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With President Donald Trump back in the White House, corporate diversity, equity, and inclusion (DEI) policies are falling out of favor.
But one public company leader who has been pushing for more DEI initiatives at tech companies says they are not completely down.
“I personally don’t think so,” Nasdaq Chairman and CEO Adena Friedman said on Yahoo Finance’s Bid Opening podcast from the World Economic Forum in Davos, Switzerland (video above; Please listen below).
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Friedman was responding to whether corporate America has been set back decades by DEI rollbacks at major companies like Meta (META) and Walmart (WMT).
"What I can say to Nasdaq is that we are very proud of what we do," Friedman added. "We're really pleased with the results we've achieved in creating a culture of inclusion and belonging. I think a lot of companies feel the same way I do, just a little bit quieter." Quieter. "
A federal appeals court recently rejected an attempt by Nasdaq Inc. to diversify its board.
In mid-December, a conservative-dominated federal appeals court concluded that the Securities and Exchange Commission (SEC) should not approve Nasdaq rules in 2021.
The rules would require exchanges to have at least one woman and one minority or LGBTQ person on the boards of thousands of mostly tech companies. The company must explain why it cannot meet this requirement. The rules also include annual board diversity disclosures.
Additionally, President Trump has vowed to dismantle federal DEI mandates, while Meta founder Mark Zuckerberg has called for more masculine energy in businesses.
"I think being a CEO is a competitive existence. I'm a competitor," Friedman said.
"But staying competitive and staying confident - they are not mutually exclusive. Staying confident, being humble, being willing to learn, being willing to listen to others are also core parts of being a successful CEO."
Friedman is ultimately bullish on IPO prospects as the Trump administration eases regulations.
Despite strong performances from Reddit (RDDT), Viking (VIK) and Rubrik (RBRK), the 2024 IPO market is mixed at best. IPOs raised about $123 billion last year, compared with a peak of $594 billion in 2021, according to Dealogic.
A total of 150 companies went public last year, according to a study by Renaissance Capital.
Dealmakers expect the IPO market to pick up this year.
Renaissance Capital said the public pipeline includes more than 170 companies looking to raise $11 billion. At least 10 companies plan to raise at least $100 million and have filed listing documents in the past 90 days.
Energy and technology companies are leading the way.
"While some may doubt that recovery is 'just around the corner' again, the IPO market is now on stronger footing than at any time in the past three years," Renaissance Capital noted.
"The IPO environment is getting better as we get into 2024, but as you know, it's been a pretty challenging three-year environment," Friedman explained.
"With the new administration coming in, I would say it's definitely going to be a very interesting and exciting environment this year. However, we expect that it will still be the second half - weighted."
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Brian Sozzi is the executive editor of Yahoo Finance. Follow Sozzi on X @bryansozzi, Instagramand about LinkedIn. Tips for the story? Email brian.sozzi@yahoofinance.com.
Sozzi hosts insightful conversations with luminaries in business and markets three times a week on Yahoo Finance Bid opening podcast. Find more episodes on our website Video Center. watch your Preferred streaming services. Or listen and subscribe Apple Podcasts, Spotifyor wherever you find your favorite podcasts.
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