Goldman Sachs to Remove Demographic Factors From Board Selection
Goldman Sachs plans to remove race, gender identity, sexual orientation and other demographic factors from its board candidate criteria after a September 2025 request from the National Legal and Policy Center.
Overview
Goldman Sachs plans to remove race, gender identity, sexual orientation and other demographic factors from the board's candidate-selection criteria, people familiar with the matter said.
The change follows a September 2025 request from the National Legal and Policy Center and an agreement under which the group withdrew its proposal, anonymous sources said.
Both Goldman Sachs and the National Legal and Policy Center declined to comment when asked.
The governance committee's "other demographics" category listed race, gender identity, ethnicity and sexual orientation, and the committee intends to remove that category, anonymous sources said.
The bank's board is projected to approve the revised board-selection language sometime later in February, people familiar with the matter said.
Analysis
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Sources (3)
FAQ
Goldman Sachs removed DEI considerations from its board selection process following a September 2025 request from the National Legal and Policy Center (NLPC), a conservative activist non-profit organization holding a minority stake in the bank.[1] The decision is part of a broader corporate retreat from DEI policies triggered by President Donald Trump's executive order in January 2025, which directed federal agencies to eliminate DEI programs across government.[3]
Goldman Sachs will no longer factor race, gender identity, sexual orientation, and ethnicity into board candidate selection decisions.[1] These factors were previously included under the 'other demographics' category in the governance committee's evaluation criteria.[3]
Goldman Sachs will continue to evaluate board candidates based on viewpoints, professional background, military service, and traditional diversity measures.[1] The bank previously assessed candidates against four criteria, with three of these continuing to focus on qualifications and experience rather than demographic characteristics.[1]
Goldman Sachs shareholders did not support abandoning DEI programs. According to proxy voting at the bank's most recent annual meeting, 98 percent of shareholders voted against a proposal to review the bank's DEI programs.[1] Despite this overwhelming shareholder opposition, the board proceeded with the policy change.
No. Goldman Sachs represents part of a broader trend among American corporations rapidly scaling back or abandoning DEI efforts following President Trump's executive orders in January 2025.[1] The administration has also targeted DEI initiatives at elite universities including Columbia University and Harvard.[3]
History
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