The Divisions on Display in a New SEC Decision Will Have Lasting Consequences

August 24, 2021

By: Howard A. Fischer

The Securities and Exchange Commission, in a starkly divided, partisan split, recently approved rule changes proposed by Nasdaq. The exchange will now be permitted to require companies listed thereon to disclose information related to the gender, racial, and LGBTQ+ characteristics of their board of directors. The commissioners’ divergence reflects less than a simple disagreement regarding the technical listing requirements of securities exchanges. Instead, it is indicative of a much more fundamental disagreement about the role of the corporation in society, and whether it is appropriate for regulatory institutions to help define that role.

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