The National Football League (“NFL”) implemented the Rooney Rule for hiring head coaches in 2003. (Julie Goldsmith Reiser, Lori Nishiura Mackenzie, Bloomberg Law). The Rooney Rule requires any NFL franchise interviewing candidates for head coaching positions to interview at least one minority candidate or be subject to a $500,000 fine. Id. When the Rooney Rule was first implemented, it appeared to be successful in achieving its goal of increasing the number of diverse head coaches in the NFL. Id. However, statistics now show otherwise…
Read MoreEven though Nasdaq’s new board diversity rules were approved by the Securities and Exchange Commission (“SEC”) in August 2021, most public companies will not be required to comply with the rules’ standards until 2023, assuming the rules are not overturned based on the legal challenges they are currently facing. (Nasdaq, Rule 5605(f); Bre Bradham and Patrica Hurtado, Bloomberg Law). However, other corporate diversity advocates, including shareholders and institutional investors, are currently pushing for greater diversity on boards of directors and company disclosures stating the racial and gender make-up of the board of directors (“board”). . .
Read MoreNasdaq adopted a new board diversity rule in August 2021 requiring greater diversity in the boardroom for companies listed on its exchange, with the focus of the new rule requiring increased representation and disclosure of board members who self-identify as a female, an underrepresented minority, or LGBTQ+. (Michael Nagle, Bloomberg Law; Securities and Exchange Commission). While these new requirements are a step in the right direction, there is a category of underrepresented individuals excluded from the existing diversity rules – people with disabilities. . .
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