Wall Street) and Jordon Belfort (
The Wolf of Wall Street), it also cemented America’s standing as both a global trade leader and the world’s largest national economy.
These days, however, big business is no longer focused on its business. Instead, in the wake of last year’s racial unrest, corporate powerhouses seem more concerned with providing public mea culpas on their historic failure to be sufficiently “woke.”
Self-inflicted floggings appear regularly within professional sports, where the Cleveland Indians have dropped their “Chief Wahoo” logo and have promised to follow in the footsteps of “The Washington Football Club” in dropping their longstanding team moniker as well.
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Companies would be required to provide this disclosure in their proxy statement or information statement for their annual shareholder meeting, or on their website. If the company chooses to disclose the information on its website, the company must also include a URL link to the disclosure through the Nasdaq Listing Center no later than 15 calendar days after the company’s annual shareholder meeting. Notably, the proposed diversity disclosure requirement is limited only to the boards of directors of Nasdaq-listed companies, and does not require disclosure of diversity metrics for management and staff.
After the first year of including the new required disclosure, all companies must disclose diversity statistics for the current year and year immediately prior using the Board Diversity Matrix or a substantially similar format.
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On December 1, 2020, Nasdaq proposed new listing rules related to board
diversity. The proposal was the culmination of Nasdaq s
assessment of a number of factors, including: its engagement with
organizational leaders in the business, investor, governance,
regulatory and civil rights communities, who expressed overwhelming
support for the diversification of boardrooms; its review of
academic research demonstrating that diverse boards are positively
associated with improved corporate governance and financial
performance; and its recognition that legislators at the federal
and state level are increasingly taking action to encourage or