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ARTICLE · 17 DECEMBER 2020

Nasdaq Proposes Board Diversity Listing Rules

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On December 1, 2020, Nasdaq submitted to the SEC a rule filing to adopt listing rules related to board diversity.

United StatesFinance and Banking
John Cannon, III
John Cannon, III
Doreen Lilienfeld
Doreen Lilienfeld
Lona Nallengara
Lona Nallengara
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On December 1, 2020, Nasdaq submitted to the SEC a rule filing to adopt listing rules related to board diversity. The rule filing proposes a diverse board representation rule and a board diversity disclosure rule.

Diverse Board Representation Rule. The proposed diverse board representation rule would require each Nasdaq-listed company, subject to certain exceptions[1], to have, or explain why it does not have, at least two "diverse" directors, including (1) at least one director who self-identifies as "female," and (2) at least one director who self-identifies as an "Underrepresented Minority" or "LGBTQ+." The terms diverse, female, underrepresented minority and LGBTQ+ are defined in the proposed rules as follows:

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