Decision says SEC should not have signed off on directive requiring listed companies to meet certain criteria
A US appeals court has thrown out rules requiring Nasdaq-listed companies to have board members meeting certain racial or gender diversity criteria or explain why they did not. The 9-8 decision from the Fifth Circuit Court of Appeals on Tuesday deals another blow to the diversity, equity and inclusion movement in corporate America.
The Fifth Circuit sided with the challengers, writing in its decision that nothing in the Securities Exchange Acts of 1934 and 1975 — which establish the SEC and its legal framework — appeared to authorise such a disclosure. “There may be other purposes buried in the exchange act’s voluminous text, but our review of the act’s history makes clear that disclosure of any and all information about listed companies is not among them,” US circuit judge Andrew Oldham wrote for the majority.
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