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The Goldman Sachs Group, Inc.
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=== Commitments === '''Human Capital Management''' Its people are its greatest asset. Goldman Sachs believe that a major strength and principal reason for its success is the quality, dedication, determination and collaboration of its people, which enables us to serve its clients, generate long-term value for its shareholders and contribute to the broader community. Goldman Sachs invests heavily in developing and supporting its people throughout their careers, and Goldman Sachs strives to maintain a work environment that fosters professionalism, excellence, high standards of business ethics, diversity, teamwork and cooperation among its employees worldwide. '''Diversity and Inclusion''' The strength of its culture, its ability to execute its strategy, and its relationships with clients all depend on a diverse workforce and an inclusive work environment that encourages a wide range of perspectives. Goldman Sachs believes that diversity at all levels of its organization, from entry-level analysts to senior management, as well as the Board of Directors of Group Inc. (Board) is essential to its sustainability. As of December 2022, approximately 57% of its Board was diverse by race, gender or sexual orientation. Its management team works closely with its Global Inclusion and Diversity Committee to continue to increase diversity of its global workforce at all levels. In addition, Goldman Sachs has Inclusion and Diversity Committees across regions, which promote an environment that values different perspectives, challenges conventional thinking and maximizes the potential of all its people. Goldman Sachs believes that increased diversity, including diversity of experience, gender identity, race, ethnicity, sexual orientation, disability and veteran status, in addition to being a social imperative, is vital to its commercial success through the creativity that it fosters. For this reason, Goldman Sachs has established a comprehensive action plan with aspirational diversity hiring and representation goals which are set forth below and are focused on cultivating an inclusive environment for all its colleagues. Diverse leadership is crucial to its long-term success and to driving innovation, and Goldman Sachs have implemented and expanded outreach and career advancement programs for rising diverse executive talent. For example, Goldman Sachs are focused on providing diverse vice presidents the necessary coaching, sponsorship and advocacy to support their career trajectories and strengthen their leadership platforms, including through programs, such as its Vice President Sponsorship Initiative focused on high-performing women, Black, Hispanic/Latinx, Asian and LGBTQ+ vice presidents across the globe. Many other career development initiatives are aimed at fostering diverse talent at the analyst and associate level, including the Black Analyst and Associate Initiative, the Hispanic/Latinx Analyst Initiative and the Women’s Career Strategies Initiative. Its global and regional Inclusion Networks and Interest Forums are open to all professionals at Goldman Sachs to promote and advance connectivity, understanding, inclusion and diversity. Progress Toward Aspirational Goals. Reflecting its efforts to increase diversity, the composition of its most recent partnership class was 29% women professionals, 24% Asian professionals, 9% Black professionals, 3% Hispanic/Latinx professionals, 3% LGBTQ+ professionals and 3% professionals who are military/veterans. The composition of its most recent managing director class was 30% women professionals, 28% Asian professionals, 5% Black professionals, 5% Hispanic/Latinx professionals, 3% LGBTQ+ professionals and 3% professionals who are military/veterans. Goldman Sachs has also set forth the following aspirational goals: * Goldman Sachs aims for analyst and associate hiring (which accounts for over 70% of its annual hiring) to achieve representation of 50% women professionals, 11% Black professionals and 14% Hispanic/Latinx professionals in the Americas, and 9% Black professionals in the U.K. In 2022, its analyst and associate hires included 44% women professionals, 10% Black professionals and 13% Hispanic/Latinx professionals in the Americas, and 17% Black professionals in the U.K. * Goldman Sachs aims for women professionals to represent 40% of its vice presidents globally by 2025 and 30% of senior talent (vice presidents and above) in the U.K. by 2023, while also endeavoring for women employees to comprise 50% of all of its employees globally over time. As of December 2022, women professionals represented 33% of its vice president population globally and 31% of senior talent (vice presidents and above) in the U.K., and women employees represented 41% of all of its employees globally. * Goldman Sachs aims for Black professionals to represent 7% of its vice president population in the Americas and in the U.K., and for Hispanic/Latinx professionals to represent 9% of its vice president population in the Americas, both by 2025. As of December 2022, Black professionals represented 4% of its vice president population in the Americas and 5% in the U.K., and Hispanic/Latinx professionals represented 6% of its vice president population in the Americas. * Goldman Sachs aims to double the number of campus hires in the U.S. recruited from Historically Black Colleges and Universities (HBCUs) by 2025 relative to 2020. The metrics above are based on self-identification. '''Talent Development and Retention''' Goldman Sachs seeks to help its people achieve their full potential by investing in them and supporting a culture of continuous development. Its goals are to maximize individual capabilities, increase commercial effectiveness and innovation, reinforce its culture, expand professional opportunities, and help its people contribute positively to their communities. Instilling its culture in all employees is a continuous process, in which training plays an important part. Goldman Sachs offers its employees the opportunity to participate in ongoing educational offerings and periodic seminars facilitated by its Learning & Engagement team. To accelerate their integration into the firm and its culture, new hires have the opportunity to receive training before they start working and orientation programs with an emphasis on culture and networking, and nearly all employees participate in at least one training event each year. For its more senior employees, Goldman Sachs provide guidance and training on how to manage people and projects effectively, exhibit strong leadership and exemplify its culture. Goldman Sachs are also focused on developing a high performing, diverse leadership pipeline and career planning for its next generation of leaders. Goldman Sachs maintain a variety of programs aimed at employees’ professional growth and leadership development, including initiatives, such as its Vice President and Managing Director Leadership Acceleration Initiatives and Partner Development Initiative. Enhancing its people’s experience of internal mobility is a key focus, as Goldman Sachs believe that this will inspire employees, help retain top talent and create diverse experiences to build future leaders. Another important part of instilling its culture is its employee performance review process. Employees are reviewed by supervisors, co-workers and employees whom they supervise in a 360-degree review process that is integral to its team approach and includes an evaluation of an employee’s performance with respect to risk management, protecting its reputation, adherence to its code of conduct, compliance, and diversity and inclusion principles. Its approach to evaluating employee performance centers on providing robust, timely and actionable feedback that facilitates professional development. Goldman Sachs have directed its managers, as leaders at the firm, to take an active coaching role with their teams. Goldman Sachs have also implemented “The Three Conversations at GS” through which managers establish goals with their team members at the start of the year, check in mid-year on progress and then close out the year with a conversation on performance against goals. Goldman Sachs believe that its people value opportunities to contribute to their communities and that these opportunities enhance their job satisfaction. Goldman Sachs also believe that being able to volunteer together with colleagues and support community organizations through completing local service projects strengthens its people’s bond with us. Community TeamWorks, its signature volunteering initiative, enables its people to participate in high-impact, team-based volunteer opportunities, including projects coordinated with hundreds of non-profit partner organizations worldwide. During 2022, its people volunteered approximately 86,000 hours of service globally through Community TeamWorks, with approximately 17,000 employees partnering with approximately 500 nonprofit organizations on approximately 1,200 community projects. '''Wellness''' Goldman Sachs recognizes that for its people to be successful in the workplace they need support in their personal, as well as their professional, lives. Goldman Sachs has created a strong support framework for wellness, which is intended to enable employees to better balance their roles at work and their responsibilities at home. Goldman Sachs provide a number of policies for its employees that support taking time away from the office when needed, including 20 weeks of parental leave, family care leave and bereavement leave. In 2022, Goldman Sachs also enhanced its vacation policies for its employees, allowing managing directors to take time off, when needed, without a fixed vacation day entitlement and adding a minimum of two additional vacation days for all other employees, as well as setting a minimum annual expected vacation usage of 15 days. For longer-tenured employees, Goldman Sachs offer an unpaid sabbatical leave. Goldman Sachs also continue to advance its resilience programs, offering its people a range of counselling, coaching, medical advisory and personal wellness services. Goldman Sachs increased the availability of these resources during the COVID-19 pandemic, and continued to evolve and strengthen virtual offerings to enhance access to support, with the aim of maintaining the physical and mental well-being of its people, and enhancing their effectiveness and productivity. In addition, to support the financial wellness of its employees, Goldman Sachs offer a variety of resources that help them manage their personal financial health and decision-making, including financial education information sessions, live and on-demand webinars, articles and interactive digital tools. '''Global Reach and Strategic Locations''' As a firm with a global client base, Goldman Sachs takes a strategic approach to attracting, developing and managing a global workforce. Its clients are located worldwide and Goldman Sachs are an active participant in financial markets around the world. As of December 2022, Goldman Sachs had headcount of 48,500, offices in over 35 countries and 52% of its headcount was based in the Americas, 19% in EMEA and 29% in Asia. Its employees come from over 180 countries and speak more than 150 languages as of December 2022. In addition to maintaining offices in major financial centres around the world, Goldman Sachs has established key strategic locations, including in Bengaluru, Salt Lake City, Dallas, Singapore, Warsaw and Hyderabad. Goldman Sachs continue to evaluate the expanded use of strategic locations, including cities in which Goldman Sachs do not currently have a presence. As of December 2022, 41% of its employees were working in strategic locations. Goldman Sachs believes its investment in these strategic locations enables us to build centers of excellence around specific capabilities that support its business initiatives. '''Sustainability''' Goldman Sachs have a long-standing commitment to sustainability. Its two priorities in this area are helping clients across industries decarbonize their businesses to support their transition to a low-carbon economy (Climate Transition) and to advance solutions that expand access, increase affordability, and drive outcomes to support sustainable economic growth (Inclusive Growth). Its strategy is to advance these two priorities through its work with its clients, and with strategic partners whose strengths and areas of focus complement its own, as well as through its supply chain. Goldman Sachs have established a Sustainable Finance Group, which serves as the centralized group that drives climate strategy and sustainability efforts across its firm, including commercial efforts alongside its businesses, to advance Climate Transition and Inclusive Growth. Goldman Sachs have also created the role of Global Head of Sustainability and Inclusive Growth, which, like its One Goldman Sachs initiative, is intended to facilitate the application of its full capabilities across both Climate Transition and Inclusive Growth. Its sustainable finance-related efforts continue to evolve. For example, Goldman Sachs recently launched the Sustainable Banking Group, a group focused on supporting its corporate clients in reducing their direct and indirect carbon emissions. Its activities relating to sustainability present both financial and nonfinancial risks, and Goldman Sachs have processes for managing these risks, similar to the other risks Goldman Sachs face. Goldman Sachs have integrated oversight of climate-related risks into its risk management governance structure, from senior management to its Board and its committees, including the Risk and Public Responsibilities committees. The Risk Committee of the Board oversees firmwide financial and nonfinancial risks, which include climate risk, and, as part of its oversight, receives updates on its risk management approach to climate risk. The Public Responsibilities Committee of the Board assists the Board in its oversight of its firmwide sustainability strategy and sustainability risks affecting us, including with respect to climate change. As part of its oversight, the Public Responsibilities Committee receives periodic updates on its sustainability strategy, and also periodically reviews its governance and related policies and processes for sustainability and climate change-related risks. Goldman Sachs have also implemented an Environmental Policy Framework to guide its overall approach to sustainability issues. Goldman Sachs apply this Framework when evaluating transactions for environmental and social risks and impacts. Its employees also receive training with respect to environmental and social risks, including for sectors and industries that Goldman Sachs believe have higher potential for these risks. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Other Risk Management — Climate Risk Management” in Part II, Item 7 of this Form 10-K for further information about its climate risk management. As a leading financial institution, Goldman Sachs acknowledge the importance of Climate Transition and Inclusive Growth for its business. In February 2021, Goldman Sachs issued its inaugural sustainability bond of $800 million, and in June 2022 Goldman Sachs issued its second benchmark sustainability bond of $700 million. These issuances align with its sustainable finance framework for future issuances and fund a range of on-balance sheet sustainable finance activity. Goldman Sachs believe Goldman Sachs can advance sustainability by partnering with its clients across its businesses, including by developing new sustainability-linked financing solutions, offering strategic advice, or co-investing alongside its clients in clean energy companies. Goldman Sachs have announced a target to deploy $750 billion in sustainable financing, investing and advisory activity by the beginning of 2030. As of December 2022, Goldman Sachs achieved approximately 55% of that goal, with the majority dedicated to Climate Transition. With respect to Climate Transition, Goldman Sachs have announced its commitment to align its financing activities with a net-zero-by-2050 pathway. In that context, Goldman Sachs have set an initial set of targets for 2030 focused on three sectors — power, oil and gas, and auto manufacturing — where Goldman Sachs see an opportunity to proactively engage its clients and investors, deploy capital required for transition, and invest in new commercial solutions to drive decarbonization in the real economy. Carbon neutrality is also a priority for the operation of its firm and its supply chain. In 2015, Goldman Sachs achieved carbon neutrality in its operations and business travel, ahead of its 2020 goal announced in 2009. Goldman Sachs have expanded its operational carbon commitment to include its supply chain, targeting net-zero carbon emissions by 2030. In addition to Climate Transition, its approach to sustainability also centres on Inclusive Growth where Goldman Sachs seek to drive solutions that expand access, increase affordability, and drive outcomes to advance sustainable economic growth. Goldman Sachs have sponsored initiatives, such as One Million Black Women, Launch With GS, the Urban Investment Group, 10,000 Women and 10,000 Small Businesses. An overarching theme of its sustainability strategy is promoting diversity and inclusion as an imperative for us, as well as for its clients and their boards. These efforts are further strengthened by strategic partnerships that Goldman Sachs have established in areas where Goldman Sachs have identified gaps or believe Goldman Sachs are able to drive even greater impact through collaboration. Goldman Sachs believe its ability to achieve its sustainability objectives is critically dependent on the strengths and talents of its people, and Goldman Sachs recognize that its people are able to maximize their impact by collaborating in a diverse and inclusive work environment. See “Business — Human Capital Management” for information about its human capital management goals, programs and policies.
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