The era of the white, all-male board is coming to an end.

Goldman Sachs Group Inc. Chief Executive Officer David Solomon issued the latest ultimatum Thursday from Davos. Wall Street's biggest underwriter of initial public offerings in the U.S. will no longer take a company public in the U.S. and Europe if it lacks a director who is either female or diverse. Asia is not yet included in the firm’s new policy.

“Starting on July 1st in the U.S. and Europe, we’re not going to take a company public unless there's at least one diverse board candidate, with a focus on women,” Solomon told CNBC Thursday. He didn't mention Asia, which continues to lag behind other regions when it comes to board diversity.

Next year, the bank will raise the threshold to two diverse directors, which includes diversity based on sexual orientation and gender identity, Goldman said in a statement. The bank said the decision came after it learned more than 60 U.S. and European companies in the last two years went public without a woman or person of color on the board. Goldman Sachs has four women on it's 11 member board.

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