Appeals Court Shoots Down Challenges to Nasdaq Rule Requiring Companies to Have at Least Two ‘Diverse’ Board Members

A federal appeals court rejected challenges Wednesday to a Nasdaq rule mandating that companies listed on the exchange have a female and an underrepresented minority on their board, or explain why they cannot meet the requirement.

The Fifth Circuit Court of Appeals shot down lawsuits filed by the National Center for Public Policy Research and the Alliance for Fair Board Recruitment against the Securities and Exchange Commission (SEC) for approving the rule in August 2021. The rule requires Nasdaq-listed companies to provide information on gender, racial and LGBTQ+ status of their board of directors, mandating that at least two board members fall into one of those “diverse” categories.

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Watchdogs Press JPMorgan Chase Bank for Answers on Cancellation of Religious Freedom Group’s Account

JPMorgan Chase & Co. wants to exclude shareholder resolutions from two conservative watchdog groups that relate to the bank’s closing of the account of a religious-freedom nonprofit founded by former Kansas Gov. Sam Brownback. 

Brownback, a former U.S. ambassador-at-large for international religious freedom during the Trump administration, is also a Republican former member of the House and Senate from Kansas. He founded the National Committee for Religious Freedom. 

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