No Women? No Gender Diversity? No IPO

By Michelle Pollack | Korn Ferry Institute | January 29, 2020

Goldman Sachs is historically the bank other companies hire when they want to go public. The bank was the top lead underwriter of IPOs of US firms and No. 2 of non-US IPOs in 2019.

But starting this summer, Goldman says it won’t take a company public unless there’s at least one woman or other person of a diverse background on the company’s board of directors, even if it means losing out at least in part on potentially hundreds of millions of dollars of revenue. In 2021, the bank will raise the threshold to two diverse directors, which includes diversity based on sexual orientation and gender identity.

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