A U.S. appeals court upheld Nasdaq's board diversity rule on Wednesday, requiring companies listed on the exchange to have women and minority directors on their boards or explain why they do not.
In a lengthy opinion, the New Orleans-based 5th U.S. Circuit Court of Appeals rejected lawsuits seeking to block the rule by the National Center for Public Policy Research and the Alliance for Fair Board Recruitment, a group formed by conservative legal activist Edward Blum.
A Nasdaq spokesperson said the exchange is pleased the court upheld the SEC's approval of the rule that would "enhance board diversity disclosures through a market-led solution." Companies also have to disclose annually how board members identify in those categories, although the individuals can decline to answer.
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