GOP-Led States Slam ‘Crude and Odious’ Nasdaq Diversity Rule
- Rule requires boards to have female, minority or LGBTQ members
- Most Nasdaq-listed companies already meet the requirement
This article is for subscribers only.
Nasdaq Inc.’s effort to promote diversity on corporate boards establishes illegal “quotas” that discriminate against men and White people, a group of Republican-led states said in a court filing.
Texas Attorney General Ken Paxton on Thursday said Nasdaq-listed companies would have to “overlook a person’s relevant qualifications under the guise of promoting diversity” if forced to follow the rule. Nasdaq is requiring listed firms to disclose the demographics of their boards; those that don’t have any self-identified women and at least one underrepresented minority or LGBTQ person have to explain why not.