A three-judge panel of the US Court of Appeals for the Fifth Circuit will hear oral arguments on Monday in an appeal of a Securities and Exchange Commission decision approving new Nasdaq Inc. rules. The tech-heavy stock exchange is requiring its listed companies to have diverse corporate boards or explain why they don’t.
The conservative Fifth Circuit has an opportunity and the power to slow recent growth in women and minorities on corporate boards, as Nasdaq regulations at stake cover thousands of publicly listed US companies. More than a dozen Republican attorneys general and corporate giants—including rule proponents Microsoft and Starbucks—are closely watching the case.
Source: Nasdaq to Defend Board Diversity Push After California Setbacks
