Goldman Sachs, criticized by some corporate-governance advocates for falling below recommended thresholds for board gender diversity, added former Harvard President Drew Faust as a director. She was the university's first female president, with an academic background in women's studies.
Goldman Sachs Group Inc. (GS - Get Report) named former Harvard University president Drew Faust to its board, bringing the number of female directors at the Wall Street firm to three and boosting the percentage of women to 33% from 18%.
Faust, 70, a historian with a background in women's studies, served as Harvard's first female president from 2007 until earlier this month. At Harvard, she succeeded former U.S. Treasury Secretary Larry Summers, who had sparked an outcry after he said in 2005 that innate gender differences might explain the high proportion of men in science and engineering positions.
The appointment comes after Goldman has been criticized for having too few women on its board.
Some corporate-governance advocates say that company boards need at least three women to ensure that their contributions are fully effective, and major shareholders including BlackRock Inc. (BLK - Get Report) have signed on to a theory that companies perform better when at least 30% of directors are female.
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