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And on Wednesday the Fifth U.S. Circuit Court of Appeals in New Orleans decided that the proposal was not legal. “It is not unethical for a company to decline to disclose information about the racial, gender, and LGTBQ+ characteristics of its directors,” the ruling stated. “We are not aware of any established rule or custom of the securities trade that saddles companies with an obligation to explain why their boards of directors do not have as much racial, gender, or sexual orientation diversity as Nasdaq would prefer.
The court ruling comes at a time when many companies are taking a closer look at their diversity, equity and inclusion initiatives. In October a group of Democrats in Congress appealed to the largest U.S. companies to hold onto their