Current Events > Have you heard about Goldman Sachs' new "diversity" IPO rule?

(+) Yeah! (+)

Goldman Sachs CEO David Solomon told CNBC that the investment bank wouldnt take companies public unless the company had at least one diverse board member. Although he didnt define exactly what he meant by diverse, he said the focus was on women.

Starting on July 1 in the U.S. and Europe, were not going to take a company public unless theres at least one diverse board candidate, with a focus on women, Solomon told CNBC from the World Economic Forum. He added, And were going to move towards 2021 requesting two.

https://www.forbes.com/sites/kimelsesser/2020/01/23/goldman-sachs-wont-take-companies-public-if-they-have-all-male-corporate-boards/

Asia, Africa, and the Middle East are conspicuously absent from this new rule.

Sounds like a good overall rule, if not inclusive enough.

There are many candidates equally qualified for board positions at these places of all demographics. If a board is entirely white men, the odds of it purely being best qualified is slim to none.

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Bananana posted...

Sounds like a good overall rule, if not inclusive enough.

There are many candidates equally qualified for board positions at these places of all demographics. If a board is entirely white men, the odds of it purely being best qualified is slim to none.

Why does it specifically only target the US and Europe which already have the world's best records on diversity.

PokemonMonMon posted...

Why does it specifically only target the US and Europe which already have the world's best records on diversity.

The US and Europe are worst at diversity in relation to the countrys demographics, but you knew that, didnt you?

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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.

https://www.latimes.com/business/story/2020-01-23/goldman-diverse-boards

That's literally not true, but go off.

I will never get this recent obsession with quotas.