US appeals court rejects Nasdaq's diversity rules for company boards

📆 12/12/2024 8:32 AM
📰 AP

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An appeals court in Louisiana has ruled that Nasdaq can’t require diversity on the boards of companies that list on the exchange. The decision comes more than three years after the Securities and Exchange Commission approved Nasdaq’s proposal to boost the number of women, racial minorities and LGBTQ people on U.S. corporate boards.

Commuters traverse New York’s Times Square in front of the Nasdaq MarketSite, Wednesday, May 16, 2012. An appeals court in Louisiana has ruled that Nasdaq can’t require diversity on the boards of companies that list on the exchange.The proposed policy — which was to be the first of its kind for a U.S.

And on Wednesday the Fifth U.S. Circuit Court of Appeals in New Orleans decided that the proposal was not legal.Court hears arguments in challenge to Louisiana law meant to give police 25-foot ‘buffer zone’“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.

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Nasdaq blocked from imposing board diversity rules for companies on exchangeThe appeals court sided with two conservative advocacy groups in finding that the rules approved by the Securities and Exchange Commission ran afoul of federal securities law.
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