Board Diversity Disclosure. must be in a format substantially similar to the board diversity matrix Nasdaq proposed (see linked chart below). If approved by the SEC, these rules will require all operating companies listed on Nasdaq's U.S. exchange (Subject Companies), subject to … Click here to download full 'Nasdaq Proposes New Board Diversity Listing Requirements' (including Appendix A) PDF. Again, any company electing to disclose on its On December 1, 2020, Nasdaq filed a listing rule proposal with the SEC that would require Nasdaq-listed companies to publicly disclose their board diversity in the company’s annual proxy statement or on the company’s website. Nasdaq’s proposal includes an example “Board Diversity Matrix” that companies may use to structure the presentation of this information. The template is reproduced immediately below. Set forth below in Appendix A is the text of the proposed rule change and the Board Diversity Matrix form for disclosing diversity statistics annually to Nasdaq. The stated goal of the proposal is to provide stakeholders with a better understanding of Nasdaq-listed companies’ current board composition and enhance investor confidence that diversity is being considered when selecting directors. SEC delays Nasdaq board diversity decision. 5605(f)(2). Please see Annex A, Proposed Form of Board Diversity Disclosure Matrix. Media Coverage. allow companies to provide the disclosures in a Form 10-K or 20- F.2 Operative Dates. Fenwick corporate governance practice co-chair David Bell talked to IR Magazine about Nasdaq’s proposal for adopting rules to promote diversity on company boards that, according to the article, has received support from a variety of parties. Partner with Black, Women, Latinx, and LGBTQ Professional Networks. In its proposal to the SEC, Nasdaq noted that with respect to gender diversity, U.S. company boards lag behind other jurisdictions that have imposed requirements related to board diversity. The new listing rules would adopt a “comply or explain” mandate for board diversity for most listed companies and require companies listed on Nasdaq’s U.S. exchange to publicly disclose “consistent, transparent diversity statistics” regarding the composition of their boards. Under proposed Rule 5606, companies would disclose their diversity data in aggregate form through a Board Diversity Matrix6 within one year of SEC approval of Nasdaq’s proposal. The primary intent of Nasdaq’s proposal is to promote better disclosure. Nasdaq's FAQs are available here. (See this PubCo post.) Operative Dates. The Exchange also states that, although non-binary is included as a category in the Board Diversity Matrix under proposed Rule 5606 (as discussed in Section II.A.2 below), a company would not satisfy the diversity objectives in proposed Rule 5605(f)(2) to have a minimum --Nasdaq today filed a proposal with the U.S. Securities and Exchange Commission to adopt new listing rules related to board diversity and disclosure. Instructions to the Board Diversity Matrix have been modified to clarify that a company may include supplemental data in addition to the information required by the Matrix (for example, information on a director-by-director basis or additional information on skills, experience and attributes of each of the directors). Board Member , Nasdaq As a part of the proposal, Nasdaq created a Board Diversity Matrix (pictured below) for companies to use when reporting their board of directors diversity. Statistical Board Diversity Disclosure . Set forth below in Appendix A is the text of the proposed rule change and the Board Diversity Matrix form for disclosing diversity statistics annually to Nasdaq. Nasdaq, “Nasdaq proposed new listing requirement rule change, filed with the SEC pursuant to Rule 19b-4 of the Securities Exchange Act of 1934” (2020), available here. If approved by the SEC, the new listing rules would require all companies listed on Nasdaq’s U.S. exchange to publicly disclose consistent, transparent diversity statistics regarding their board of directors in a specific matrix format prescribed by Nasdaq. The Amendment clarifies that a company may include supplemental data in addition to the information required by the Board Diversity Matrix, and must disclose the information in a searchable format. Companies would be required to publish the board diversity matrix in their annual meeting proxy statement, or alternatively, on the company website provided the company submits a link to the information through the Nasdaq Listing Center no later than 15 … Audit firm Deloitte and the Alliance for Board Diversity have just released the Missing Pieces Report: The Board Diversity Census of Women and Minorities on Fortune 500 Boards, a study examining the representation of women and racial/ethnic minorities (including Black, Asian/Pacific Islander and Hispanic persons) on public … On Friday, Nasdaq submitted a revised proposal that addresses board diversity membership for listed companies. Nasdaq Board Diversity Proposal Attracts Support and Suggested Tweaks. On July 2, 2021, the New York Stock Exchange ("NYSE") released its report on "Best Practices for Sustainability Reporting," a set of eight guidelines… If approved by … 1 to the Board Diversity Proposal at 64. If approved by the SEC, the new listing rules would require all companies listed on Nasdaq’s U.S. exchange to publicly disclose consistent, transparent diversity statistics regarding their board of directors, using a standardized disclosure matrix template. Nasdaq also amended the Original Proposal to allow companies to provide the disclosures in a Form 10-K or 20- F. 2. To improve the consistency and comparability of board diversity disclosures, Nasdaq would mandate a prescribed format for the disclosure of statistical board diversity data in accordance with the definitions above. Proposed Rule 5606 would require each Nasdaq-listed company (except as described under “Exemptions” below) to provide, in a proposed uniform format referred to as a Board Diversity Matrix, statistical information with respect to directors’ self-identified gender, race, and LGBTQ+ status. Under the proposed rules, subject to certain exceptions, a Nasdaq-listed company must: 1. have (i) Text of Proposed Nasdaq Listing Rules. If the SEC approves Nasdaq’s proposed rule, Nasdaq-listed companies would have one year from approval to publicly disclose board-level diversity statistics; however, the time period by which companies would need to meet the minimum board composition is based on a company’s listing tier. The template is reproduced immediately below. To Our Clients and Friends: On December 1, 2020, The Nasdaq Stock Market LLC (“Nasdaq”) announced. It is worth noting several key points about Nasdaq’s diversity disclosure proposal: 1. Diversity Matrix Proposed Rule 5606 requires each Nasdaq-listed company, subject to certain exceptions, to disclose on an annual basis statistical board diversity data about the self-identified gender, race and LGBTQ+ status of its company’s directors, in a table format. Companies may also Nasdaq believes that disclosing at least two years of data allows the public to view any changes and track a board’s diversity progress. 1 The proposal is available here. Smaller reporting companies and foreign private issuers also would be required to have two diverse board members, at least one of whom identifies as female, but would be permitted to satisfy the diversity requirement for the second board member by appointing a second who identifies as female. After the first year, companies would disclose the board diversity matrix for both the current and immediately preceding year on an annual basis. The proposed rules also would require companies to appoint at least two diverse board members or explain their reasons for not meeting the standard. 2 the Board Diversity Disclosure rule, which requires companies to provide statistical disclosures regarding the self-identified diversity characteristics of its board membersin a prescribed Board Diversity Matrix format. It also noted that reporting of board diversity data was inconsistent and not sufficiently widespread. Proposed Rule 5606 would require each Nasdaq-listed company (except as described under “Exemptions” below) to provide, in a proposed uniform format referred to as a Board Diversity Matrix, statistical information with respect to directors’ self-identified gender, race, and LGBTQ+ status. On December 1, 2020, Nasdaq filed a proposal with the SEC to adopt new listing rules related to board diversity and disclosure. To give companies enough time to implement these changes, the listing requirements would take staggered Board Diversity Matrix Within one year of SEC approval of the proposed rules — or, for newly listed companies, within one year of listing — domestic companies would be required to disclose, in a stan-dard form board diversity matrix provided by Nasdaq or in a substantially similar format, Set forth below in Appendix A is the text of the proposed rule change and the Board Diversity Matrix form for disclosing diversity statistics annually to Nasdaq. The Nasdaq proposal includes a board diversity matrix that companies could use to provide the statistical information called for by proposed Rule 5606. A company which does not meet the Diversity Requirements and also fails to provide an adequate disclosure explaining its failure would be subject to Nasdaq delisting procedures 6.For companies who face trouble in finding suitable candidates to form a diverse board Nasdaq is prepared to provide such companies with free access to a network of board-ready diverse candidates and a tool to … If approved by the SEC, Proposed Rule 5605(f) would require all companies listed on Nasdaq’s U.S. exchange to publicly disclose their diversity statistics regarding their board of directors. Nasdaq board diversity plan attracts broad support. The Nasdaq proposal includes a Board Diversity Matrix that companies could use to provide the statistical information called for by proposed Rule 5606. On December 1, 2020, Nasdaq filed a proposal with the US Securities and Exchange Commission (SEC) seeking approval of new listing rules related to board diversity and disclosure. If approved, Rule 5606 would require each company to annually disclose information on each director’s voluntary self-identified diversity characteristics. Nasdaq believes that disclosing at least two years of data allows the public to view any changes and track a board’s diversity progress. As with Rule 5605(f), this information must also be included in either the company’s proxy statement, information stat ement for its annual shareholder meeting or website. Board Diversity Composition Requirements Requirements Proposed Rule 5605(f) would require each Nasdaq-listed company to have, or explain why it does not have, at least two “Diverse” directors, including (a) Nasdaq, “Nasdaq Board Diversity Matrix instructions”, available here. 2. January 15, 2021. Files Board Diversity Matrix Comptroller Stringer: Nasdaq’s Proposed Board Diversity Rule Would Help Expand Racial, Gender and LGBTQ+ Diversity in Corporate America. The rule would also require listed companies to provide annually, in a board diversity matrix format, statistical information regarding the company’s board of directors related to the directors’ self-identified gender, race and self-identification as LGBTQ+. Board Diversity Disclosure. Build a Better Board is a free program of Executive Service Corps of the Triangle. Statistical Board Diversity Disclosure . Proposed Rule 5605(f)(2) would require Nasdaq-listed companies (subject to certain exceptions described below), to have, or explain why they do not have, at least two members of its board of directors who are Diverse1, including: (A) You probably remember that, late last year, Nasdaq filed with the SEC a proposal for new listing rules regarding board diversity and disclosure. Nasdaq board diversity plan attracts broad support. NASDAQ Proposes Board Diversity Requirements. On December 1, 2020, Nasdaq filed Proposed Rule 5605(f) with the U.S. Securities and Exchange Commission (“SEC”) to adopt new listing rules related to board diversity. On December 1, 2020, Nasdaq announced the filing of a proposal with the U.S. Securities and Exchange Commission (SEC) to adopt new listing rules related to board diversity … Please see Annex A, Proposed Form of Board Diversity Disclosure Matrix. Nasdaq’s proposal includes an example “Board Diversity Matrix” that companies may use to structure the presentation of this information. On December 1, 2020, Nasdaq filed a listing rule proposal with the SEC that would require Nasdaq-listed companies to publicly disclose their board diversity in the company’s annual proxy statement or on the company’s website. 1 The proposal is available here. The disclosure must be titled “Board Diversity Matrix.” 2. Click here to download full 'Nasdaq Proposes New Board Diversity Listing Requirements' (including Appendix A) PDF. New survey: diversity on Fortune 100 and Fortune 500 boards. Nasdaq’s proposed rule application noted that the U.S. is a relative global laggard in achieving higher levels of both gender and racial/ethnic board diversity. Action on a Nasdaq proposal to have companies publicly disclose and increase the diversity of their boards will be … Jan 14, 2021. In December 2020, Nasdaq submitted a rules proposal with the SEC that would impose a mandatory “board diversity matrix” disclosure framework and require Nasdaq-listed companies to either meet certain board composition diversity thresholds or explain their noncompliance. The participating Systems have also called on companies to adopt a form of a board diversity matrix similar to but more expansive than the proposed matrix in the Proposed Rule. Matrix Service Company Common Stock (MTRX) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. (See this PubCo post.) The Coalition applauds Nasdaq’s initiative to require a company’s proactive disclosure of its board diversity. Fenwick corporate governance practice co-chair David Bell talked to IR Magazine about Nasdaq’s proposal for adopting rules to promote diversity on company boards that, according to the article, has received support from a variety of parties. [1] Companies would annually disclose board -level diversity data using the Board Diversity Matrix found here, or a format substantially similar. The rule would also require listed companies to provide annually, in a board diversity matrix format, statistical information regarding the company’s board of directors related to the directors’ self-identified gender, race and self-identification as LGBTQ+. Nasdaq wants its trading companies to publicly disclose the diversity statistics of its board of directors using a board diversity matrix format … All Nasdaq listed companies, except those that are exempt under Nasdaq Listing Rule 5605(f)(4) are required to disclose board level diversity statistics using the format below. All Nasdaq-listed companies, including foreign issuers, would be required to disclose board-level diversity using the specific board diversity matrix format that the Nasdaq has developed. Nasdaq Board Diversity Proposal Attracts Support and Suggested Tweaks. The SEC must render a decision by 11 March 2021. See Amendment No. On December 1, 2020, the Nasdaq Stock Market LLC (“Nasdaq”) proposed to adopt listing rules related to board diversity after determining that the national market and the public interest would benefit from a regulatory framework designed to promote “meaningful and multi-dimensional diversification of their boards.” Nasdaq’s diversity proposal marks a transformative moment in a larger movement toward greater representation of women and people of color in the boardroom and beyond. Research has shown that a diverse board – inclusive of gender, race, and ethnicity – is a better performing board.1 Furthermore, investors are increasingly demanding information about board diversity. Executive Service Corps of the Triangle has been providing professional, affordable consulting to nonprofits in Wake, Durham, Orange and Chatham counties in North Carolina since 1987. Smaller companies often have relatively low levels of board Nasdaq's FAQs are available here. The participating Systems have also called on companies to adopt a form of a board diversity matrix similar to but more expansive than the proposed matrix in the Proposed Rule. And I Nasdaq proposes to adopt Rule 5606, which would require Nasdaq-listed companies, subject to certain exceptions, to disclose annually, to the extent permitted by applicable law, a Board Diversity Matrix, substantially in the format provided by Nasdaq here. A proposed Board Diversity Matrix form is attached as Exhibit 3 To improve the consistency and comparability of board diversity disclosures, Nasdaq would mandate a prescribed format for the disclosure of statistical board diversity data in accordance with the definitions above. No 12.17.20. Under the proposal, if approved, all operating companies listed on Nasdaq’s U.S. exchange would publicly disclose consistent, transparent diversity statistics regarding their board of directors. Comptroller Stringer: Nasdaq’s Proposed Board Diversity Rule Would Help Expand Racial, Gender and LGBTQ+ Diversity in Corporate America. All Nasdaq listed companies, except those that are exempt under Nasdaq Listing Rule 5605(f)(4) are required to disclose board level diversity statistics using the format below. 12.17.20. Audit firm Deloitte and the Alliance for Board Diversity have just released the Missing Pieces Report: The Board Diversity Census of Women and Minorities on Fortune 500 Boards, a study examining the representation of women and racial/ethnic minorities (including Black, Asian/Pacific Islander and Hispanic persons) on public … NASDAQ PROPOSES NEW BOARD DIVERSITY RULES . On March 10, 2021, in relation to pending board diversity proposals filed by the Nasdaq Stock Market LLC (Nasdaq), ... companies could choose to disclose the diversity matrix … SR-NASDAQ-2020-081 Page 259 of 271 EXHIBIT 3 Instructions: 1. On December 1, 2020, Nasdaq proposed new listing rules related to board diversity. Nasdaq considers the following examples of the Board Diversity Matrix acceptable (same or substantially similar). On December 1, Nasdaq filed a proposal with the Securities and Exchange Commission (SEC) to adopt new listing rules relating to board diversity and disclosure. Please see Annex A, Proposed Form of Board Diversity Disclosure Matrix. New survey: diversity on Fortune 100 and Fortune 500 boards. Nasdaq believes that the heightened focus on corporate board diversity by companies,3 investors, 4 corporate governance organizations, 5 and legislators 6 demonstrates that investor confidence is enhanced when boardrooms are comprised of more than one demographic group. The Nasdaq proposal set a "recommended objective" for Nasdaq-listed companies to have at least two diverse directors on their boards; if they did not meet that objective, they would need to explain their rationale for not doing so. Nasdaq yesterday announced a proposed new listing rule that would require all Nasdaq-listed companies to publicly disclose consistent, transparent board diversity statistics in a specified form of matrix.. Further, NASDAQ’s board diversity matrix (below) appears to anticipate separate reporting for each racial/minority category, gender, and LGBTQ+ status. racial/ethnic categories included in the proposed Board Diversity Matrix would apply.1 The Proposal states that Nasdaq considered state and federal legislation, stakeholder sentiments and academic studies in proposing its definition of “Diverse.” Nasdaq yesterday announced a proposed new listing rule that would require all Nasdaq-listed companies to publicly disclose consistent, transparent board diversity statistics in a specified form of matrix.. Statistical Board Diversity Disclosure To improve the consistency and comparability of board diversity disclosures, Nasdaq would mandate a prescribed format for the disclosure of statistical board diversity data in accordance with the definitions above. The board diversity matrix and associated instructions in the Nasdaq rule filing are reproduced at the end of this note for reference. Wednesday, December 2, 2020. Files Board Diversity Matrix Such disclosure must be in a format substantially similar to the board diversity matrix Nasdaq proposed (see linked chart below). Unless diversity categories were collapsed, I fail to see how including persons with disabilities would muck up the waters. Media Coverage. Nasdaq Board Diversity Proposal. Board Diversity Disclosure. Searching outside traditional networks is another way to build a diverse board of directors. 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