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Nasdaq Proposes Board Diversity Listing Requirements

December 7, 2020, Covington Alert

On December 1, 2020, the Nasdaq Stock Market LLC (“Nasdaq”) submitted a proposal (the “Proposal”) to the Securities and Exchange Commission (the “SEC”) to amend its listing standards to require, subject to certain exceptions, new disclosures regarding director diversity. If adopted, the Proposal would require the board of a Nasdaq-listed company to have at least one female director and one diverse director and report data on board diversity. The Proposal is subject to review by the SEC, including a public comment process.

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