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The movement for corporate board diversity is reaching an inflection point.Publicly traded corporations have increasingly embraced the push for gender diversity,1 with the number of women on their boards climbing to over 20%, a 6.5% increase over the last four years.2 A Nasdaq Diversity Rule, approved by the Securities and Exchange Commission (SEC) on Aug. 6, 2021, establishes a disclosure standard designed to “encourage board diversity and to provide stakeholders with ways to track board composition.”3 The report supporting the diversity proposal specifically referenced the business case for diversity, citing the literature showing that greater diversity is correlated with improved business performance, particularly “the quality of a company’s financial reporting,internal controls, public disclosures and management oversight.”4 And, following the European Union example, California has mandated greater board diversity as a matter of state law.5

Original languageEnglish (US)
Pages (from-to)167-213
Number of pages47
JournalLaw and Contemporary Problems
Issue number1
StatePublished - 2022

Bibliographical note

Funding Information:
I would like to thank Claire Hill and Nancy Levit for their comments on earlier drafts of this article and Dave Edholm for his research support

Publisher Copyright:
© 2022 by June Carbone


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