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January 23, 2020 at 02:32 PM
(Photo: Bloomberg)
Goldman Sachs CEO David Solomon says the bank he leads will no longer help take companies public in the U.S. and Europe if they do not have at least one “diverse” board member “with a focus on women.”
The new policy starts July 1, Solomon said on CNBC Thursday from the World Economic Forum in Davos, Switzerland. For 2021, firms looking to do IPOs with Goldman must have at least two “diverse” board members, he added.
Over the past four years, the performance of U.S. IPOs for firms with a woman on their respective boards is “significantly better” than for firms without such diversity, the executive pointed out — adding that some 60 companies in the U.S. and Europe recently went public with all white, male boards.
“From a governance perspective, diversity on boards is very important, and we have been focused on it,” Soloman said.
