More data is needed to determine if a California bill mandating gender equity on corporate boards is the right way to create meaningful results, said Melinda Gates, co-chair of the Bill and Melinda Gates Foundation, in an interview earlier this week with Squawk Box Anchor Becky Quick.
The California law — which would apply to publicly-traded companies with principal executive offices in the state — would require a company to appoint at least one woman to its board of directors by 2019 and for boards of more than five to include at least two women by 2021. It was passed by the state Senate 23-9 and the Assembly 41-26 last month. Now it just needs Governor Jerry Brown's signature, which could happen as soon as Sunday night.
Gates established Pivotal Ventures in 2015 to gather and analyze data related to improving gender and ethnic diversity and in key sectors such as technology, media and venture capital. Pivotal Ventures also acts as a Limited Partner, investing in venture capital firms that prioritize backing diverse founders.
"I put my money where my mouth is," says Gates, who added that she's watching the debate around the law and collecting relevant data.