The policy, effective July 1 and focusing on gender diversity, applies to companies in the U.S. and Europe, but not Asia, which has the worst reputation for board gender diversity. The bank plans to apply the policy in other markets “over time.” (Financial Times)

Talking point: The move makes Goldman the first Wall Street bank with such a policy. David Solomon, the bank’s CEO, acknowledged that companies that IPO with at least one woman director tend to perform “significantly better” than those with all-men boards. The new standard isn’t particularly bold, however, and is unlikely to result in the bank abstaining from underwriting a company’s IPO. Women already hold about 26 per cent of board seats of S&P 500 companies; and more than 90 per cent of the boards of those firms have two or more women directors.