(Reuters) - Goldman Sachs ( GS ) said on Tuesday it has ended a diversity, equity and inclusion pledge tied to the investment bank's initial public offering business.

"As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy," Goldman spokesperson Tony Fratto said.

"We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach."

(Reporting by Saeed Azhar in New York and Manya Saini in Bengaluru; Editing by Arun Koyyur)