Facebook, Microsoft Tell SEC to Back Nasdaq Board Diversity Plan (1)

Facebook Inc. and Microsoft Corp. are urging the SEC to approve Nasdaq Inc.’s proposal to increase diversity on corporate boards.

The technology giants were among several members of the business community to declare their support for the plan, which the Securities and Exchange Commission must affirm in order to take effect. The agency collected feedback on the proposal as part of a comment period that ended Jan. 4.

Nasdaq-listed companies would need to have at least one board member who identifies as a woman or one who identifies as an underrepresented minority or as LGBTQ under the plan within ...