Say goodbye to DEI on your corporate boards. Now we can get back to selecting boards based on merit. Or just choosing your golf buddies from the country club. Goldman Sachs abandons IPO diversity pledge with US DEI goals under fire https://finance.yahoo.com/news/goldman-kills-ipo-diversity-pledge-143612104.html (Bloomberg) — Goldman Sachs Group Inc. (GS) is abandoning a significant pledge it made to refuse initial public offering business with companies that had all White, male boards. Wall Street’s leading investment bank had a policy that it would only take a company public in the US or Western Europe if it included two diverse board members, one of whom must be a woman. The rule had initially been put in place in 2020 with a requirement for at least one diverse board member. “As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy,” said Tony Fratto, a spokesperson for Goldman Sachs. “We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach.” The pledge was made at a time when much of corporate America was swept up in the fervor to champion diversity. Large asset management firms like BlackRock Inc. (BLK) were voting against directors at companies without a female board member. Goldman used its heft in the IPO business to mandate change at companies that they believed were falling behind the times,and even brushed off griping from their own clients to push ahead with this measure. Goldman has already advised on initial public offerings that don’t appear to meet its diversity criteria. It helped on a listing that priced last week for Titan America SA, a cement company whose website lists no women on its board. A similar rule for listings on Nasdaq Inc.’s US exchange was struck down by a federal appeals court in December as conservative ramped up the pressure against diversity, equity and inclusion efforts in corporate America. Nasdaq’s policy was challenged by a group led by Edward Blum, the activist best known for helping to end affirmative action in college admissions. Rather than attacking Nasdaq directly, the group raised issue with the US Securities and Exchange Commission’s approval of the rule, which it claimed enabled “invidious discrimination.” State attorneys general then joined in with a similar message. US corporations began reviewing their DEI policies after the affirmative action decision in 2023, and companies from Amazon.com Inc. to Walmart Inc. (WMT) have since announced they are backtracking on some of their initiatives. The new Trump administration has ramped up a campaign to root out DEI from companies, specifically targeting federal contractors in the first phase of its plan.
Let me ask you honestly... if you go to any of these companies and see a black person or a woman....you are going to say they are DEI hires and not because of their competency right?
If companies focused on hiring based on merit then when you walked into a company and saw an employee you would believe they were hired based on merit... and thoughts about if they were a DEI hire would not enter your head. As I outlined previously it is time for for corporate America to move on from DEI and focus on EMC: Equality Merit Colorblindness
I certainly would assume that that applied to many because, over the decades, lefties have made sure that many were in fact hired on dei factors. So whose fault is that? The dem's mantra for the last decade or more has been "equity not equality" meaning that we should just do whatever it takes to make sure that the population hired ends out looking like resident population regardless of skills. In other words, if you can't find qualified minorities for a position just plow through that and put a minority in there. This has been a serious deterioration from even the equal rights movement which was directed toward equal access for those who were qualified.
Why would thoughts of the competency enter into your head just because they had a DEI initiative.... if you saw a black woman as a vice president you are admitting you would not see her as competent, you would question her existence. DEI was not about hiring anyone of color despite their merit.... it was about ensuring qualified people of color were also considered for these positions. But since you tend to have a closed mind, you see it only as a person of color HAD to have been a DEI hire meaning they are unqualified.
If a corporation had a significant DEI initiative in place for years then most people would contemplate that a minority or woman was promoted or hired due to DEI rather than competency. This is unfortunate for the individuals (POC and women) who are in their positions due to merit -- they are immediately suspected of being a DEI hire/promotion than accepted on their capability. Despite claims that DEI is merely about ensuring that people of color are considered for positions; this is not how it has worked out in reality in the workplace. Many companies have effective put quotas in place for DEI hiring and promotion. If corporations adopted a program based on EMC (Equality, Merit and Colorblindness) then rational people would be assured that people of all backgrounds are in their positions due to their merit and capability. You can also see my previous response regarding this.
So just admit that if you see a company with a black female vice president and they had a DEI program you would doubt her credentials. Also I will need a citation from a company that they people were promoted due to DEI rather than competency. Show me a quota from Target or Nike or other places. Or......you just making shit up becuase you do not have any facts.
There are articles in this thread which provide examples and facts. You seem to have a hang up with trying to assert I am racist because you claim I would only see a black female vice president as not having credentials. This is not true. I evaluate people based on their capabilities and performance -- not some innate bias or preconceived notions.