'Capitalism, by its nature, gives the greatest opportunity to unlock human potential,' says adenatfriedman. 'But you have to make sure that system is available to everyone.' Here’s why the Nasdaq CEO is demanding diversity on corporate boards:
grew up hanging out at the trading desk at investment firm T. Rowe Price—her father’s workplace—and calls herself a “big believer” in the power of capitalism. But it’s become evident, she says, that capitalism isn’t easily accessible to all. Less than 3% of venture capital in the U.S. goes toand only 1% to Black and Latinx founders. Friedman believes Nasdaq, the exchange founded in 1971 to expand access to financial markets, has a role to play in ensuring “capitalism works for everyone.
In December 2020, Nasdaq proposed that its listed companies be required to disclose diversity data about their boards of directors. Those companies without at least two “diverse” directors—one who self-identifies as a woman and one who self-identifies as an underrepresented minority or LGBTQ+—would have to explain their lack of diversity. The proposal won regulatory approval in August.
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