Posted on 12/02/2020 10:36:14 AM PST by MtnClimber
Prominent stock exchange plans to require “token” women, minorities, and LGBTQ people in listed companies’ leadership.
When I walk into my local supermarket, I see products from big companies like Kellogg’s and Campbell’s, from smaller companies like Dave’s Killer Bread and Edward & Sons, and occasionally from local companies just getting started in the business of providing food to the world, or at least to the neighborhood.
What I don’t see is Safeway or Kroger issuing edicts to those companies telling them how to run their businesses.
And why would they? After all, it’s literally none of their business.
Just as a supermarket (and so many other kinds of stores) is a clearing house for products for which there is supply and demand, so a stock exchange is a clearing house for pieces of ownership in companies, also known as shares. There are small differences: Initially, a store (usually) buys the products it sells to customers, whereas an exchange has no ownership stake in the companies it lists. Also, a store typically does not sell to and buy from the same people, whereas on an exchange any given person or firm can be a buyer or a seller at any time.
But fundamentally a store and an exchange serve the same role. And in that role, they have zero authority, ethically or legally, to tell their suppliers — food producers or companies whose shares trade there, respectively — how those firms must operate other than to comply, on the one hand, with relevant rules and regulations regarding food contents and safety or, on the other hand, with designated accounting standards, capital requirements, and the like.
(Excerpt) Read more at spectator.org ...
I hope the Karens get sued into oblivion if they do this.
Amen to that.
CA issued a similar ruling a couple of years ago requiring some % of woman on every board of every company.
Absolutely disgusting overreach.
Companies want to be with Nasdaq, most all will comply.
But from how the rule reads, you just need one dude on your board to claim that he is bisexual.
That claim can be bought with $250,000 in stock.
“NASDAQ” didn’t do anything. Individuals with names and home addresses did this. Same thing when we talk about “Facebook”, “Twitter”, etc. It is the evil and destructive enemies of our nation who do these things. They have identities. These should be widely known.
Lavender Mafia will say “prove it”
Right on! ONLY standard we need is ability and merit. Rest is unproductive garbage.
“require listed companies to have at least one woman on their boards, in addition to a director who is a racial minority or one who self-identifies as lesbian, gay, bisexual, transgender or queer.”
Question: can a candidate for director self-identify as a racial minority, or does the designation “racial minority” have to meet objective, scientific purity standards?
Thanks for posting. Too much common sense for the woke crowd though.
“Lavender Mafia will say “prove it””
That would be hard to swallow.
That proposal is illegal and unconstitutional.
Ghey for pay
All of the companies could even name the same guy to their board of directors.
That could be what he brings to the company.
In other words, would Elizabeth Warren count against the minority checkbox?
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