Rule of variety of goldman Sachs axes that “fulfilled its purpose”

The Goldman Sachs Deputy Chairman said the bank has abandoned an internal diversity rule that forbade him to advise all the men, all the white boards of the company's fleet because it is no longer necessary.

The investment bank has promised to help business sell its stock on a stock exchange only if there are two diverse members on board, one of which was supposed to be a woman.

But Richard Gnodde said to the BBC: “This policy was introduced to try to achieve a change in behavior and I think this happened.”

In a wide -ranging interview, he also said that the United Kingdom Government should join and launch infrastructure projects now and warned that uncertainty about US policy was a subsidence of the “animal spirit of companies.”

Goldman Sachs introduced its diversity policy on 2020 Soviets, initially imposing companies that wanted to sail, must have a diverse member before they increase it to two people.

G -n Gnodde said: “I think it is important that you have a variety of views on this advice and if you look at these companies, they all have accepted diversity, this has been moved together.

“I think he served on his goal.”

According to Think Tank, the board of the conference, although US tips are “more diverse than ever”, there was a “pronounced delay” in racial diversity, hiring boards between 2022 and 2024.

Among the 500 largest US companies, the share of non-white directors is 26%, and the share of women directors is 34% in 2024, according to Think Tank.

Last December, the US Federal Court of Appeal ruled that the NASDAQ, the stock market index, has no authority to impose rules requiring companies to have women and minorities or LGBTQ+ people in their advice or to explain why they do not.

Goldman Sachs spokesman said: “As a result of the legal developments related to the requirements for diversity of the board, we have ended with our formal policy for diversity of the board.”

The company did not specify whether it refers to the NASDAQ case.

In one of his first actions after US President Donald Trump signed an executive order to terminate “radical and wasteful government DEI (diversity, justice and inclusion) programs”.

Since then, a number of companies have returned to various rental programs, including Google and Meta, the company that owns Instagram and Facebook.

Asked if the companies withdraw from the policies surrounding the diversity because of the White House of Trump, Gnodde replied: “I can only talk about myself, I don't think so.

“Our ambitions are to continue to go ahead and to be honest to go much further than us.”

However, he acknowledged that the uncertainty caused by Trump's policy on commercial tariffs, weighed the “animal spirits” of companies and their appetite for investment.

“I think the mood is at the margin (is) a little tempered at the moment, because people are not sure what the result of the politics will be and exactly what the impacts will be,” said Gnodde.

Trump initially said he would impose 25% tariffs on Canada, Mexico and China. But then he stopped them against Canada and Mexico for 30 days.

Since then, the President has subsequently announced that he will impose 25% tariffs for all steel and aluminum entering the US, Provoking fierce answers from the likes of Canada and the European UnionS

Considering the United Kingdom, Gnodde called on the government to deal with infrastructure projects more recently than later.

Chancellor Rachel Reeves She recently announced her support for a third track in Heathrow As well as the expansion of Luton and Gatwick airports and the construction of a “growth corridor” between Oxford and Cambridge.

However, these projects are expected to be completed for several years.

Government has made the growing economy a key policy, but the growth of the United Kingdom has slowed down, According to official dataS

G -n Gnodde said: “Long distance projects are very interesting. We have to put them in place, but they will take a long time.”

He added: “Let's find some infrastructure settings that we need to do, whether in the energy sector, whether in transport, improving the road network, something in the energy transition.

“All these plans are sitting at the Ministry of Finance's Bureau. Why don't we auction them, make the private sector bid on the conditions that will be attractive to the private sector and see competition.”

In a report to strengthen small businesses in the UK, published on Wednesday, Goldman Sachs said: “If there are two things we know from the first six months of a new administration in the UK, it is that growth is an urgent national mission and unlock it is it can be The biggest challenge that successive governments face. “

D -n Gnodde stated, Recently canceled the chairman of the Competition and Markets AuthorityS

He added that the government that pulls such a lever could ignite growth to make the United Kingdom “worldwide.”

He also suggested that the British business must consolidate in order to compete worldwide.

“How many of these players do we need?” He said. “How many telecommunications do we need? How many banks do we need? I think the market should be able to manage this if we are going to compete on the global stage.”