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Is The Nasdaq Board Diverse Enough: Legal Battle
A rule passed earlier this month mandated the companies listed on the stock exchange to provide a report of the ethnic and gender diversity constitution of their boards.
This is leading companies to resort to illegal quotas based on gender and race.
Last year, the Securities and Stock Exchange Community was sued by two right-winged groups.
The lawsuit was filed on the topic of diversity in the corporate field. Limits to the measures taken in the execution of this diversity rule were questioned.
The National Center for Public Policy Research is one of the groups that were involved in the case.
Attorney Peggy Little has stated that the details of quotas on demography, race, gender, and sexual preferences that have been required to be furnished are completely unprecedented.
The matter was taken up in the Fifth Circuit Appeals Court.
It is the first time that the diversity rules or any of the listing rules of Nasdaq have been taken up as an issue in a courtroom.
Although there have been a lot of speculations regarding the case, Nasdaq and the Security Exchange Commission have argued that these claims are not true. There have been no discriminatory practices observed by these bodies.
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