Goldman Sachs cancelled its policy four years ago to bring in only public companies with two diverse board members, a bank spokesman said on Tuesday that he was social policy from President Trump. He said in the latest moves by companies that are hoping for greater scrutiny on the issue.
“As a result of the legal developments related to the board's diversity requirements, we have concluded our formal board diversity policy,” said Tony Flatt, a spokesman for Goldman Sachs.
“We continue to believe that successful boards will benefit from a diverse background and perspective, and we encourage you to take this approach,” Flat added.
Since taking office on January 20th, Trump has issued a series of executive orders aimed at dismantling diversity, equity and inclusion programs in the federal government and private sector.
Goldman is a heavyweight in the equity capital market and part of an investment bank that began selling stocks in previous private companies, a traditional way of unlocking new funds for growing businesses.
Another rule that sought to impose board diversity at that point in the life of the company was removed in December. At that time, the majority of conservative courts ruled against NASDAQ's exchange requirements that the company had at least one woman, a racial minority, or an LGBTQ person on the board. Explain why they didn't.
Goldman's DEI policy has been around since 2020. This announced that a US or Western European company would be publicly disclosed, at least if one of its board's directors is counted as diverse. America.
In 2021, it was raised to two diverse board members. One of them had to be a woman.
With conservative backlash against DEI's policies in the workplace following the murder of George Floyd in 2020, the diversity of the boardroom in the US before Trump came to power. Movement to slowed down.
Some large companies had made slight advances by increasing the number of women's representation in management, but policies were in place to do so.
