Goldman Sachs CEO says no IPOs for companies without at least one 'diverse' board member starting in July
in Davos, Switzerland that starting in July, the bank won't help companies without at least one"diverse" board member, with a focus on women, go public. "We might miss some business," Solomon said."But in the long run, this I think is the best advice for companies that want to drive premium returns for their shareholders." Goldman Sachs is putting its foot down when it comes to the board diversity of companies it helps with the initial public offering process.
Over the last four years,"the performance of IPOs where there's been a woman on the board in the US is significantly better than the performance of IPOs where there hasn't been a woman on the board," he said. "We might miss some business," he said."But in the long run, this I think is the best advice for companies that want to drive premium returns for their shareholders." Goldman Sachs has four women on its board of 11.
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