Goldman Sachs Plans To Remove Diversity Criteria From Board Selection Process: Report

Benzinga_recent_news02-18

Goldman Sachs Inc. (NYSE:GS) is reportedly planning to remove diversity criteria from the selection process for its board members. The Wall Street Journal, citing sources, reported that Goldman Sachs ...

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The decision is expected to be approved by the board this month.\nThis follows a request from the Virginia-based conservative activist nonprofit, the National Legal and Policy Center (NLPC). The minor shareholder in Goldman Sachs submitted a proposal last September to remove the diversity, equity, and inclusion (DEI) criteria.\nAccording to the report, Goldman then informed NLPC that it planned to remove the DEI criteria, and both parties signed a formal agreement that included NLPC withdrawing its proposal. \nThe board’s governance committee is expected to approve the revised language this month, as per the report.\nThe global investment bank also updated its One Million Black Women diversity program, which was launched in 2021 to address opportunity gaps for Black women across industries. The revisions remove references to race and eliminate the requirement that companies in the U.S. and Western Europe have diverse boards to go public with the bank.\nWhite House Press Secretary Karoline Leavitt acknowledged the move on X, framing it as part of President Donald Trump‘s broader push against the anti-woke campaign across corporate America.\nThe shift reflects mounting corporate pressure since Trump’s early 2025 executive order directing federal agencies to investigate corporate DEI programs, a turning point that accelerated Wall Street’s retreat from diversity commitments.\nIn 2025, a U.S. appeals court allowed the Trump administration to temporarily enforce a ban on DEI programs within federal agencies and businesses holding government contracts.\nWhile GS retreats, California is moving in the opposite direction. \nStarting March 1, venture capital firms operating in the state must submit annual demographic reports to the Department of Financial Protection and Innovation under the state’s “Fair Investment Practices by Venture Capital Companies” law. Firms that fail to comply could face penalties of up to $5,000 per day.\nPhoto courtesy: Shutterstock\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2612412381","isCrawlerRequest":true}