NASDAQ Trades in Extremism
by Tony Perkins, FRC:
According to NASDAQ, what happens in the bedroom now matters in the board room! In a bombshell announcement, the stock exchange is threatening to drop companies who don’t meet certain LGBT, race, and gender quotas on their boards of directors. It’s the latest shoe to drop in the march to trample the free market and replace it with woke activism. And if Joe Biden is president, they’ll have their best shot at success yet.
Among their demands, the exchange wants to require companies to have “at least one woman on their boards, in addition to a director who is a racial minority — or one who self-identifies as lesbian, gay, bisexual, transgender or queer.” Corporations that don’t meet the standard would have to justify their decision persuasively enough to stay on the registry. Regardless, everyone would have to hire at least one “diversity director” within the first two years.
NASDAQ’s spokesperson says the idea came from a recent survey, where it discovered that three-quarters of its companies weren’t “diverse” enough. Most boards are “white and male.” “Around 80 or 90 percent of companies had at least one female director, but only about a quarter had a second one who would meet the diversity requirements, a person familiar with the review said, adding that it was difficult to measure because of inconsistencies in the way companies report such data.”
Conservatives, who’ve seen radical political correctness creep into corporate America for years, warned that this would only be the beginning. Tom Fitton, president of Judicial Watch, sued California this year over a state law mandating greater boardroom diversity. “This is NASDAQ getting into woke ideology, and it’s outside the law.” No one should be able to dictate to American CEOs how to run their companies. That’s not how capitalism works. Nor can anyone — including NASDAQ — force people to disclose their sexual preferences.
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