"Goldman Sachs got some unwanted attention yesterday for its reported plans to scrap DEI criteria for its board, about a year after erasing diversity goals for its workforce. Many other companies have done the same amid a federal crackdown and several state lawsuits over corporate DEI efforts. ( Starbucks won a dismissal last week after Missouri challenged its DEI initiatives, freeing up time to battle a recent suit in Florida.)"
"When asked, every CEO tells me that they remain committed to creating a diverse, equitable and inclusive workforce, even if those words are being erased from public documents. They cite the studies that diverse teams perform better, arguing efforts continue behind the scenes. They just don't want to talk about it. One exception is Costco CEO Ron Vachris who continues to publicly affirm the retailer's commitment to diversity even as rivals have scaled back."
Goldman Sachs faced criticism for reported plans to remove DEI criteria for its board after eliminating workforce diversity goals previously. Several companies have reduced public DEI commitments amid federal crackdowns and state lawsuits, though many CEOs say commitments persist privately and cite studies showing diverse teams perform better. Costco's CEO remains a vocal exception. Board composition and disclosure are shifting: Fortune 50 boards showed fewer than half white men for a third consecutive year, yet disclosures of directors' race in the S&P 500 have dropped and new director appointments skewed toward white men. Boards influence talent and policy discussions such as childcare and flexibility.
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