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 is canceling a pledge to ensure diversity on the boards of companies it helps go public. Why it matters: It's the latest corporate rollback of diversity, equity and inclusion initiatives following conservative blowback and a series of court rulings calling certain quotas into question.

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 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.