Nasdaq upended decades of rational corporate law in 2020. CEO Alena Friedman, demanded that Nasdaq listed companies stock their boards with “at least two members of its board of directors who are Diverse, including at least one Diverse director who self-identifies as Female, and at least one Diverse director that self-identifies as an Underrepresented Minority or LGBTQ+”. Forgetting, of course, that boards provide the vital oversight of public companies and their leadership, as defined by the Depression-era Securities and Exchange Act. It is to be staffed by the most experienced, capable and honest folks available, not based on how you like to dress or who you’re dating. Sure, we’re all for diversity, but we’re most interested in protecting the money of investors, that is the roll of the board and should not be trifled with. Thank you, Fifth Circuit Court of Appeals, for telling Nasdaq to end the insanity. That’s one win for the good guys, here’s to hoping the grownups start taking back control.
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