Nasdaq Rule for Corporate Boards Doesn’t Address Real ‘Diversity’

Nasdaq CEO Adena Friedman

NLPC Chairman Peter Flaherty has an op-ed on Real Clear Markets critical of Nasdaq’s proposed “diversity” rule for boards of companies listed on the exchange. From the piece:

If there is merit in diversifying the composition of America’s corporate boards, it’s highly doubtful that Nasdaq’s imperious, paint-by-numbers approach is the best way to achieve it. That’s because, for all of their frantic virtue-signaling on the subject, when Nasdaq speaks of “diversity” what they obviously envision is a group of people with essentially cosmetic differences in race, gender and sexual orientation who will, nonetheless, all think and act in the same way.

Click here to read the entire piece on Real Clear Markets.

Earlier, NLPC Counsel Paul Kamenar argued in a public comment filed in January with the SEC that the diversity rule will impose arbitrary racial and gender quotas without showing a compelling governmental interest, and … Read More ➡

NASDAQ ‘Diversity’ Rule Delayed as Gensler SEC Confirmation Advances

Gensler took part in confirmation hearing without leaving his house.

Today, the Securities and Exchange Commission (SEC) announced that it was postponing final approval of Nasdaq’s controversial Board “Diversity” rule for at least three more weeks, which coincides with the Senate Banking Committee’s approval yesterday of Biden’s SEC Chairman pick, Gary Gensler, who was described by the Washington Post as a “progressive darling.” 

Senator Patrick Toomey questioned whether Gensler “will also push the legal bounds of the SEC’s authority, in particular in an attempt to advance a liberal social agenda.” His nomination will go to the full Senate soon for final approval.

The National Legal and Policy Center (NLPC) condemned the SEC and Nasdaq for proposing the rule last December that would require all Nasdaq listed companies to have at least two self-identified “Diverse” persons, including self-identified women, Black, Latinix (a woke term for “Latino” that most Latinos don’t use), … Read More ➡