Goldman Sachs is scrapping diversity, equity, and inclusion criteria for its board, about a year after eliminating diversity goals for its workforce. This move is part of a broader trend among U.S. companies facing federal pressure and state lawsuits over corporate DEI efforts. U.S. boards remain more diverse than the companies they oversee, with white men occupying fewer than half the board seats on Fortune 50 boards for the third year in a row. However, this trend is reversing: S&P 500 companies are dramatically reducing disclosure of directors’ race and ethnicity, and white men made up the majority of new directors for the first time since 2017. Nonetheless, advocates continue to argue that diverse perspectives in the boardroom deliver tangible business benefits.
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