Day: December 11, 2024

In a setback for diversity efforts in corporate America, an appeals court has blocked Nasdaq’s new rules that would require companies listed on the exchange to have at least one woman and one minority or LGBTQ director on their boards. The ruling, issued by the U.S. Court of Appeals for the D.C. Circuit, comes after a group of major business organizations, including the U.S. Chamber of Commerce and the Business Roundtable, sued to challenge the rules. They argued that the requirements went beyond Nasdaq’s authority and interfered with state corporate governance laws. The decision is a blow to Nasdaq’s efforts to promote diversity and inclusion on corporate boards, which have been gaining momentum in recent years. The exchange announced the rules in December 2020, with the goal of increasing diversity and representation among its listed companies. Nasdaq has said that it is reviewing the court’s decision and considering its options for moving forward. The ruling could have implications for other exchanges and companies that have implemented similar diversity requirements. Despite the setback, advocates for diversity in corporate leadership are hopeful that the momentum for change will continue. They argue that diverse boards lead to better decision-making and performance, and that companies should prioritize diversity and inclusion in their governance practices. The ruling highlights the ongoing debate over diversity and inclusion in corporate America, and the challenges that come with implementing meaningful change. It remains to be seen how Nasdaq and other companies will respond to the court’s decision, and whether diversity efforts will continue to be a priority in the future.

December 11, 2024

In a recent decision that may impact the landscape of boardroom diversity, a federal appeals court has ruled against Nasdaq's...

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