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Frequently Asked Questions
  When are companies required to comply with the Diverse Director Objective?
Identification Number 1748

Companies have a transition period to meet the diversity objectives or explain their reasons for not doing so.  The timeframe to meet the minimum diversity objectives is based on a company’s listing tier: 

  • Companies listed on Nasdaq Global Select Market or Nasdaq Global Market are required to have, or explain why they do not have, one diverse director by August 7, 2023, and two diverse directors by August 6, 2025.  
  • Companies listed on the Nasdaq Capital Market are required to have, or explain why they do not have,  one diverse director by August 7, 2023, and two diverse directors by August 6, 2026.
  • Companies with boards that have five or fewer directors, regardless of listing tier, are required to have, or explain why they do not have, one diverse director by August 7, 2023. 

If a company files its proxy statement or its information statement (or, if the company does not file a proxy, in its Form 10-K or 20-F) for the company’s annual shareholders meeting after the anniversary of the Effective Date (August 6, 2021) in the calendar year for each respective year noted above, then the company will have until the date it makes such filing to meet, or explain why it does not meet, the applicable diversity objectives.

For companies that are not in a position to meet the minimum diversity objectives within the required timeframes, they will not be subject to delisting if they provide an alternative public disclosure explaining why they did not meet the applicable minimum diversity objectives.

Publication Date*: 8/13/2021 Mailto Link Identification Number: 1748
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