News

Politics & Policy

Goldman Sachs Exempts All Asian Companies from New IPO Diversity Pledge

(Brendan McDermid/Reuters)

Goldman Sachs will exempt companies in Asia from a new company rule mandating that companies they take public have at least one female or racial minority board member, Bloomberg reported on Friday.

The requirement for one diverse board member only applies to companies in the U.S. and Europe. In addition to Asia, companies from Latin America and the Middle East were exempt from the new requirement.

A spokesman for Goldman Sachs told Bloomberg that the requirement may be implemented in those regions in the future as the regions gain awareness of diversity issues. According to MSCI Inc., around 33 percent of companies in Japan and 34 percent in China had zero female board members, while in Saudi Arabia the level was 94 percent.

Goldman Sachs CEO David Solomon announced on Thursday the bank plans to begin implementing the policy in July of this year.

“Starting on July 1st in the U.S. and Europe, we’re not going to take a company public unless there’s at least one diverse board candidate, with a focus on women,” Solomon said at the World Economic Forum in Davos, Switzerland. “And we’re going to move towards 2021 requesting two.”

“We have four women out of 11, we have a black lead director,” Solomon went on. “I really value the diverse perspectives I’m getting, which are helping me on the company.”

Goldman Sachs was the largest underwriter of IPOs within the U.S. and Europe in 2019.

Zachary Evans is a news writer for National Review Online. He is a veteran of the Israeli Defense Forces and a trained violist.

Most Popular

Law & the Courts

Why Wasn’t Andrew McCabe Charged?

The Justice Department announced Friday that it is closing its investigation of Andrew McCabe, the FBI’s former deputy director, over his false statements to investigators probing an unauthorized leak that McCabe had orchestrated. McCabe was fired in March 2018, shortly after a blistering Justice Department ... Read More
Law & the Courts

Why Wasn’t Andrew McCabe Charged?

The Justice Department announced Friday that it is closing its investigation of Andrew McCabe, the FBI’s former deputy director, over his false statements to investigators probing an unauthorized leak that McCabe had orchestrated. McCabe was fired in March 2018, shortly after a blistering Justice Department ... Read More
Elections

The Media’s Bernie Sanders Makeover Begins

Just you watch: By the time Election Day rolls around in November, liberal columnists will be telling us that Bernie Sanders is the “real conservative” in the presidential race. Many among the center–left commentariat are struggling to come to terms with the likelihood that the Democratic Party will ... Read More
Elections

The Media’s Bernie Sanders Makeover Begins

Just you watch: By the time Election Day rolls around in November, liberal columnists will be telling us that Bernie Sanders is the “real conservative” in the presidential race. Many among the center–left commentariat are struggling to come to terms with the likelihood that the Democratic Party will ... Read More
Elections

There’s Zero Chance Bloomberg Would Pick Hillary

There’s no better evidence that Mike Bloomberg’s chances of getting the Democratic nomination are on the rise than the fact that the opportunistic Hillary Clinton is already trying to grab a piece of the action. The Drudge Report startled the political world on Saturday by noting that “sources close to ... Read More
Elections

There’s Zero Chance Bloomberg Would Pick Hillary

There’s no better evidence that Mike Bloomberg’s chances of getting the Democratic nomination are on the rise than the fact that the opportunistic Hillary Clinton is already trying to grab a piece of the action. The Drudge Report startled the political world on Saturday by noting that “sources close to ... Read More

Socialism . . . But?

For once, conservatives were ahead of the curve. American conservatism functioned as a political mass movement in the postwar era not because of the rhetorical gifts of its chief expositors (William F. Buckley Jr. et al.) nor because of the intellectual prowess of its best and most creative minds (ask George ... Read More

Socialism . . . But?

For once, conservatives were ahead of the curve. American conservatism functioned as a political mass movement in the postwar era not because of the rhetorical gifts of its chief expositors (William F. Buckley Jr. et al.) nor because of the intellectual prowess of its best and most creative minds (ask George ... Read More
Religion

Getting Real About Christianity

Charlotte, N.C. -- There were women weeping in a chapel here. One woman named Veronica was nearly inconsolable. She was talking about the crucifixion of Christ as if it was happening right then and there. She was feeling it. She was seeing it as the consequences of her sins. She was overwhelmed by the love of a ... Read More
Religion

Getting Real About Christianity

Charlotte, N.C. -- There were women weeping in a chapel here. One woman named Veronica was nearly inconsolable. She was talking about the crucifixion of Christ as if it was happening right then and there. She was feeling it. She was seeing it as the consequences of her sins. She was overwhelmed by the love of a ... Read More