What to know about Nasdaq’s new diversity proposal

December 3, 2020
It’s a packed news day. We take a look at Nasdaq’s new diversity proposal and yesterday’s Senate Agriculture Committee hearing on the importance of agricultural research. Read to the end for a lot more news from Washington and the industry. (1,000 words, 5 minutes)
BIO

It’s a packed news day. We take a look at Nasdaq’s new diversity proposal and yesterday’s Senate Agriculture Committee hearing on the importance of agricultural research. Read to the end for a lot more news from Washington and the industry. (1,000 words, 5 minutes)

 

What to know about Nasdaq’s new diversity proposal

 
 

On December 1, Nasdaq filed a proposal to require all listed companies to publicly disclose board diversity statistics and have at least two diverse directors—and BIO is here for it.

Nasdaq filed a proposal with the U.S. Securities and Exchange Commission (SEC) to adopt new listing rules that would require all companies listed on Nasdaq’s U.S. exchange to publicly disclose diversity statistics on their boards of directors.

Specifically, the rules would require most Nasdaq-listed companies to have—or explain why they don’t have—at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an underrepresented minority or LGBTQ+. (Foreign companies and smaller companies could have more flexibility to satisfy the requirement with two female directors.)

The timeline: Companies will be required to publicly disclose the statistics within one year of the SEC’s approval of the rule and have one diverse director within two years. Companies will be required to meet all expectations between four and five years, depending on listing tier

What they're saying: “Our goal with this proposal is to provide a transparent framework for Nasdaq-listed companies to present their board composition and diversity philosophy effectively to all stakeholders; we believe this listing rule is one step in a broader journey to achieve inclusive representation across corporate America,” said Nasdaq President and CEO Adena Friedman. 

It’s also good for business: “Nasdaq’s proposal presents an analysis of over two dozen studies that found an association between diverse boards and better financial performance and corporate governance,” according to the press release

Dr. Michelle’s Diagnosis: The actions taken by Nasdaq are bold, long overdue, and will serve as inspiration for boardrooms across the nation. The biotech industry has been, and remains committed to, promoting inclusivity by accelerating gender, racial, ethnic, and LGBTQ+ representation. In fact, many of our companies already exceed some of these requirements, while we understand more work needs to be done. The goal of inclusion does more than just ‘level the playing field;’ it makes good business sense and helps organizations grow and prosper. BIO is very supportive of Nasdaq’s proposal and looks forward to assisting with the implementation of this initiative in our sector. BIO President and CEO Dr. Michelle McMurry-Heath 

Learn more about what BIO’s doing to make health care and the biotechnology sector more diverse and inclusive.

P.S. Today is the International Day of Persons with Disabilities. John F. Crowley, Chairman and CEO of Amicus Therapeutics, explained how remote work can enable companies to be more disability inclusive.  


More Health Care News:

The New York Times: Moderna plans to begin testing its coronavirus vaccine in children
“[N]o vaccine can be widely given to children until it has been tested in them.” 

The Wall Street Journal: FDA head defends COVID-19 vaccine approval process
“Dr. [Stephen] Hahn said his agency has had 150 people working days, nights and weekends in parallel teams to review the test data submitted by Pfizer and German partner BioNTech.”

 
 
 
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Why agricultural research is critical to securing our food supply

 
 

The Senate Committee on Agriculture, Nutrition, and Forestry held a hearing yesterday, Agricultural Research and Securing the United States Food Supply, to look at the role of agricultural research in protecting the food supply. Below, some highlights.

“Agriculture research drives change, efficiencies, and productivity,”said Sen. Pat Roberts (R-KS) to open his final hearing as chairman of the committee. “It is the foundation that supports our modern food system miracle. It is essential considering the growing chaos, hunger, and malnutrition in our world.” 

“We must take a fresh look at what agricultural security means in terms of the defense of the agriculture sector and our food supply. This begins with continued support for agricultural research,” he continued.

"We know that accelerating agricultural research is vital to feeding a growing global population and addressing the climate crisis, which threatens farmers’ livelihoods and our entire food system. From floods, to drought, farmers are already seeing the devastating impacts of extreme weather. In fact, the GAO estimates that climate change will result in crop losses that could cost up to $53 billion annually by the end of the century,” said Ranking Member Debbie Stabenow (D-MI) in her opening remarks

We need continued investment into critical federal research programs, BIO said in our comments, to spur private investment into new biotechnologies—from gene editing and synthetic biology, to sustainable biofuels and biobased products.

BIO’s take: “Fostering agricultural research will not only secure the United States food supply but will allow the U.S. to advance innovative breakthroughs to enable agriculture to tackle climate change and tackle hunger. However, to truly unleash the transformative potential of science and we must take steps to ensure the gains from these innovations are broadly shared for the benefit of humanity. BIO looks forward to working with the Committee and Congress in supporting pro-innovation policies that foster research and development technologies to secure the nation’s food supply and develop the bioeconomy.”


More Agriculture and Environment News: 

BBC: Temperature analysis shows UN goals 'within reach'
“The Climate Action Tracker group looked at new climate promises from China and other nations, along with the carbon plans of US President-elect Joe Biden. These commitments would mean the rise in world temperatures could be held to 2.1C by the end of this century.” 

Fast Company: Your Amazon boxes could be turned into biofuel
A team of scientists “cultivated its own microorganism to transform used cardboard boxes into a substance that can be easily refined into biofuel.” 

The New York Times: A hotter planet is already killing Americans, health experts warn
A new report “points to the immediate dangers of extreme heat, wildfires, and air pollution, and makes the case for rapidly shifting to a green economy as a way to improve public health.”

 
 
 
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I am BIO
Meet Jody: Managing Patient Medication Adherence through Digital Health
I am BIO: Meet Jody
 
 

Half of people do not take their medication as directed—but 95% medication adherence is necessary for seizure control in patients with epilepsy. 

So, when her daughter was diagnosed with a form of epilepsy at age seven, Jody McNannay knew she needed to do something to help her manage her medication. 

Jody and her husband developed Curadite, Inc., a digital platform for managing medication adherence. The platform tracks when patients take their medication and produces reports for the patient and their health team in a web-based portal.

This is just one example of how technology can give patients peace of mind while managing their health.

Watch Jody tell her story.

Visit www.bio.org/iambio to learn more and share your story!


 
 
 
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BIO Beltway Report
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President Trump’s Thursday:Awarding the Medal of Freedom to former Notre Dame football coach and commentator Lou Holtz. Then, signing H.R. 5901, which will establish Information Technology Modernization Centers of Excellence Program within the General Services Administration (GSA), and an executive order promoting responsible use of AI in government. 

President-elect Biden’s Thursday: Rhode Island Gov. Gina Raimondo is the rumored frontrunner to lead Health and Human Services (HHS), reports POLITICO

What’s Happening on Capitol Hill: New U.S. Sen. Mark Kelly (D-AZ), the astronaut and husband of former Rep. Gabby Giffords, was sworn in yesterday after winning the special election to fill the remainder of the late Sen. John McCain’s term. House Republicans chose Rep. Cathy McMorris Rodgers (R-WA) to serve as ranking member of Energy and Commerce, making her the first woman to lead the powerful committee. Meanwhile, Congress is trying to cram in coronavirus relief and a spending deal before the current spending deal expires on December 11.

 
 
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