US appeals court rejects Nasdaq's diversity rules for company boards

NEW ORLEANS, Louisiana: A U.S. appeals court has struck down Nasdaq's proposal to mandate diversity on the boards of companies listed on its exchange, thereby halting efforts to increase the representation of women, racial minorities, and LGBTQ individuals in corporate governance.

The Fifth U.S. Circuit Court of Appeals in New Orleans ruled that the Securities and Exchange Commission (SEC) should not have approv