Goldman Scraps Diversity Rule for IPOs in Latest DEI Retreat (3)

Goldman Sachs Group Inc. is abandoning a significant pledge it made to refuse initial public offering business with companies that had all White, male boards.

Wall Street’s leading investment bank had a policy that it would only take a company public in the US or Western Europe if it included two diverse board members, one of whom must be a woman. The rule had initially been put in place in 2020 with a requirement for at least one diverse board member.

“As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy,” said ...