The stock exchange has proposed a rule—and it’s actually serious about it, if you can imagine that—regarding business governance that must be satisfied if a business is to be considered by the Know Betters of the exchange fit for listing on its exchange.
The second largest exchange in the world has asked the Securities and Exchange Commission for permission to impose a quota system on the boards of its listed companies. The new rule would mandate that corporate boards have a minimum of one woman director and one who is a minority or LGBTQ.
So: a black lesbian–a three-fer.
It would be not just an idiotic rule, it would be immoral. It also would be coarsely unfair to the board member. Did she get the job because she was qualified, or did she get it because she filled three squares? She’d always be faced with that stigma.
It’s also a naked interference in the way a business governs itself, which is far outside a stock exchange’s DOC.
Maybe it’s time for NASDAQ’s several hundred companies to take themselves off the exchange.