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ARTICLE · 10 AUGUST 2021

SEC Approves Nasdaq "Comply-or-explain" Proposal For Board Diversity

Cooley LLP
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You probably remember that, late last year, Nasdaq filed with the SEC a proposal for new listing rules regarding board diversity and disclosure, accompanied by a proposal to provide free access to a board recruiting service.

United StatesCorporate/Commercial Law
Cydney Posner
Cydney Posner
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You probably remember that, late last year, Nasdaq filed with the SEC a  proposal for new listing rules regarding board diversity and disclosure, accompanied by a proposal to provide free access to a board recruiting service. The new listing rules would adopt a "comply or explain" mandate for board diversity for most listed companies and require companies listed on Nasdaq's U.S. exchange to publicly disclose "consistent, transparent diversity statistics" regarding the composition of their boards. In March, after Nasdaq amended its proposal, and in June, the Division of Trading and Markets, pursuant to delegated authority, took actions that had the effect of postponing a decision on the proposal—until now. On Friday afternoon, the SEC approved the two proposals.

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