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

The Vice President of Goldman Sachs said that the bank abandoned an internal diversity base that prevented it from advising all males, and all white councils on the company’s definitions because it is no longer needed.

The Investment Bank has pledged that it will only help a commercial company to sell its shares on the stock exchange if it has a variety of members of the board of directors, one of which is a woman.

But Richard Noddi told the BBC: “This policy has been put in place to try to lead a change in behavior and I think this has happened.”

In a large -scale interview, he also said that the UK government needs to obtain and start infrastructure projects now and warn that uncertainty about US policy is to reduce the “animal spirit” for companies.

Goldman Sachs presented its diversity policy in the councils of the councils in 2020, when it was initially imposed that the companies that wanted to float must have one varied member, before increasing it into two people.

Mr. Gnodde said: “I think the important thing is that you have a set of opinions on this council, and if you look at these companies, all of them have adopted diversity, they have been moved.

“I think it has served its purpose.”

According to Think Tank, the Conference Council, although the American councils were “more varied than ever”, there was a “remarkable slowdown” in employing racist diversity on the plates between 2022 and 2024.

In the S&P 500, the stock market list worth 500 of the largest American companies, the non -egg directors’ share increased from 20 % to 26 % between 2020 and 2024. In Russell 3000, which follows 3000 companies, this number moved from 21 % to 23 % .

From 2020 to 2024, the share of women’s managers increased from 27 % to 34 % in S&P 500, and grew from 21 % to 29 % in Russell 3000.

In December last year, the US Federal Appeal Court ruled that Nasdak, the stock market index, had no power to impose rules that require companies to have women, minorities or people from LGBTQ+ on their paintings or explain the reason for not doing this.

A spokesman for Goldman Sachs said: “As a result of the legal developments related to the requirements of the diversity of the Board of Directors, we have ended the policy of the official board diversity,” said a spokesman for Goldman Sachs.

The company did not specify whether it was indicating the Nasdak case.

In one of his first work after he swore, US President Donald Trump signed an executive order to end “the radical and wasted government Dei [diversity, equity, and inclusion ] Programs.

Since then, a number of companies have returned to various employment programs, including Google and Meta, the company that owns Instagram and Facebook.

In response to a question about whether companies are retracting policies about diversity because of the White House Trump, Mr. Noddi said: “I can only talk about ourselves, I don’t think this is the case.

“Our aspirations are to continue to move forward and frankly go further than we were.”

However, he admitted that the uncertainty caused by Trump’s policy on commercial tariffs was weighing to the “animal spirits” of companies and their appetite for investment.

“I think now, mood on the margin [is] Mr. Gnodde said: “People are not sure of what it will be exactly as a result of the policy and what will have the exact effects.”

Trump initially said he would impose a 25 % tariff on Canada, Mexico and China. However, they stopped Canada and Mexico for 30 days.

Since then, the president later announced that he would impose 25 % definitions on all steel and aluminum that enters the United States, Provocation of angry responses such as Canada and the European Union.

Looking at the United Kingdom, Mr. Gnodde urged the government to go on infrastructure projects sooner, not later.

Chancellor Rachel Reeves She recently announced her support for a third runway in Heathrow In addition to the expansion of Loton and Gatwick airports, and building a “growth corridor” between Oxford and Cambridge.

However, these projects are not expected to be completed for several years.

The government has made the economy an increase in a major policy, but the United Kingdom’s growth slows down, According to official numbers.

“Long -term projects are very fun. We need to put them in place, but they will take a long time,” said Mr. Gnodde.

He added: “Let’s find some infrastructure structures that we need to do, whether they are in the energy sector, whether in the field of transport, improving the road network, and something in energy transmission.

“All of these plans are sitting on the treasury office. Why don’t we put them in the tender, and get the private sector to provide bids on conditions that will be attractive to the private sector, and you will see competition.”

In a report on the strengthening of small companies in Britain, it was issued on Wednesday, Goldman Sachs said: “If there are two things we know from the first six months of a new administration in the United Kingdom, then growth is the urgent national task and its opening may be this the biggest challenge that governments faced The successive.

Mr. Gnodde said that the Labor Party “sent a strong message on the competition front” after that She recently overthrew the head of the competition and markets authority.

He added that the government that attracts such a crane can ignite growth to make the United Kingdom “competitively globally.”

He also suggested that UK companies have to integrate them to compete worldwide.

“How many of these players we need?” “How many telecom companies do we need? How many banks we need? I think the market should be able to lead this if we will compete on the world stage.”