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The Securities and Exchange Commission (SEC) has announced that it has approved a proposal from Nasdaq to adopt new listing rules related to board diversity and disclosure.
Under the new rules, Nasdaq-listed companies will be required to have at least one director who self-identifies as female and one who self-identifies as an underrepresented minority or LGBTQ+. Companies will also be required to publicly disclose diversity statistics about their boards.
Nasdaq believes that diverse boards lead to better decision-making and performance, and the new rules aim to promote transparency and inclusivity in corporate leadership.
Companies will have to disclose board diversity information within one year of the SEC’s approval of the new rules, or upon their listing on Nasdaq.
Nasdaq’s proposal comes at a time when there is increasing focus on diversity and inclusion in corporate America. Many investors and stakeholders are pushing for greater representation of women and minorities in boardrooms.
The SEC’s approval of Nasdaq’s proposal is seen as a positive step towards increasing diversity and transparency in corporate governance. It is hoped that these new rules will lead to more diverse and inclusive corporate leadership across the board.
