An opponent of affirmative action is challenging the U.S. Securities and Exchange Commission’s approval of a rule to get more women and minorities on the boards of companies trading on
The Alliance for Fair Board Recruitment, which has taken legal action against California over its requirement for corporate board diversity, filed a petition for a review of the SEC decision to a federal appeals court last week. Under the rule
“The race, sex and sexual identity board quotas required by Nasdaq are unfair and illegal,”
The court action is latest in a series of lawsuits Blum has brought challenging diversity measures. As president of a group opposing affirmative-action called Students for Fair Admissions, Blum has unsuccessfully asked courts to block
A representative for Nasdaq and a spokesperson for the SEC declined to comment.
In its decision, the SEC said the rule wouldn’t impose “any burden on competition that is not necessary or appropriate.” At the time, the exchange said it was “pleased that the SEC has approved Nasdaq’s proposal to enhance board diversity disclosures and encourage the creation of more diverse boards through a market-led solution.”
(Updated with the SEC declining to comment, background.)
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