Posted on 12/01/2020 8:00:56 AM PST by SeekAndFind
Today in "affirmative action for public company boards" news...
In a move that does little to help either diversity or equality, NASDAQ is now pushing for SEC approval of a rule that would require public companies on its exchange to have at least one woman director and one "diverse" director - meaning a director that self-identifies as an underrepresented minority or LGBTQ. You know, like how Elizabeth Warren "self-identified" as Native American.
Oddly enough, there's still no requirement that Board Members need to know how to read financial statements. But, we digress.
The exchange is also pushing for its more than 3,000 companies to be forced to report "data on board diversity" or "face consequences", including having to publicly explain why they haven't done so. Also known as public shaming.
"Under the proposal, all Nasdaq-listed companies will be required to publicly disclose board-level diversity statistics through Nasdaq’s proposed disclosure framework within one year of the SEC’s approval of the listing rule," a NASDAQ PR reads.
"To give companies time to comply, they will need to publicly disclose their board diversity data within a year of S.E.C. approval, and have at least one woman or diverse director within two years. Bigger companies will be expected to have one of each type of director within four years," DealBook reported this morning.
Even more frightening is the fact that NASDAQ wants to impose these rules on private companies as well. Adena Friedman, Nasdaq’s CEO, said: "The ideal outcome would be for the S.E.C. to take a role here. They could actually apply it to public and private companies because they oversee the private equity industry as well."
“Our goal with this proposal is to provide a transparent framework for Nasdaq-listed companies to present their board composition and diversity philosophy effectively to all stakeholders; we believe this listing rule is one step in a broader journey to achieve inclusive representation across corporate America," she continued.
It was not immediately clear how anyone can uniformly impose such gratuitous virtue signalling across the millions of private mom and pop companies across America, but whatever.
And what would any good diversity initiative be without introducing a corporate partnership to implement it, where someone gets paid for enabling this latest virtue signaling lunacy. "Nasdaq will also introduce a partnership with Equilar, the leading provider of corporate leadership data solutions, to aid Nasdaq-listed companies with board composition planning challenges," its PR says.
Zero Hedge looked up Equilar's Board of Directors and found that out of its 5 members, there doesn't appear to be a person of color or openly LGBTQ member. We wonder if they will use their own "corporate leadership solutions" to diversify their own board further.
Not at all surprising, currently 75% of NASDAQ companies do not meet the new requirements. Which means that instead of making life easier for businesses, the regulations will unleash countless amounts of red tape, new meetings and diversity seminars that will slow down business and infringe upon efficiency at each organization they "save".
The irony of the new rule is, of course, that it limits a company's ability to select qualified/interested candidates to the pre-determined race and sex of NASDAQ's choosing.
The good news is that Elizabeth Warren's 1/2000th Native American heritage may find her a post-Congress job on the board of Goldman Sachs a little bit quicker.
The bad news is we now have super-duper-useful indexes like the “LGBT-350”, a market-cap weighted basket of LGBT-inclusive companies. Because everyone knows investing is all about diversity and ESG, and no longer about generating alpha.
INBOX: Credit Suisse introduces the “LGBT-350”, a market-cap weighted basket of LGBT-inclusive companies.
Top components: pic.twitter.com/xvuu8SV4bs — Carl Quintanilla (@carlquintanilla) December 1, 2020
Not men...soiboys.
On the heels of the chick Vandy kicker, I expect before long the NCAA will require each college football team to have at least one girl on the roster and coaching staff.
You gotta go for the gold! Black lesbian with Hispanic last name and a smidgen of Native American blood.
I’m a male lesbian.
What’s with all the fixation of quotas with people they must get sexual gratification from it because there’s no logic with it.
As a Tax-chick you have that choice but males would have to be in a gender based re-make of Soul Man (1986).
Adena Friedman
Of course
I don’t understand why anyone would vote democrat period...
Marxism
Folks with alternate plumbing and less light reflectivity need to get busy CREATING VALUE for their fellow man, rather than expecting another handout from a politically cowed group of soy bois.
Simplest thing in the world to get around.
“Hello Mr. Chairman. I see that your executive board has 10 white males. You have no women, and you are out of compliance.” “To the contrary. One of our board members identifies as a woman”. “Well none of them look like women.” “Are you dictating how women should act and dress?” “Of course not. But which one is it?”. “Me. You may call me Pat.”
Woman and LGBTQ problem solved.
You are projecting your own good qualities onto others who lack them and thus vote Dem.
Here in Michigan I do have the urge sometimes to take someone by the shoulders, shake them and yell "Why in the He#l did you vote for Gretchen Whitmer? You disgust me."
During one of the later waves of her lockdowns the poll showed 55% favorability for her, down a little from much higher earlier. And these included people who couldn't drive to visit a loved one (just a doctor's appt. or pharmacy, liquor store, legal marijuana outlet or abortion mill) and people losing their jobs due to stores and restaurants going out of business.
Men count as minority. About 51% or 52% of America are female. LOL
Great news for the Chinese stock market! You would think that it was their idea.
Exactly. So stupid and destructive.
The real question is "how long before all U.S. public companies must have at least 1 CCP director on its board?"
Be assured, that director will not be window dressing.
Communism, Socialism, and Capitalism, when taken to the extremes are all enemies of nationhood. They are all fundamentally materialistic systems of thought.
If a people are not bound by one culture, then they are not bound at all. There has never been a civilization of self-absorbed monads living in harmony, nor will there ever be.
Eventually it becomes obvious that it’s every person for themselves.
Seems like that's the norm.
It's going to be a very ugly four years if Dems have control
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