Proposed “diversity” requirements at NASDAQ promote division, not innovation

“NASDAQ recently proposed new diversity requirements for the corporate boards of companies listed on the exchange. ‘Successful companies must cultivate diversity to fuel innovation and to thrive in today’s era of ongoing environmental, social, and economic change,’ said TechNet President and CEO Linda Moore in support of the proposal.

The NASDAQ proposal arbitrarily determines that a minimum of two directors must be female, minority, or LGBT. The criteria are not linked in any meaningful way to the demographic profile of society; they merely reflect the do-gooder biases of NASDAQ executives and influencers.

Equality of opportunity could achieve the most diversity goals if the pools of candidates representing various identity groups had comparable qualifications. They seldom do, however, which has led to many forms of affirmative action. Such programs are typically zero-sum because they involve allocating a scarce resource, and in practice, they typically end up as exercises in political power and greasing the squeakiest wheels,” the City Journal reports.

The lack of “comparable qualifications” is at the heart of the failed affirmative action laws in educational institutions. The issue was whether a qualified candidate for admission into a university or college should be arbitrarily replaced with an unqualified applicant solely because of his race.  

As the Journal notes, there is a struggle being played “out at Harvard and Princeton, as groups representing prospective Asian students fight for merit-based admission policies rather than ones constrained by identity-based class composition. Even voters in liberal California have repeatedly backed merit over the years, rejecting a ballot initiative last month that would have effectively repealed a state ban on racial quotas passed in 1996”.

One of NASDAQ’s themes is:

“We are relentlessly reimagining the world of tomorrow one that is built on innovative technology, fueled by market-moving insights and driven by forward-thinking.” Alas, they reimagined and “woke” to the occasion– It must feel like a John Lennon concert at the headquarters. [emphasis added]

As Candice Owens declares in her book entitled Blackout, “Of the myriad of bad-faith systems put in place by our government to help blacks, there is none more verifiably useless, or more positively discriminatory, than the practice of affirmative action.”

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