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 has ended its policy requiring IPO clients to have diverse boards, citing a legal ruling that ended a similar initiative at the Nasdaq.

The company told Axios in 2022 that the policy — requiring at least two non white, male board numbers for IPO-seeking companies — was working.

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 CEO David Solomon is scrapping a key DEI policy that banned the bank from doing IPOs for companies with white, all-male boards. It marks a major U-turn for Goldman amid a White House-led crackdown on what the Trump administration believes to be discriminatory hiring policies in the private sector.