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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