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Discussing The NASDAQ Board Diversity Rule Challenge – Diversity, Equity & Inclusion

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Board diversity continues to be a concerted area of focus for
companies, investors, regulators and other stakeholders.
 Progress continues and the importance of board diversity is
underscored by compelling findings on the positive impacts on
corporate performance, business value, ability to attract and
retain talent, and stakeholder engagement.

There are various rule-based approaches to increasing diversity
on corporate boards.  The NASDAQ rule takes a disclosure
– rather than a mandate – approach in essentially
requiring listed companies to disclose board diversity statistics
and have, or disclose why they do not have, a minimum of two
diverse board members.  Transparency and disclosure continue
to be common threads in ESG and board diversity.

Somewhat typical of nascent rules and regulations, the NASDAQ
board diversity rule has been judicially challenged.  I spoke
with Andrew Ramonas of Bloomberg in anticipation of oral arguments
in Alliance for Fair Board Recruitment v. SEC,
scheduled for Monday before the Fifth Circuit.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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