Slew of State AGs Demand Answers From Stock Exchange Over Its ‘Zealous Desire’ to Push Diversity Quotas

A coalition of 22 state attorneys general sent a letter to the Nasdaq stock exchange Thursday demanding answers over its “zealous desire” to push diversity quotas onto corporations listed on the exchange.

Nasdaq proposed a regulation in 2020 stipulating corporations have at least two “diverse” directors, including at least one woman and at least one person who is either “LGBTQ+” or a racial minority, before later reframing the rule as “aspirational and not mandatory,” according to the letter. The attorney generals then suggested the policy might conflict with state and federal anti-discrimination laws, and that Nasdaq only made it optional once confronted with legal objections.

“For more than three years, Nasdaq has defended as something other than a quota a policy that looks like a quota and acts like a quota,” the attorney generals wrote. “We require assurances that you have in place policies that ensure state and federal anti-discrimination law are followed.”

I just put Nasdaq on notice for the discriminatory gender, sexuality, & race-based quotas it sets for directors.

No matter how Nasdaq tries to spin it, we know that if it walks like a duck & talks like a duck, it’s a duck.https://t.co/GrKqfCCt6L

— Iowa AG Brenna Bird (@AGIowa) October 3, 2024

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