Goldman Sachs will not take companies public in the U.S. and Europe unless they have at least one “diverse” candidate on their board .
Goldman Sachs has become the first Wall Street bank to declare it will not take companies public in the U.S. and Europe unless they have at least one “diverse” candidate on their board — but failed to include Asia, which has the worst record on gender diversity.
Goldman confirmed that the bank planned to expand the policy to other regions “over time,” adding that the majority of initial public offerings conducted by Goldman were in the U.S., Europe, the Middle East and Africa.MSCI said last December that of 126 companies in its MSCI World index with no female directors, 108 were Japanese and nine were Chinese- or Hong Kong-based. Of the remaining nine companies with all-male boards, five were based in the U.S.
Below management committee level, Solomon increased the proportion of women in the last rounds of partner and managing director promotions, as well as at graduate level.Ken Bertsch, head of the Council of Institutional Investors, which represents big pension funds in the U.S., welcomed Goldman’s new stance but said many investors wanted to ensure companies went beyond “tokenism.”
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