Culture Society, Identity and Belonging
Goldman Sachs has axed an internal diversity rule which barred it from advising on company flotations in cases where the board is all white and all male.
Richard Gnodde, the bank’s vice chair, said the rule had “served its purpose” by driving changes in behaviour.
According to The Conference Board think tank the share of non-white and women directors at the top 500 US companies was 26 per cent and 34 per cent, respectively.
In December last year, a federal appeals court ruled that the Nasdaq index did not have authority to impose rules requiring companies to hire women, minorities of LGBTQ+ people to their boards.
Goldman said its policy had changed as a “result of legal developments”.
