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California State Treasurer Fiona Ma is backing a plan by Nasdaq that aims to diversify corporate board membership, which includes seeing more LGBTQ people serving on the governance bodies.
The technology company filed its proposal with the U.S. Securities and Exchange Commission December 1. It wants approval from the SEC to adopt new listing rules for its U.S. stock exchange that would require all companies listed there to publicly disclose consistent, transparent diversity statistics regarding their board of directors.
The new rules would also require most Nasdaq-listed companies to have, or explain why they do not have, at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an underrepresented minority or an LGBTQ individual. Foreign companies and smaller reporting companies, however, could satisfy the requirement by having at least two female directors. ....

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