Board Diversity Requirements: California, Nasdaq, and More

In-House Counsel Working Group Teleforum

Event Video

Corporate board diversity requirements are gaining attention. In December 2020, Nasdaq filed Proposed Rule 5605(f) with the U.S. Securities and Exchange Commission (SEC), which would require companies to satisfy diversity standards and disclose statistics related to board diversity. (In August 2021, the SEC approved the rule.) Just a few months prior to this proposal, in September 2020, Gov. Gavin Newsom signed into law AB 979, which mandates California-based companies to reach board-diversity thresholds by the end of 2021.

A distinguished panel joins us to discuss the arguments for and against these requirements, as well as the following questions: What do these requirements typically do? How should the SEC consider these rules and proposals? How do they affect businesses, hiring practices, and the job of in-house attorneys in satisfying legal requirements, identifying clients, managing outside firms, and more? 


  • Prof. Stephen M. Bainbridge, William D. Warren Distinguished Professor of Law, University of California Los Angeles School of Law
  • Prof. Lissa L. Broome, Burton Craige Distinguished Professor and Director of the Center for Banking and Finance, University of North Carolina School of Law
  • Prof. Jesse M. Fried, Dane Professor of Law, Harvard Law School
  • Prof. Cheryl L. Wade, Harold F. McNiece Professor of Law, St. John's University School of Law
  • Moderator: Hon. Patrick J. Bumatay, Judge, U.S. Court of Appeals for the Ninth Circuit


This feature Zoom panel is open to public registration at the link above. You can watch the livestream here.

CLE credit is expected, and CLE registration is $25 for Federalist Society members and $50 for non-members.


CLE Instructions

CLE is being offered for the webinar/teleforum on September 9, 2021. Please follow the instructions below to ensure that you receive credit.

Step 1: If you have not already done so, click the Register button above and register for the webinar by choosing the RSVP & CLE ticket option on the registration page.

Step 2: Sign-in to the electronic sign-in form on the day you are attending panels for CLE credit. The sign-in button will go live 30 minutes prior to the first panel of the day.


Step 3: LISTEN FOR AND WRITE DOWN THE UNIQUE WEBINAR CODE DURING THE PANEL. A unique code given out during the panel. This code must be entered into the electronic certificate of attendance form for each panel you wish to receive credit for.

Note: While the webinar will be held in Zoom, it will also be live streamed on our web site and YouTube. You may watch the webinar on either of those platforms, but you can only participate in Q&A on the Zoom platform. If your state bar requires you to attend a webinar so that you may ask questions, then you should register for the webinar and attend on Zoom.

Step 4: Access the CLE materials for the webinar by clicking the button below.


Step 5: After you have finished the webinar, sign out on the electronic sign-out form.


Step 6: Within 3 days after the event, a link for the electronic certificate of attendance form will be emailed to paid CLE registrants that have signed into the event (some states require signing out as a requirement as well; if your state bar requires this you must complete this task). Fill out the electronic certificate of attendance form WITHIN 14 DAYS OF THE EVENT. If you do not get your form to us in time, we cannot guarantee that your state will accept your CLE credits. 

Form will be emailed to paid CLE registrants after the webinar. 

Step 7: Complete the Evaluation Form.


Step 8: The Federalist Society will be reaching out to individual attorneys at the email address they provide on their electronic certificates as soon as the state they requested for CLE has accredited the program.

Step 9: If you would like to check on your state’s approval status, we will be updating this document as we receive approval from each state.


If you have any questions about the CLE application process or your status, please email us at


Frequently Asked Questions

How many hours of CLE are available?

Each state will have some variance as to what they approve, but we are applying for 1 hour of CLE for the panel.

Is there an Ethics panel, if so, when?

None of these panels qualify for Ethics CLE.

I forgot to Register beforehand and the panel is coming up in 5 minutes! What can I do?

First, locate the sign-in button for the day above, and sign in for the panel.
Second, watch the panel on either Zoom, YouTube, or our web site, and write down the unique code given out live. (If you do NOT write this code down, we cannot guarantee CLE credit.)
Third, be sure to register at some point during the webinar to pay for CLE.

Important: If your state bar requires you to be in a webinar where you can ask questions, then you must log into the Zoom webinar instead of watching the live stream.

Where are the CLE Materials?

CLE materials will be made available on this page through a link.