEANING INTO OUR VALUES IN CALIFORNIA. PART OF THAT IS, AS WE ALL KNOW, THE GREATER THE DIVERSITY YOU HAVE AROUND THE TABLE, THE GREATER YOUR CHANCE TO BE IN A BETTER BOTTOM LINE. ALL THESE COMPANIES NEED TO BE BOLD. THEY HAVE TO LEAN IN AND LEAN AND WHAT THEIR VALUES. EMILY: GOVERNOR NEWSOM, YOUR HUSBAND, IS TAKING STEPS TO MAKE CALIFORNIA A SAFE HAVEN FOR ABORTION, RECENTLY ALLOCATING MONEY IN THE BUDGET TOWARD REPRODUCTIVE HEALTH. WHAT MORE WOULD YOU LIKE TO SEE CALIFORNIA DO? JENNIFER: SPECIFICALLY WITH REGARDS TO REPRODUCTIVE HEALTH? I WANT CALIFORNIA TO BE THE STATE WHERE WORKING MOMS WANT TO RAISE THEIR FAMILIES. I THINK WE ARE TAKING GREAT STRIDES IN THAT DIRECTION. I ' M PROUD OF THE WORK WE ARE DOING WITH REGARD TO PAY EQUITY AND WOMEN ON PUBLIC COMPANY BOARDS. WE ARE LEADING THE NATION AND A WORLD LEADER WHEN IT COMES TO PUBLIC COMPANY BOARDS, THE STRONGEST PAY LAWS IN THE NATION AND WE HAVE INCREDIBLE LAWS RELATED TO SEXUAL HARASSMENT AND ASSAULT. I THINK WE ARE CREATING AN ENVIRONMENT WHERE WOMEN CAN THRIVE AND WE ARE SO INVESTED. PART OF MY WORK IS AROUND CHILDREN ' S MENTAL HEALTH AND ENSURING KIDS GET THE BEST NUTRITION AND SPEND TIME DOORS, AND I ' M TURNING TO PHYSICAL FITNESS AND MENTAL HEALTH COUNSELING, I ' M EXCITED FOR CALIFORNIA TO BE A LEADER IN TERMS OF CENTERING WOMEN ' S PERSPECTIVE AND EXPERIENCES AND MAKING SURE THEIR FAMILY REALLY THRIVES. EMILY: SPEAKING OF CHILDREN, I HAVE TO ASK YOU ABOUT THIS ABSOLUTELY HORRIFIC SHOOTING IN YOU VOLTE, TEXAS WHERE AN 18-YEAR-OLD SHOOTER GUNNED DOWN 15 PEOPLE, 14 OF THEM, WE BELIEVE TO BE ELEMENTARY SCHOOL STUDENTS IN ADDITION TO THEIR TEACHER. WHAT IS YOUR REACTION TO THIS? JENNIFER: I WANT TO CRY. IT IS HORRIFYING. I AM A MOTHER OF FOUR. GUNS ARE A MAJOR, MAJOR PROBLEM IN OUR COUNTRY. TOXIC MASCULINITY IS A MAJOR PROBLEM, MISINFORMATION IS A MAJOR PROBLEM IN OUR COUNTRY. MENTAL HEALTH IS A MAJOR PROBLEM , BUT GUNS AND AMMUNITION KILL PEOPLE AND THEY DON ' T BELONG IN THE HANDS OF PEOPLE THAT HAVE EXTREME BELIEFS, A LOT OF HATE, ARE BIGOTS, ARE RACISTS, OUR SEXES, ARE VIOLENT OFFENDERS, THEY DON ' T BELONG IN THE HANDS -- SEMI AUTOMATIC WEAPONS DO NOT BELONG IN HANDS OF PEOPLE. CALIFORNIA HAS BEEN LEADING THE NATION ' S AND CONSERVATIVE JUDGES HAVE BEEN CHALLENGING US AND I ' M PROUD OF WHAT THE GOVERNOR HAS DONE IN RESPONSE TO GUN LEGISLATION AND MY HEART GOES OUT TO EVERY CHILD AND

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CA Board Diversity Law Struck Down, Despite Progress

First Partner of California Jennifer Siebel Newsom speaks with Emily Chang about a landmark law that was just struck down, which would require publicly traded companies to have women on their board of directors. She discusses findings from a recent report showing progress in corporate boards & the role companies should play on social issues like Roe v. Wade. (Source: Bloomberg)

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