Goldman Sachs CEO David Solomon announced Thursday that the investment bank will only take companies public if they have at least one “diverse” board member, with a focus on women.
Solomon spoke to the benefit of having diverse perspectives on the Goldman Sachs board, four of the 11 board members are women, as well as what he’s seen in the industry overall. “I look back at IPOs over the last four years and the performance of IPOs where there’s been a woman on the board in the U.S. is significantly better than the performance of IPOs where there hasn’t been a woman on the board,” Solomon said on CNBC’sStarting in the U.S.
Goldman isn’t the only bank to focus on board diversity, State Street Global Advisors launched it’s “Fearless Girl” campaign in March 2017 to encourage more public companies to appoint women to board seats. The “Fearless Girl” statue moved from standing in front of the Charging Bull sculpture on Wall Street to opposite the New York Stock Exchange in December 2018.
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