Adena Friedman

Nasdaq has long had influence far beyond its size; the company’s technology powers 130 global markets, and revenue was up 32% to $5.6 billion in 2020. But in 2021, the stock exchange became an even more powerful player when it won Securities and Exchange Commission approval for a groundbreaking board diversity proposal. Championed by Friedman, a career Nasdaq exec who became CEO in 2017, the new rules require listed companies to disclose their diversity data and have at least two diverse directors—or explain why they haven’t done so. The move has the potential to reshape the last all-male, all-white board holdouts of corporate America and beyond. For more, read Fortune’s Q&A with Friedman from the August/September 2021 issue.

Editor’s note: This text has been updated to clarify the new rules around board diversity.

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