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Investing.com -- Goldman Sachs has decided to terminate a policy that required companies to have a diverse board for the bank to underwrite their initial public offerings (IPOs). This policy, which was first implemented in 2020, stated that the bank would only underwrite IPOs for companies in the U.S. and Western Europe if they had two diverse board members, one of whom needed to be a woman.
The policy had been a part of the bank’s commitment to promote diversity in the corporate world. However, due to recent legal developments concerning board diversity requirements, the bank has decided to end this policy.
Tony Fratto, a spokesperson for Goldman Sachs, confirmed this change in policy, stating, "As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy." This decision comes at a time when diversity, equity, and inclusion (DEI) programs have been under scrutiny, with President Trump prioritizing the reduction of such programs since taking office.
The ending of this policy by Goldman Sachs, one of Wall Street’s leading investment banks, marks a significant change in its approach towards promoting board diversity in the companies it takes public in the U.S. and Western Europe.
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