American banking giant Goldman Sachs plans to remove race, sexual orientation, and gender identity from the official criteria for selecting members of its board of directors. This decision marks a clear departure from its previous inclusivity policy, known as DEI. The changes result from pressure from conservative organizations and the shifting political climate on Wall Street, where the rationale for using demographic quotas in business is increasingly questioned.
Removal of Demographic Indicators
Parameters concerning race, gender, and sexual orientation of candidates will disappear from the list of official criteria for selection to the board of directors.
New Pillars for Personnel Assessment
The bank will focus on professional experience and public service as the main measures of competence for potential board members.
Pressure from Conservative Organizations
The decision is a response to actions by the National Legal and Policy Center, which pointed to the risk of reverse discrimination.
American investment bank Goldman Sachs is preparing for a fundamental change in its top-tier management policy. As reported by „The Wall Street Journal”, the corporation intends to remove race, sexual orientation, and gender identity from the list of formal criteria considered in recruiting for the board of directors. This decision is seen as a symbolic end to the DEI era at one of the world's most important financial institutions. Instead of previous demographic indicators, the corporate governance committee will evaluate candidates based on four main pillars. Key importance will now be given to professional experience, military career background, and achievements in public service. The bank emphasizes that it aims for a substantive assessment of competencies, abandoning top-down imposed inclusivity goals that have dominated corporate America in recent years. This change follows last year's withdrawal of the bank's commitment to support diversity on the boards of clients it takes public. DEI policy gained significance in the USA after 2020, becoming a standard in the largest S&P 500 corporations. However, since 2023, after the US Supreme Court ruling banning affirmative action in universities, many companies have begun withdrawing from these programs for fear of discrimination lawsuits. Pressure on the Goldman Sachs board was exerted, among others, by the organization National Legal and Policy Center (NLPC). This organization submitted a request to the bank last September, arguing that using identity criteria in hiring could lead to discrimination against other qualified candidates. „Using demographic parameters in board decision-making processes creates legal risk and distracts from the company's financial results.” — NLPC Representative Analysts indicate that Goldman's move may trigger a domino effect across Wall Street, where other banks are also considering revising their social programs. 4 — competency pillars will replace previous demographic criteria Change in Board Recruitment Criteria: Key Factors: Race, Gender, Orientation → Experience, Public Service; Selection Priority: Demographic Representation → Professional Qualifications; Client Relations: Diversity Requirement for IPO → No Top-Down Requirements Liberal media emphasize that the retreat from DEI is a capitulation to right-wing pressure and may hinder social progress in the financial sector. | Conservative media praise the decision as a return to meritocracy and a departure from business ideologization in favor of economic efficiency.