By Tyler O’Neil
Nasdaq, the company that runs the NASDAQ stock exchange, is petitioning the federal government to change the rules that allow some companies to list their shares on the NASDAQ stock exchange. Specifically, the company is asking the Securities and Exchange Commission (SEC) to require that a company’s board of directors include two “diverse” members — one woman and one member of either an unrepresented minority or an LGBT identity. This would mandate a certain level of “woke” diversity for companies on the stock exchange.
The new rules “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-identifies as either an underrepresented minority or LGBTQ+,” Nasdaq announced in a press release. “Foreign companies and smaller reporting companies would have additional flexibility in satisfying this requirement with two female directors.”
“Nasdaq’s purpose is to champion inclusive growth and prosperity to power stronger economies,” Nasdaq’s President and CEO Adena Friedman said in the statement. “Our goal with this proposal is to provide a transparent framework for Nasdaq-listed companies to present their board composition and diversity philosophy effectively to all stakeholders; we believe this listing rule is one step in a broader journey to achieve inclusive representation across corporate America.”