Goldman Sachs won’t take companies public unless a woman is on the board

(CNN) – Goldman Sachs has a new rule when it comes to taking companies public.

The bank won’t take companies public anymore unless they have at least one “diverse” board member, the bank’s CEO David Solomon said.

Goldman Sachs’ push for diversity will be focused on women.

The company says over the past four years, public offerings of companies in the U.S. with at least one female director on their boards performed significantly better than those without.

The initiative will kick off on July 1 in the United States and Europe.

Goldman Sachs itself has four women on its board of directors, out of 11 total members.