Goldman Sachs has ended its policy requiring IPO clients to have diverse boards, citing a legal ruling that ended a similar initiative at the Nasdaq.

Goldman Sachs cancelled a four-year-old policy to only take public companies that had two diverse board members, a spokesperson for the bank said on Tuesday, in the latest such move by corporations expecting greater scrutiny on social policies from U.

Goldman Sachs Group Inc. is abandoning a significant pledge it made to refuse initial public offering business with companies that had all White, male boards.Most Read from BloombergSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterNice Airport,

Goldman Sachs (GS) is reportedly reversing its policy that barred companies with all-white, male boards from going public, dropping the diversity requirement it set in 2020.

Goldman Sachs said on Tuesday it has ended a diversity, equity and inclusion pledge tied to the investment bank's initial public offering business. "As a result of legal developments related to board diversity requirements,

Goldman Sachs is ending its policy that mandated companies have a diverse board for the bank to take them public. The rule, a version of which was implemented in 2020, had said the bank would only underwrite the initial public offerings for companies in the U.

CNBC's Andrew Ross Sorkin reports on the latest news.