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ARTICLE · 01 SEPTEMBER 2021

SEC Approves Nasdaq Board Diversity Rules

Foley Hoag LLP
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As if issuers needed a reminder that it's always the right time to be thinking about board composition, earlier this month, the SEC approved new Nasdaq rules...

United StatesCorporate/Commercial Law
Daniel Clevenger
Daniel Clevenger
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As if issuers needed a reminder that it's always the right time to be thinking about board composition, earlier this month, the SEC approved new Nasdaq rules that will require companies listed on that exchange to collect and report information about the diversity of their boards of directors. Under new Nasdaq Listing Rules 5605(f) and 5606, Nasdaq-listed companies will be required to publicly disclose on their websites or in their annual reports or proxy statements board-level diversity statistics using a template promulgated by Nasdaq and to explain why they do not have at least two (or one in the case of a company with five or fewer directors) diverse directors.

The required diversity statistics for U.S. companies consist of the number of directors that self-identity as each of:

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