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Federal Appeals Court Strikes Down Nasdaq's Board Diversity Rules Requiring Women, Minorities, and LGBTQ Members

Dec 12, 2024, 01:37 AM

A federal appeals court has struck down Nasdaq's board diversity rules, which required public companies listed on the exchange to include at least one woman, person of color, or LGBTQ member on their boards, or to explain why they did not. This ruling represents a significant setback for efforts to promote diversity in corporate governance and follows a challenge by conservative groups. The court's decision vacated the Securities and Exchange Commission's (SEC) earlier approval of these rules, highlighting ongoing legal and political debates surrounding diversity, equity, and inclusion (DEI) initiatives in the corporate sector. The ruling has been interpreted as part of a broader trend against DEI measures, reflecting the changing political landscape and the influence of conservative judicial perspectives.