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www.philanthropyroundtable.org: The Problem with Nasdaq’s Diversity Quotas

Read Full Article Here: https://www.philanthropyroundtable.org/home/blog/post/roundtable/2020/12/17/the-problem-with-nasdaq-s-diversity-quotas

Madeline Fry SchultzEarlier this month, Nasdaq President and CEO Adena Friedman spearheaded an initiative to attempt to bring more diversity, equity, and inclusion to Wall Street.

But she won’t be asking companies to become more diverse, according to her own shallow definition of the word: She’s demanding it.

Here’s what this would mean, in the words of Nasdaq’s statement:“If approved by the SEC, the new listing rules would require all companies listed on Nasdaq’s U.S. exchange to publicly disclose consistent, transparent diversity statistics regarding their board of directors.

What about intellectual diversity, diversity of background and experience, etc.?

This make’s Nasdaq’s proposal potentially difficult to challenge, even though it still represents significant overreach.

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