Now that the U.S. Securities and Exchange Commission has signed off on Nasdaq’s board diversity rules, general counsel should be ready to work with company leaders to ensure compliance with the new standards.

Under the proposed rule changes, more than 3,000 companies listed on Nasdaq’s U.S. stock exchange will be required to publicly disclose diversity statistics for their boards of directors and have a certain number of diverse directors who self-identify as female, an underrepresented minority or LGBTQ+.