Goldman Sachs axes diversity rule that has ‘served its purpose’

Vice -Chairman Goldman Sachs said the bank threw out the rule of internal diversity, which forbade it to advise all men, all white boards on the company’s flotation because it was no longer needed.

The investment bank promised that it would only help the business sell its shares on the stock exchange if it had two different members of the board, one of which had to become a woman.

But Richard Gnode said the BBC: “This policy was created to try to change behavior, and I think it happened.”

In a wide interview, he also stated that the UK government should enter and start infrastructure projects now and warned that uncertainty in US policy has reduced the “animal spirit” companies.

In 2020, the Goldman Sachs presented a variety policy in the councils, initially obliging the companies that wanted to swim should have one diverse member before increasing it to two people.

Mr -n Gnodde said: “I think it is important that you have a variety of views on this board, and when you look at these companies, they all took the variety, it has shifted.

“I think this was the goal.”

According to the analytical tank, the conference council, although the US councils are “more diverse than if -something”, in racial diversity was a “noticeable slowdown”, which hires on the Soviets between 2022 and 2024.

In the S&P 500, in the list of 500 largest American firms, the share of non -governmental directors increased from 20% to 26% between 2020 and 2024. 21% to 23%.

From 2020 to 2024, the share of women -decreter women increased from 27% to 34% in the S&P 500 and grew from 21% to 29% in Russia 3000.

Last December, the US Federal Appeal Court ruled that the NASDAQ, the stock market index, had no powers to impose rules that require women to have women and minorities, or LGBTK+ people on their councils or explain why they did it.

The Goldman Sachs press -secretary said: “As a result of the legal events related to the requirements of the Council’s diversity, we have completed our official diversity policy.”

The firm did not specify whether the NASDAQ was referred to.

In one of his first action after the oath, US President Donald Trump has signed the executive order to complete the “radical and wasteful government (diversity, justice and inclusion)”.

A number of companies have since returned to a variety of hire programs, including Google and Meta, a firm owned by Instagram and Facebook.

Answering the question whether the firms retreat from the policy around the variety of the White House Trump, Mr. Gnod said, “I can only speak for myself, I don’t think so.

“Our ambitions are to keep going forward and, frankly, go much further than we were.”

However, he acknowledged that the uncertainty caused by Trump’s policy at trade tariffs was weighed on the “animal spirits” of companies and their appetite for investment.

“I think that the mood is now on the outskirts (there is) a little hardened because people are not sure what the result of politics will be and exactly what the impact will be,” Mr. Gnod said.

Trump initially stated that he would introduce 25% of the tariffs on Canada, Mexico and China. However, he then stopped them against Canada and Mexico for 30 days.

Since then, the president has later announced that there would be 25% of the tariffs on all steel and aluminum in the US, provoking angry answers from similar Canada and the European Union.

Looking at the UK, Mr. Gnodde urged the government to go to infrastructure projects faster.

Chancellor Rachel Rivz Recently announced the support of the third runway in hires As well as expansion of Luton and Gatwick airports, as well as the construction of the “growth corridor” between Oxford and Cambridge.

However, these projects are expected to be completed for several years.

The government has made the economy growth with key policy, but the UK’s growth has slowed down, According to official data.

Mr -n Gnodde said: “The far -range projects are very interesting. We need to put them in place, but they will take a long time.”

He added: “Let’s find some of the infrastructure assemblies that we need to do, whether in the energy sector, whether it is in transportation, improving the road network, which is something when transitioning energy.

“All these plans are sitting on the Treasury table. Why not bring them to a tender, make the private sector bet on the conditions that will be attractive to the private sector, and you will see competition.”

In the British Small Business Extension report published on Wednesday, Goldman Sachs said: “If the first six months of the new administration in the UK there are two things this is perhaps the biggest problem with which consistent governments faced.”

G -n gnodde said Recently overthrew the chairman of the powers of competition and markets.

He added that the government that pulls such a lever could ignite the growth to make the UK “world competitive”.

He also suggested that the UK companies had to consolidate to compete on a global scale.

“How many of these players do we need?” He said. “How much do we need telecommunications? How many banks do we need? I think the market should be able to manage this if we are going to compete on the world stage.”