On December 1, Nasdaq submitted new proposed listing rules to the Securities and Exchange Commission (the “SEC”) regarding board diversity. The first proposed rule would require listed companies to (i) have at least one director who self-identifies as female and at least one director who self-identifies as an underrepresented minority (based on EEO-1 reporting categories, including Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander, or two or more races or ethnicities) or as LGBTQ+ or (ii) explain why the company does not satisfy that requirement. The second proposed rule would require public disclosure of the number of directors who voluntarily self-identify as male, female or non-binary and who voluntarily self-identify as an underrepresented minority or LGBTQ+.
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