Reminder to Nasdaq Listed Companies of Upcoming Deadline to Disclose Diversity Information as Required by Nasdaq Rules
This is to remind our clients and friends of the upcoming deadline of August 8, 2022 for Nasdaq companies to disclose their board diversity matrix as required by Nasdaq.
As described in our memorandum last year (see link here), on August 6, 2021, the Securities and Exchange Commission (SEC) approved new listing standards of the Nasdaq Stock Market that promote board diversity.
These rules require Nasdaq-listed companies to (i) have, or to explain why they do not have, at least two “diverse” directors (as described in our previous memorandum) and (ii) annually disclose information regarding the diversity of their boards in a standardized board diversity matrix.
Under the rules, companies have until August 8, 2022, to disclose their board diversity matrix. Newly listed companies must satisfy this requirement within one year of listing.
If the disclosure is not made in any proxy statement, information statement or annual report (Form 10-K or 20-F), the company must make this disclosure on its website, provided that the company submits within one business day of such publication, a URL link to the disclosure’s location on the website through the Nasdaq Listing Center.
For more information please contact your Gross & Co. Law Firm attorney or Adv. Perry Wildes (perry@gkh-law.com) or Adv. Tamar Shamir (tamarsh@gkh-law.com).
