Blog Public Company Advisory Blog April 12, 2022

Nasdaq Board Diversity Disclosure: The Results Are In!

Goodwin has been tracking disclosures in proxy statements filed by Nasdaq-listed companies since January 1, 2022 to see if they provided the Nasdaq-prescribed board diversity matrix in their proxy statements. As of April 7, 2022, 78% of Nasdaq-listed companies have included the matrix in their proxy statements. There has also been a sizeable uptick over the last several weeks of companies providing the matrix in their proxy statements. For example, from March 28, 2022 to April 7, 2022, 84% of Nasdaq-listed companies provided the matrix in their proxy statements.

Given the expectations of institutional investors, proxy advisory firms, and market practice, we continue to recommend that Nasdaq-listed companies include the Nasdaq-prescribed board diversity matrix in their proxy statements. Companies that are subject to the Nasdaq board diversity disclosure requirement that file their proxy statements prior to August 8, 2022 and do not include the matrix in their proxy statements have to post the matrix on their website no later than August 8, 2022.

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