Twenty-two state attorneys general sent a letter to the CEO of Nasdaq on Thursday, questioning the legality of requiring Nasdaq-listed companies to meet diversity quotas for corporate boards.
The attorneys general wrote to Nasdaq CEO Adena Friedman about its proposed rule that would “require most Nasdaq-listed companies to have, or explain why they do not have, at least two diverse directors, including one who self-identifies as female and one who self-identified as either an underrepresented minority or LGBTQ+.”
The attorneys general noted that Nasdaq had to reframe its “board quota” to the Securities and Exchange Commission (SEC) as “aspirational and not mandatory” after there were “well-founded objections that its policy violated anti-discrimination laws.”
Then in litigation before the Fifth Circuit, the stock exchange “pivoted again” and started calling its “illegal board quota” as a “disclosure-based framework.” […]
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