Government,
Corporate,
Civil Rights
May 27, 2022
Despite recent adverse rulings, shareholder activism continues
Notwithstanding the above rulings, many shareholder groups remain steadfast in their demand for diversity at the top.
Boardroom diversity has emerged as a key pillar of ESG (environmental, social, and governance) criteria, but recent court rulings have challenged the legal basis for mandating such diversity despite continued shareholder activism in this area.
To date, board diversity has been mandated by the California legislature, Nasdaq Rules 5605(f), 5606, and 5900-9, and by shareholders who have brought proxy statement proposals and repeated derivativ...
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