The American investment bank Goldman Sachs refuses from now on to organize IPOs for companies with only white straight men on the board. This is what David Solomon said on Thursday at the World Economic Forum in Davos, CNBC reports.
Goldman Sachs is the largest facilitator of IPOs in the United States. For this reason, Solomon indicates that his company has an exemplary role and can exert pressure to initiate change. From July this year European and American companies will therefore be refused the IPO if there is no diversity in the daily management. The CEO states that there must be at least one diverse member on the board, with a focus on women.
Solomon expects that the measure will lead to less profit for Goldman Sachs, but "this is the best advice we can give to companies in the longer term, also to keep their stakeholders happy".
Goldman Sachs is not the first to set such requirements. Large asset managers such as BlackRock and State Street have long been demanding from companies in which they invest that there are female directors.