Goldman Sachs Won’t Take Companies Public If They Have All-Male Corporate Boards

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Goldman Sachs CEO David Solomon says the investment bank won't take companies public unless they have at least one 'diverse' board member:

The real reason we should want diverse corporate boards is that all-male and all-white boards are a huge red flag for bias. With the diverse pool of talent available, the likelihood that an organization completed an unbiased search process and still randomly ended up with an all-male and all-white board is almost zero. In other words, if the corporate board is all male and all white, there is likely bias somewhere in the appointment process.

It’s not clear whether Goldman will have to turn away much business due to their new policy. The CEO suggested that Goldman could tap its own network should a client be in search of a diverse board member. But Goldman is highlighting the importance of diversity and holding those companies without diverse boards accountable. That’s how change happens.

 

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