David Bell on Diversity

Proxy Advisors, Institutional Investors Shift Diversity Policies and Mandates

Some proxy advisors and institutional investors have made changes to their diversity policies and mandates, including the following ...more

3/31/2025 / BlackRock , Board of Directors , Corporate Governance , Diversity , Diversity and Inclusion Standards (D&I) , Glass Lewis , Institutional Investors , Institutional Shareholder Services (ISS) , Proxy Advisors , Proxy Voting , Shareholders , State Street , Vanguard

Appeals Court Lifts Injunction on Trump Administration’s DEI Executive Orders

On March 14, 2025, a three-judge panel of the U.S. Court of Appeals for the Fourth Circuit lifted a lower court’s preliminary injunction blocking key provisions of President Donald Trump’s executive orders aimed at ending...more

3/20/2025 / Appeals , Constitutional Challenges , Diversity , Diversity and Inclusion Standards (D&I) , Enforcement Actions , Executive Orders , Federal Contractors , First Amendment , Preliminary Injunctions , Trump Administration

Judge Blocks Trump Administration’s Efforts to Eliminate DEI Programs; Government Appeals

On February 3, 2025, the National Association of Diversity Officers in Higher Education, the American Association of University Professors, Restaurant Opportunities Centers United, and the Mayor and City Council of Baltimore...more

2/27/2025 / Constitutional Challenges , Diversity , Diversity and Inclusion Standards (D&I) , Executive Orders , False Claims Act (FCA) , Fifth Amendment , First Amendment , Free Speech , Preliminary Injunctions , Separation of Powers , Trump Administration

Securities Law Update - December 2024

Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more

1/2/2025 / Benchmarks , C-Suite Executives , Corporate Governance , Disclosure Requirements , Diversity , Diversity and Inclusion Standards (D&I) , Enforcement Actions , Institutional Shareholder Services (ISS) , Nasdaq , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Securities Regulation , Transparency , Voting Shares

Nasdaq Board Diversity Rules Struck Down by Fifth Circuit

In August 2021, the SEC approved new board diversity rules requiring Nasdaq-listed companies (i) to include a board diversity matrix in their proxy statement or on their website and (ii) to disclose whether they have one...more

12/16/2024 / Board of Directors , Corporate Governance , Disclosure Requirements , Diversity , Diversity and Inclusion Standards (D&I) , LGBTQ , Minorities , Nasdaq , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Securities Exchange Act , Statutory Authority , Woman Board Members

The Future of DEI Shareholder Proposals

Following the death of George Floyd and the Black Lives Matter protests against racial inequity in 2020, many companies increased their commitments to diversity, equity and inclusion (DEI), as well as their external...more

Corporate Governance Practices and Trends in Silicon Valley and at Large Companies Nationwide

For two decades, Fenwick has reported on corporate governance statistics and trends among the S&P 100 and Silicon Valley’s top public companies (Fenwick – Bloomberg Law Silicon Valley 150 List), with the goal of educating...more

1/10/2024 / Board of Directors , Corporate Governance , Diversity , Dual Class Share Structures , Gender Equity , Life Sciences , Majority Voting Policies , Proxy Season , Publicly-Traded Companies , S&P , Shareholders , Silicon Valley , Technology , Woman Board Members

What’s Next for Diversity Shareholder Proposals? A Look at Recent Trends

Following the death of George Floyd and mass protests against racial inequity in 2020 culminating years of slowly building stakeholder pressure on various aspects of diversity, many companies expressed their commitment to...more

9/22/2023 / Affirmative Action , Board of Directors , Diversity , Diversity and Inclusion Standards (D&I) , Environmental Social & Governance (ESG) , Equal Employment Opportunity Commission (EEOC) , Human Capital , Proxy Voting , Race Discrimination , Racial Bias , SCOTUS , Securities Exchange Act of 1934 , Shareholders , Students for Fair Admissions v Harvard College , Students for Fair Admissions v University of North Carolina

Diversifying the Boardroom: What Silicon Valley-Based and Other Large Public Companies Disclosed in 2022

The intense focus on board diversity from a variety of stakeholders over the last several years has spurred many companies to examine the composition of their boards and to take action to diversify their boardrooms. While the...more

4/11/2023 / Board of Directors , Corporate Governance , Department of Labor (DOL) , Disclosure Requirements , Diversity , Diversity and Inclusion Standards (D&I) , EEO-1 , Ethnicity , Gender Discrimination , Large Corporate Filers , Legislative Agendas , Nasdaq , NYSE , Proposed Regulation , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Silicon Valley , State Legislatures , Woman Board Members

Meeting Expectations for Board Diversity

Corporate boardroom diversity has increased significantly over the last few years, and the interest in and demand for gender and racial/ethnic diversity on boards of directors remain high. Lack of corporate board diversity...more

6/3/2022 / Board of Directors , Corporate Governance , Disclosure Requirements , Diversity , Environmental Social & Governance (ESG) , Gender Equity , Institutional Shareholder Services (ISS) , Nasdaq , Policies and Procedures , Proxy Voting Guidelines , Publicly-Traded Companies , Regulatory Requirements , Securities and Exchange Commission (SEC)

California Court Strikes Down Board Gender Diversity Statute

On May 13, 2022, the Superior Court of California in Los Angeles County held that SB 826, the law requiring companies with headquarters in California to have a prescribed number of women on their boards of directors, is...more

5/18/2022 / Board of Directors , CA Supreme Court , Constitutional Challenges , Corporate Counsel , Diversity , Diversity and Inclusion Standards (D&I) , Gender Discrimination , Proposed Legislation , State Constitutions

2021 Corporate Governance Practices and Trends

Fenwick has surveyed the corporate governance practices of the companies included in the Standard & Poor’s 100 Index (S&P 100) and the technology and life sciences companies included in the Fenwick – Bloomberg Law Silicon...more

1/13/2022 / Board of Directors , Corporate Governance , Diversity , Ethnicity , Gender Equity , Investors , LGBTQ , Proxy Season , Publicly-Traded Companies , S&P , Sarbanes-Oxley , Securities and Exchange Commission (SEC) , Woman Board Members

Proxy Advisors Update Voting Guidelines for 2022 Focusing on Board Diversity, Climate and ESG Oversight

Institutional Shareholder Services (ISS) and Glass Lewis, the leading proxy advisors in the United States, have announced updates and clarifications for their voting guidelines for the 2022 proxy season. Their voting...more

12/10/2021 / Board of Directors , Corporate Governance , Disclosure Requirements , Diversity , Environmental Social & Governance (ESG) , Glass Lewis , Institutional Shareholder Services (ISS) , Proposed Amendments , Proxy Advisors , Proxy Season , Proxy Voting Guidelines , Publicly-Traded Companies , Regulatory Agenda , Securities and Exchange Commission (SEC) , Shareholder Proposals , Special Purpose Acquisition Companies (SPACs)

Gender Diversity in the Silicon Valley - A Comparison of Large Public Companies and Silicon Valley Companies - 2020 Proxy Season

Fenwick’s gender diversity survey provides unique insight into women’s participation at the most senior levels of technology and life sciences public companies on the Fenwick – Bloomberg Law Silicon Valley 150 List (SV 150)...more

4/1/2021 / Board of Directors , Corporate Governance , Diversity , Diversity and Inclusion Standards (D&I) , EDGAR , Gender Discrimination , Gender Equity , Principal Executive Officer , Proxy Season , Publicly-Traded Companies , S&P , Securities and Exchange Commission (SEC) , Silicon Valley , Surveys , Woman Board Members

Corporate Governance Survey - 2020 Proxy Season Results

Corporate governance practices vary significantly among public companies. This is a reflection of many factors, including: • Differences in the stage of development of companies, including the relative importance placed on...more

12/18/2020 / Board of Directors , Capital Markets , Compliance , Corporate Governance , Diversity , Enforcement , Life Sciences , Majority Voting Policies , Proxy Season , Publicly-Traded Companies , S&P , Securities and Exchange Commission (SEC) , Silicon Valley , State and Local Government , Stock Ownership , Surveys , Technology Sector , Virtual Meetings , Voting Shares

Glass Lewis Announces 2021 Proxy Voting Policy Guidelines

Glass Lewis announced updates to its United States Proxy Voting Policy Guidelines late November 2020. The 2021 Proxy Voting Policy Guidelines include a variety of changes from the 2020 version, including new provisions...more

12/10/2020 / Board of Directors , Coronavirus/COVID-19 , Corporate Governance , Disclosure , Diversity , Glass Lewis , Golden Parachutes , Initial Public Offering (IPO) , Institutional Shareholder Services (ISS) , Investors , Proxy Season , Proxy Voting Guidelines , Publicly-Traded Companies , Say-on-Pay , Securities and Exchange Commission (SEC) , Special Purpose Acquisition Companies (SPACs) , State and Local Government , Virtual Meetings

ISS Policy Changes for 2021: Increased Expectations for Diversity and Accountability

Institutional Shareholder Services (ISS) announced benchmark voting policy changes in the United States, increasing expectations for board racial and ethnic diversity, adding director accountability for environmental and...more

11/17/2020 / Board of Directors , Coronavirus/COVID-19 , Corporate Governance , Diversity , Environmental Social & Governance (ESG) , Financial Oversight and Management Board (Oversight Board) , Institutional Shareholder Services (ISS) , Shareholder Litigation , Shareholders , Virtual Meetings

New Law Requires Racial, Ethnic or LGBT Diversity on Boards of California-Based Public Companies

In a move that continues California’s push for increased diversity on corporate boards, Governor Gavin Newsom on September 30, 2020 signed into law a bill that requires publicly held companies headquartered in the state to...more

10/1/2020 / Civil Rights Act , Diversity , Failure to Comply , Governor Newsom , LGBTQ , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , State and Local Government

California’s Proposed AB 979 Requires Public Company Boards to Include Racial and Ethnic Diversity Information

ISS Asks Companies for Similar Diversity Disclosures - California lawmakers have proposed legislation mandating that public companies headquartered in the state appoint board members from underrepresented communities. AB...more

7/24/2020 / Board of Directors , Diversity , Institutional Shareholder Services (ISS) , Proposed Legislation , Publicly-Traded Companies , Shareholders , State and Local Government

Corporate Governance Survey - 2019 Proxy Season Results

Corporate Governance Trends - A Comparison of Large Public Companies and Silicon Valley Companies - As outside legal counsel to a wide range of public companies in the technology and life sciences industries, many of...more

3/5/2020 / Auditors , Board of Directors , Corporate Executives , Corporate Governance , Diversity , Life Sciences , Proxy Season , Publicly-Traded Companies , Shareholder Proposals , Shareholders , Surveys , Technology Sector , Voting Rights

Fenwick’s Top 10: Our Most Popular Articles of 2019

In 2019, we published analysis to help tech and life sciences companies navigate U.S. tax law changes, an evolving IP landscape and new privacy regulations such as the California Consumer Privacy Act. We also tracked venture...more

ISS and Glass Lewis Issue Policy Updates for the 2020 Proxy Season

Recently, Institutional Shareholder Services (ISS) and Glass Lewis released revisions to their respective proxy voting guidelines for 2020. The ISS and Glass Lewis updates applicable to U.S. companies are discussed separately...more

11/21/2019 / Audit Committee , Board of Directors , Corporate Governance , Diversity , Equity Compensation , Equity Plans , Executive Compensation , Glass Lewis , Institutional Shareholder Services (ISS) , Pay Ratio , Proxy Season , Proxy Voting Guidelines , Publicly-Traded Companies , Say-on-Pay , Shareholder Proposals , Shareholder Rights

Gender Diversity Survey—2018 Proxy Season Results

The Fenwick & West Gender Diversity Survey provides unique insight into women’s participation at the most senior levels of public technology and life sciences companies in the Silicon Valley 150 Index (SV 150) and the large...more

4/18/2019 / Board of Directors , CEOs , CFOs , Corporate Governance , Diversity , Gender Equity , Proxy Season , Proxy Statements , Publicly-Traded Companies , S&P , Surveys , Woman Board Members

New California Law Requires Representation of Women on Public Company Boards - Steps Companies Can Take to Address SB 826

Governor Jerry Brown signed a bill into law on Sept. 30 that requires publicly held companies headquartered in California to include women directors on their board of directors. SB 826 requires California-based public...more

10/3/2018 / Board of Directors , Corporate Counsel , Corporate Culture , Diversity , Equal Protection , Form 10-K , Governor Brown , New Legislation , Publicly-Traded Companies , Secretary of State , State Labor Laws , Woman Board Members , Women's Rights

Gender Diversity Survey - 2016 Proxy Season Results