THE FUTURE,

Integrating Sustainability with
Purpose across Our Business
Goldman Sachs 2020 Sustainability ReportGoldman Sachs 2020 Sustainability Report

39

54

15
Letter to Our Shareholders05	Introduction
03

OUR WORK
WITH CLIENTS

OUR
FIRM

OUR PARTNERSHIPS,ENGAGEMENT AND IMPACT

16 Focusing Our Commercial Capabilities on
Sustainable Solutions

41 Managing Our Climate Impact

55 Improving ESG Data

44 Sustainability of Our Operations andSupply Chain

56 Advancing Net Zero Together

18 Investment Banking
24 Global Markets

47 A Healthy Place to Work

27 Asset Management

48 A Global Reliance on Clean Energy

32 Consumer & Wealth Management

49 Cultivating a Sustainable, Diverse
Supply Chain

33 Cross-Divisional Initiatives and Capabilities
36 Showcase

Metrics
74 Recognition
76 SASB Index
71

2

51 Governance with Purpose

80

PEOPLESTRATEGYREPORT

57 Building New Markets
58 Supporting Stronger Sustainability Policy
59 Thought Leadership on Sustainability
61 Investing with Impact

Goldman Sachs 2020 Sustainability Report
Letter to Our Shareholders

David M. Solomon
Chairman and Chief Executive Officer

FELLOW
SHAREHOLDERS,
Early in 2020, it wasn’t clear whether the momentum behind sustainability
would last. In December 2019, we announced our 10-year target of $750 billion
in financing, investing and advisory activity focused on our two priorities ofclimate transition and inclusive growth. The response was overwhelmingly
positive. But then COVID-19 hit, markets plummeted and concerns grew thatsustainability would lose steam.
But, instead of slowing down, it actually sped up. A record of $732 billion in sustainable debt was issued in 2020, and forour part, Goldman Sachs achieved $156 billion in sustainable-finance activity — more than a fifth of our goal. Now, as
more and more of our clients work with us to meet their decarbonization goals, we can say definitively that sustainability
is not an offshoot of our business; it is our business.
That being said, we’ve still got a long way to go. In March 2021, we announced a commitment to align our financing
activities with a net-zero-by-2050 pathway. We’ve also set a medium-term goal to achieve net-zero emissions in ouroperations and supply chain by 2030. In addition, we’re working to set more near-term, interim-business goals andfurther integrate climate-risk considerations into how we do business.
And, because we cannot possibly confront the challenges of climate change and structural inequity on our own, we’vegone beyond our commercial work to partner with our peers and other organizations to effect real change. For instance,
we’re working with the Bloomberg-sponsored Climate Finance Leadership Initiative to help attract more private capitalto sustainable infrastructure projects in emerging markets.
Another example is our latest initiative, launched in partnership with Black women–led organizations: One Million Black
Women. Over the next 10 years, we will invest $10 billion to address the disparities Black women face, with the goal of
impacting the lives of at least 1 million Black women by 2030. We’ve created a new advisory council of prominent Black
leaders to help guide our efforts, and the excitement we’ve seen during our listening tour with Black-led businesses
and organizations has been incredible.

3Goldman Sachs 2020 Sustainability Report
Letter to Our Shareholders

But, while sustainable finance is core to our purpose, we can’t deliver on that purpose without our people. With thatin mind, we are releasing in tandem with this document our inaugural People Strategy Report. We are a talent-centricorganization, and it is critical that we remain a leader and innovator in finding, developing and supporting talent,
the same way we do in serving our clients.
As CEO, I believe nothing is more important than our people’s well-being. Their professional growth adds to the successof the firm. So we’ve developed a strategy that rests on three pillars spanning the breadth of a career at Goldman Sachs:
attracting talent; supporting our people and sustaining our culture; and broadening our impact. Our Global Head of
Human Capital Management, Bentley de Beyer, is responsible for ensuring that this strategy is fully aligned with ourlarger strategic goals.
Within those three pillars, we see many opportunities for further modernization, but running through them all is a focus
on diversity, equity and inclusion. It’s vital to our business that we allow all our people to bring their authentic selves tothe office and that our firm reflects the communities in which we live and work.
And, as this year’s report explains, we’ve made good progress on our aspirational diversity and inclusion goals. In our2020 campus analyst class in the Americas, we achieved an important first: 55 percent were women. We set additional
goals for retaining and promoting talent at the vice-president level. And our most recent partner and managing director
classes were the most diverse in our firm’s history. There’s still a long road ahead, but I will continue to make this effort
a personal priority.
So we’re well-positioned for 2021, and that’s due in no small part to our people’s exceptional performance in 2020.
I was truly amazed by their dedication and resilience. And now, as life after the pandemic comes into view, we will bringwith us all the lessons we’ve learned. We know our people do their best when they can come together to work, innovate
and thrive. But we must also continue to give them the flexibility they need to manage both their work and their personal
lives. We’re committed to striking the right balance and continuing to listen to our people, at all levels, so we can support
them in what is still a rapidly changing environment. After all, attracting, developing and supporting our talent is
ultimately how we achieve our purpose as a firm: to advance sustainable economic growth and financial opportunity.
The year 2020 had its fair share of twists and turns, but in the end it proved that we’re on the right course. To provide
strong, long-term returns for our shareholders we must advance sustainable and inclusive long-term growth. And as
our progress this year showed, our people are more than ready to meet the task.

David M. Solomon
Chairman and Chief Executive Officer

4Goldman Sachs 2020 Sustainability Report

I NTRO D U C TIO N

A SUSTAINABLE
FUTURE DEMANDSINFORMED STRATEGICDECISIONS TODAY.
At Goldman Sachs, we have a long-standing commitment to sustainability.
When we laid out our purpose at our 2020 Investor Day, it was a clear
commitment to this new era of finance we look to shape and to lead.
Our Purpose is driven by our core values of Partnership, Client Service,
Integrity and Excellence.

Our Purpose

We advance sustainable economic
growth and financial opportunity.

At Goldman Sachs, we view climate transition and inclusive growth
as drivers of risk and opportunity for us and our clients. As this era
has evolved, we have integrated and elevated our sustainability efforts
across the firm. 2020 marked a pivotal moment in our approach. We
accelerated our commitment to sustainable finance as an expression of
our broader purpose, and set about leveraging the breadth of our firm,
people and broader ecosystem to expand our impact.
5Goldman Sachs 2020 Sustainability Report
Introduction

SUSTAI NAB I LIT Y FO R
TH E FUTU R E , N OWAt Goldman Sachs, we view sustainability through a broad lens. Our approach is driven through our work with clients, how wemanage our firm and how we address market gaps, including through partnerships, engagement and impact. Climate Transition andInclusive Growth are the two holistic pillars that underpin our work, including our $750 billion commitment and our broad focus
on driving toward a more sustainable economy that works for all. This includes a cross-cutting focus on economic empowerment
and investment in underserved communities to drive more inclusive, sustainable growth.

OUR
PURPOSEWe advance sustainableeconomic growth andfinancial opportunity

DRIVINGI N C LU S I V E G R OW T H

A DVANC I NG TH E
C LI MATE TR ANS I TI ON

CLEAN
ENERGYSUSTAINABLE
TRANSPORTWASTE &
MATERIALSECOSYSTEMSERVICESSUSTAINABLE
FOOD & AGRICULTURE

ACCESSIBLE& INNOVATIVEHEALTHCAREACCESSIBLE& AFFORDABLEEDUCATIONFINANCIALINCLUSIONCOMMUNITIESWE ACHIEVE THIS THROUGH:

WHAT WE DO

HOW WE DO IT

HOW WE ADDRESS GAPS

Our work
with clients

Our firm

Our partnerships,
engagement and impact

For case studies on how we are delivering across these themes, see page 36.
Read about the initiatives we are driving to address market gaps across these pillars, including
One Million Black Women, 10,000 Small Businesses and 10,000 Women, on page 61.

6Goldman Sachs 2020 Sustainability Report
Introduction

As shown in the accompanying graphic, our purpose is supported by two core pillars: climatetransition and inclusive growth. Within these two pillars are sets of investment themes, nine intotal, that establish our focus going forward.

O U R N I N E S U S TA I N A B L E G R OW T H T H E M E S

Climate transition and inclusive growth are the pillars of our sustainable growth strategy.
Within these pillars, we are focused on nine areas where we see the most potential for impact.

C L I M AT E T R A N S I T I O N

I N CLU S IVE G ROW TH

Helping industries usher in and thrive
in a low-carbon economy

Leveraging our capabilities to improve access andaffordability and advancing economic empowerment

Clean Energy
Enable renewable-energy generation, energy efficiency
and grid services.

Accessible & Innovative Healthcare
Enable the use of digital technology and advanced devices
and diagnostics for better outcomes.

Sustainable Transport
Shift modes of transit through electric vehicles, connected services,autonomous driving and public transportation development.

Financial Inclusion
Advance financial inclusion for all, including underserved
populations, by promoting access to capital, financial technology
and products that increase access, support financial health anddrive more equitable economic growth.

Sustainable Food & Agriculture
Enable green agricultural production, storage, processing
and distribution to feed the world.

Accessible & Affordable Education
Enable greater access to education, improve learning outcomes
and help close opportunity gaps for learners of all ages.

Waste & Materials
Promote sustainable production and consumption,
along with responsible waste management.

Communities
Enable infrastructure development, affordable housing
and livelihood advancement.

Ecosystem Services
Contribute to the sustainable management of natural resources,
monetizing the value of forests, water and biodiversity.

We execute on our purpose through:1. Our Work with Clients — What we do
We support our clients and their priorities on a daily basis. Increasingly, our clients see climatetransition and inclusive growth as we do: as drivers of risk and opportunity, and the key
determinants of their success going forward.
7

Goldman Sachs 2020 Sustainability Report
Introduction“Our approach to sustainability centers on delivering commercial solutions for our clientsand supporting our communities as they face a growing set of opportunities and challenges
related to climate transition and inclusive growth. It starts with our work with clients andhow we manage our firm and extends to how we address market gaps by engaging partners
and investing with impact, building on two decades of experience driving economic
empowerment and investing in inclusive growth.”— Dina Powell McCormick, Global Head of Sustainability and Inclusive Growth

2. Our Firm — How we do it
We are making sustainability central to how we manage our business broadly. We promote
diversity and inclusion as an imperative not just for our firm but also for our clients andtheir boards. We are deepening the integration of environmental and climate considerations
into our business decisions and practices, and are working to radically improve the stateof climate data. We have clear commitments, including targeting net-zero GHG emissions
across our operations and supply chain by 2030 and aligning our financing activities witha net-zero-by-2050 transition pathway — both supported by robust governance.
Our people power our success. As a talent-centric firm, our future depends on what we dotoday to attract the talent that differentiates us in the global marketplace, to sustain our firm’s
culture, to advance critical diversity and inclusion priorities, and to cultivate opportunities
for the people of Goldman Sachs to positively impact our clients and our broader communities.
Please see the accompanying People Strategy Report for details on our commitments andprogress in these areas.

One Million Black
Women Spurring
Inclusive Growth8

In early 2021, Goldman Sachs committed $10 billion in
direct investment capital and $100 million in philanthropic
capital over the next decade to address opportunity
gaps for Black women in the US. Through this signature
initiative, we will invest with a focus on key moments
in Black women’s lives across healthcare, housing,education, access to capital, job creation and workforce
advancement, digital connectivity, and financial health.
One Million Black Women is built to address both
the gender and racial biases that Black women haveexperienced disproportionately for generations —obstacles that have only been exacerbated by the
pandemic. The program is named for and guided by
the goal of impacting the lives of at least one million
Black women by 2030.

Goldman Sachs 2020 Sustainability Report
Introduction

3. Our Partnerships, Engagement and Impact — How we address gaps
Addressing systemic challenges requires systemic response. No one firm or set of corporations
can do it on their own. Our external partnerships and strategic philanthropy complement
our work with clients, driving needed change through social engagement, informing public
policy, collaboration with world-class organizations and thought leaders, and game-changing
initiatives guided by our sustainability-related strategies and commitments.

Operationalizing Our Ambition
We have aligned and adapted the structure of our business to this purpose, under one cohesive
and integrated OneGS approach. We created a new role to bring together the full range of tools
and capabilities across both pillars of climate transition and inclusive growth, naming Dina
Powell McCormick as our first Global Head of Sustainability and Inclusive Growth.
Each of our business segments — Investment Banking, Global Markets, Asset Management andConsumer & Wealth Management — has launched a Sustainability Council, led by senior partners.
These councils focus on identifying key ESG priorities for the business, developing capabilities
across workstreams and delivering sustainability-focused solutions to clients in a holistic way.
The councils also help drive our efforts to equip our people with the resources they need to help
clients address critical global sustainability challenges.

Progress Toward$750 Billion by 2030

Goldman Sachs entered 2020 with a new target to deploy $750 billion in sustainable financing,investing and advisory activity by the beginning of 2030. Over the course of the year, we
exceeded our expectations by contributing $156 billion in such activity. By 2030, we expect
climate transition to account for $600 billion of our overall commitment.

2020

2030

$26B

$156B

Inclusive
Growth$37B

Multi-Theme

9

$93B

ClimateTransition$750B

Goldman Sachs 2020 Sustainability Report
Introduction

Our Own $800 Million
Sustainability Bond
Using the same financial toolkit we recommend to our clients, we launched in February 2021 ourinaugural sustainability bond issuance. This $800 million commitment is aligned with our sustainablefinance framework for future issuances, and funds a range of on-balance-sheet sustainable-financeactivity that maps to our nine themes — demonstrating our belief that building a low-carbon,
inclusive economy is a business imperative.

Moving forward, we are ahead of the pace we set for ourselves — reflecting the increased
importance that our clients are placing on climate transition and inclusive growth. Ourcommercial impact is further advanced through our long-standing sustainability work in the
broader ecosystem, as we partner with thought leaders, advocates and stakeholders such as
investors, policymakers and civic leaders on these vital issues and opportunities.
Our unified approach to sustainability is differentiated and robust. We offer a strong commercial
orientation, aligned with our purpose, leveraging our breadth of knowledge and OneGS delivery
to ensure each client has access to the entirety of the firm’s ideas, capabilities and expertise.
And we are focused on helping all of our stakeholders step confidently into the future, now.

10Goldman Sachs 2020 Sustainability Report
IntroductionO U R S U STAI NAB I LIT Y J O U R N E Y
Goldman Sachs has a long and well-established track record of sustainability leadership, seeking out commercial
solutions to address ESG-related risks and opportunities. Our recent $750 billion 10-year commitment is simply
the latest catalyst to our efforts. Since 2001, we have facilitated nearly $10 billion in investments in underserved
communities and, since 2006, $115 billion in clean energy financings and investments.

2 0 Y E A R S O F S U S TA I N A B L E F I N A N C E

2014
Expanded green
bond market — first
century green bond,first green energy
market securitization,
first Latin America
renewable projectgreen bond

2001
Launched our
Urban Investment
Group

11

2015
First of our peers toreach carbon neutrality;
set new 5-year
operational impact
goals for 20202005
One of the first
US banks to develop
an Environmental
Policy Framework

2018
Committed to
50 percent global
talent represented
by women2007
Launched GS
SUSTAIN, which
incorporates
ESG criteria into
the fundamental
analysis ofcompanies to
identify long-term
outperformers

2019
Established our
Sustainable
Finance group;announced $750 billion
by 2030 sustainablefinance commitment; set2025 operational goals

2008
Launched
10,000 Women
initiative

2020
Met many of our 5-year
operational impact
goals early; inaugurated
Launch With GS Blackand Latinx Cohort

2009
Launched 10,000
Small Businesses
initiative; committed
to achieve carbon
neutrality in ouroperations by 2020(achieved in 2015)

2021
Launched One Million
Black Women initiative;
announced net-zeroby-2050 commitment;$800 million inaugural
Goldman Sachs
sustainability bond2012
Inaugural clean
energy financing
and investment
target set

Goldman Sachs 2020 Sustainability Report
Introduction

RESPONDING TO THE IMPACTS
OF THE COVID-19 PANDEMIC
COVID-19 continues to pose unique challenges for businesses, individuals and communities
around the world, and we continue to support efforts to alleviate its impact.
For Our People
Health and Safety
As the pandemic hit, we transitioned our workforce to be 98 percent remote. We partnered with healthcare experts
to develop policies and protocols that prioritized the health and safety of our people, including access to health casemanagers. Our comprehensive protocols include regular testing, health surveys, temperature checks at arrival andphysical distancing. We launched a mandatory on-site COVID-19 screening program at our US, London and Warsaw
offices, designed to identify potential infections early.

Adding and Extending Benefits
We added to and extended benefits to our people, including mental health support — curating digital learning resources
and insights on resiliency and wellness, as well as digital meditation and fitness classes. More than 15,000 employees
have attended 70 of these new resilience programs rolled out in response to COVID-19.
We offered 10 days of COVID-19 family leave to allow time to care for family members or childcare needs, including
homeschooling. In introducing telemedicine access to employees and covered dependents enrolled in the firm’s
US healthcare plan, we waived all costs of urgent-care visits, including COVID-19 consultations. We provided accessto global patient advocacy teams to help employees and their families gain access to appropriate COVID-19 care.

Supporting Vendor Staff
Working with our vendor partners, we extended our
support to on-site vendor staff to ensure they were
paid during the pandemic, whether they worked ornot. For those who came into work, we reimbursed
transportation costs and provided in-office meals.

“Return to Office” Kits
When we needed assistance putting together
COVID-19 preparedness kits for our people, we turned
to two 10,000 Small Businesses graduates, UK-China
Trading Ltd and Rhoback, and a 10,000 Women
graduate, Bonorganik, and one of its long-standing
diverse vendors, woman-owned Scarborough andTweed. Together, this team delivered 60,000 “Returnto Office” preparedness kits. Each kit consisted of two
washable cloth masks, a digital thermometer, handsanitizer, sanitizing wipes and an informational card.

12Goldman Sachs 2020 Sustainability Report
Introduction

For Our Clients
COVID-19 Relief Financing
Throughout the COVID-19 pandemic, our firm underwrote nearly $66 billion in pandemic-related financings for abroad array of clients, including corporates, sovereigns and multilaterals, designed to help alleviate the economic
and social impact of the ongoing global health crisis. These included a $2 billion sustainable development bond for
the World Bank tied to addressing the United Nations Sustainable Development Goals, and a COVID-19 responsebond for the New Development Bank, also for $2 billion.

For Small Businesses
Small Business Lending During the Pandemic
Since early 2020 through first quarter 2021, Goldman Sachs deployed over $970 million in capital for small businessloans solely through Community Development Financial Institutions (CDFIs) and other mission-driven lenders. We
also provided $25 million in grants to CDFIs and other mission-driven lenders and community-based organizations
to enable them to deliver technical assistance and services to meet the significant, urgent needs brought about by
the pandemic. To amplify the reach and impact of our capital, Goldman Sachs executed public-private partnerships,
including emergency funds in New York City and the City of Chicago, and partnered with organizations that have a
track record serving entrepreneurs of color, such as the National Urban League and US Hispanic Chamber of Commerce.
Through those partnerships, Goldman Sachs delivered a series of webinars (translated into several languages) aimed
at reaching historically underserved businesses. Our loans reached more than 21,000 small businesses, with anaverage loan size of $45,000.

32

%

13

of our capital went tobusinesses in low-income
communities

45%

of our capital was deployed inminority communities

Goldman Sachs 2020 Sustainability Report
Introduction

For Our Communities
Goldman Sachs COVID-19 Relief Fund
In 2020, we launched a $30 million commitment funded by GS Gives to support
communities hardest hit by COVID-19 around the world. The commitment included$5 million to match employee donations to nonprofit organizations. This followed the$1 million donated to the CDC Foundation, the Chinese Red Cross and the International
Medical Corps for COVID-19 relief. The fund supports organizations working directly
on relief and response efforts across five key priorities: (1) assisting health providers
on the front lines; (2) providing assistance to the most vulnerable populations;(3) providing economic relief for reduced and lost work; (4) supporting children andfamilies in the wake of school closures; and (5) supporting medical research. To date,
the fund has deployed $42 million to 305+ nonprofits across 31 countries.

Community TeamWorksIn April of 2020, our Community TeamWorks internal initiative launched our first-ever virtual volunteering campaign
to support groups disproportionately impacted by COVID-19. To date, more than 8,000 volunteers from 80 offices haveparticipated in more than 430 virtual volunteer projects with 200+ nonprofits globally.

Supporting Community Well-Being
Asphalt Green is a nonprofit that provides high-quality sports, swim and fitness instruction and programs to New York
City children and adults. During the COVID-19 crisis, through Goldman Sachs’ support, Asphalt Green pivoted its Recess
Enhancement Program to provide free digital resources for kids and educators to stay active. By the end of 2020, thegames, which promote physical activity while maintaining social distancing, reached more than 900,000 site visits fromaround the world.

Supporting Frontline Workers and Vulnerable Populations
The Conrad New York Downtown partnered with Hilton and American Express in their initiative to donate up to 1 million
hotel room stays across the US to frontline medical professionals leading the fight against COVID-19. The rooms weremade available without charge to doctors, nurses, EMTs, paramedics and other frontline medical staff. In addition,
Conrad New York Downtown also provided hotel rooms to staff from the Ali Forney Center in order to help the center
maintain operations. The center manages and develops transitional housing for the ~1,000 LGBTQ+ homeless youths
who seek shelter at the center every year.

Supply Donations around the WorldIn response to the COVID-19 pandemic throughout 2020, we facilitated the donation of more than 2.5 million surgicalmasks and 700,000 N95 masks to hospitals worldwide. In New York, we connected Mount Sinai Hospital with our groundtransportation partner, ETG, and donated cleaning supplies to help the dedicated car service safely transport healthcare
workers to and from three local hospitals. In Bengaluru, we worked with the local Rotary organization to distribute dry
rations to approximately 5,000 migrant laborers.

Supporting Healthcare Efforts“Operation Northwell,” a unique partnership between Goldman Sachs, the Northwell Health system — the largest in
NY State — and local small businesses, was one of our signature initiatives during the pandemic. The firm committed$2 million to the initiative and Goldman Sachs volunteers coordinated with four Northwell hospitals and 74 restaurants
and other food and beverage vendors to provide grab-and-go food three times daily for 5,000 frontline healthcare
workers and staff over the course of three months. “Hydration stations” were positioned strategically throughout
the hospitals, allowing workers with limited time for breaks to stay hydrated.
14

TH E F UTU R E , N OWOUR WORK
WITH CLIENTSWe see our clients’ thinking coalescingaround a key idea: Our shared future
demands sustainable solutions.

Goldman Sachs 2020 Sustainability Report
Our Work with ClientsO U R WO R K WITH CLI E NTS

We have embraced sustainability across every aspect of our firm. This includes
integrating sustainable finance into our businesses, reflecting the importance our client
ecosystem is placing on climate transition and inclusive growth.

FOCUSING OUR COMMERCIALCAPABILITIES ON SUSTAINABLE
SOLUTIONS
Our infrastructure has evolved around sustainability, building out Sustainability Councils in each of our businesses toaccelerate the growth in sustainable finance. Each council is led by senior partners to guide the development of solutions
that deliver on our shared objectives, create and capture value, and ensure cross-pollination and coordination of
innovation across the firm. Our OneGS approach — working across businesses, asset classes and geographies — helps us
marshal our resources and people in mobilizing our sustainable-finance capabilities to meet the needs of our clients.

E M B E D D I N G S U S TA I N A B I L I T Y I N O U R O N E G S O P E R AT I N G M O D E L

Investment Banking
Sustainability
Council

Asset Management
Sustainability
Council

SUSTAINABLE
FINANCE
Global Markets
Sustainability
Council

16

Consumer & WealthManagement
Sustainability Council

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

Within each business, the Sustainability Council offers the capacity to formulate, streamline and scale innovative
capabilities and products developed around sustainable finance. Across businesses, the council model enables theefficient relay of new solutions and expertise across the firm — helping fully integrate a unified approach towardsustainability while also facilitating the commercial delivery of sustainable-finance products.
This cohesive approach toward advancing sustainable economic growth remains client-centered and opportunityfocused. We are now developing and deploying a powerful sustainability thesis across our efforts to operate, invest,
finance and advise globally — uniquely positioning Goldman Sachs to drive sustainable-finance further and fasteras we move ahead.

O ne GS : D E LIVE R I N G TH E E NTI R E T Y
O F G O LD MAN SACH S TO E ACH CLI E NTINTEGRATED BUSINESSSTRATEGY + PURPOSE

17

ISSUEROPERATOR

BUSINESS• ESG Financing• ESG Ratings and Reporting• ESG Positioning &Communication Strategy• ESG Activism Strategies• Climate Goals(Decarbonization, Renewables)• Diversity Initiatives• Supply Chain Management• ESG Products and Services• Strategy M&A

INVESTOREMPLOYER• ESG Treasury and
Cash Management• ESG Transaction Banking• Balance Sheet ESG Investing• ESG Pension/Direct
Contribution• Attract, Retain andEngage TalentGoldman Sachs 2020 Sustainability Report
Our Work with Clients

INVESTMENTBANKING
Sustainability has risen organically and strategically to become top-of-mind for ourclients. Increasingly, we advise corporates seeking to integrate ESG or related principles
into their strategy and help them identify sustainability-related risks and opportunities
as levers of growth. This includes financing opportunities that fund investment in ourclients’ transition to a lower-carbon-intensity business model, participating in the scalingof sustainable finance in equity capital markets, and facilitating M&A opportunities toaccelerate climate transition and inclusive growth.
Across industries there is rising interest in betterand more differentiated ways to sustainably
deploy risk capital and to understand how ESG
factors are influencing stakeholder perceptionof long-term value propositions. Our clients seek
analytical tools and relevant products to help
manage risk, improve efficiencies and capture newopportunities going forward. The creation of a
Sustainability Council within Investment Banking
helps mobilize this by educating investmentbankers globally, while ensuring new products
and capabilities are developed, systematically
distributed and scaled for our clients globally. Our
ESG Advisory business provides clients with anassessment of their ESG positioning and potential
vulnerabilities and opportunities. Goldman Sachs
is able to provide unique insights and advice by
combining investor and stakeholder perspectives
and analysis, with diagnostic tools synthesizing
data from the firm and third parties.

ESG Financing — Debt
2020 was an important year for the ESG financing
market, driving both scale and innovation. Total
issuance of green, social and sustainability bonds
hit record numbers. Green bond issuances hit the$1 trillion mark in 2020. We also saw a dramaticrise in social and sustainability bonds from adiverse array of issuers, including corporates andsovereigns. In part, this can be attributed to the
COVID-19 pandemic and racial equity issues that

18

ALPHABET
In August of 2020, we brought to market Alphabet’s first-eversustainability bond issuance and the largest-ever such bond issued bya corporate. Proceeds will be targeted toward sustainability projects,
including clean energy and transport, circular economy and design,energy efficiency, and affordable housing. The sustainability portions
represented $5.75 billion of the $10 billion financing.

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

SOUTHERNCOMPANY
Goldman Sachs advised Southern Company, one of the largest domestic US utilities, in February 2021, on theirGeorgia Power financing — the first sustainability bond for a domestic utility in the United States and the first
regulated domestic utility to issue under a sustainable-financing framework. The net proceeds of approximately$743 million raised will be allocated to sustainable projects such as spending with diverse and small businesssuppliers and investments in renewable energy projects.

arose during the year, but it is also a secular trend that had strong momentum before the events of 2020. Investors today
are focused on this broader set of issues.
Our own sustainability bond issuance, a first for the firm, focuses on advancing investments in each of our nine core
thematic areas. The $800 million offering in early 2021 reflects extensive cross-business collaboration within thefirm as well as external collaboration with our clients and stakeholders, and has been very well received by the market,
including new investors to Goldman Sachs.

19Goldman Sachs 2020 Sustainability Report
Our Work with Clients

SUZANOIn September 2020, we worked with Suzano, a Brazilian paper and pulp firm, on its issuance of
a $1.25 billion sustainability-linked bond — the first to conform with Sustainability-Linked Bond
Principles (SLBPs). As per the structure of the issuance, the coupon will rise by 25 basis points if thecompany is unable to hit a target of reducing by 10.9 percent the carbon intensity of its products
by December 31, 2025, compared with a baseline of 2015.

Sustainable KPI-Linked Issuances
KPI-linked financing is gaining momentum in capital markets. We are helping the market evolve from a project-baseduse of proceeds to a target-based framework, where the client commits to meet ESG-related targets by a set date.
In 2019, we led the first-ever sustainability-linked corporate bond that included a performance linkage based ona metric of sustainability. In 2020, we saw additional clients come to market with similar structures, reinforcing
the interest in this as a funding mechanism across the credit spectrum. Goldman Sachs remains at the forefront bystructuring the first- and second-ever EUR sustainability-linked bonds in thehigh-yield market in the first quarter of 2021. The firm continues to sharethought leadership via participation in initiatives such as the International
Capital Market Association’s Sustainability-Linked Working Group.

$500M
SUSTAINABILITYLINKED BOND IS
FIRST ISSUED IN
LATIN AMERICA(EX-BRAZIL)

20

EMPRESAS
CMPCThis $500 million, 10-year sustainability-linked
bond is the first issued in Latin America (ex-Brazil)
and second IG sustainability-linked bond in theentire region. The bond features aggressive KPIs
of reductions in greenhouse gas emissions andindustrial water use by 2025.

Goldman Sachs 2020 Sustainability Report
Our Work with Clients$66B

WE HELPED RAISE
IN COVID-19
RELIEF BONDS

COVID Relief Financing
Through COVID-19, our firm underwrote nearly $66 billion in pandemic-related financings for a broad array of clients,
including corporates, sovereigns and multilaterals, designed to help alleviate the economic and social impact of
the ongoing global health crisis. These included a $5 billion sustainable development bond for the World Bank tied
to addressing the United Nations Sustainable Development Goals, a €14 billion social bond for the European Commission
and a $2 billion COVID-19 response bond for the New Development Bank.

Paris-Alignment Toolkit for Carbon-Intensive Clients
We are committed to delivering on the Paris Agreement’s
ambitious goals, including by aligning our financing activities witha net-zero-carbon-by-2050 pathway and working with our clients,
our industry peers and the public sector to make this commitmenta reality. And, while long-term aspirations are important, businessleaders must not lose sight of what we can do in the here and now
to accelerate climate transition.
We have piloted a Paris-alignment toolkit with oil & gas andutility clients, and will scale it moving forward as companies inthese sectors seek to address the journey toward a lower-carbon
economy. The toolkit illuminates what investors care about on
climate, how they evaluate corporates and what corporates

can do about it. It includes stakeholder-driven analytics to help
companies in carbon-intensive sectors understand and addressrisks related to how investors view them in light of the climatetransition. They know perceptions count, as do actions.
In 2020, several of our oil & gas and utilities clients used theseanalytics to help contextualize targets and provide support
for setting more aggressive decarbonization targets. We are
deepening the toolkit with new analytics and currently are rollingout the offering to other sectors. Future rollouts will focus onleveraging the toolkit to drive commercial opportunities, suchas target-linked financing and M&A.

Scaling Sustainable Finance in Equity Capital Markets
We look to deliver holistic services to our clients as they progress through the corporate lifecycle — helping them to build
ESG into their DNA from early on. In advance of an initial public offering (IPO), and as they evolve, corporates seek ourinsight and advice on establishing the right ESG-related performance metrics for their business and stakeholders, andon how to improve their reporting standards through the adoption of SASB or similar frameworks. We also help introduce
clients to sustainability-focused investors identified through bespoke targeting tools. Our policies and advice continue
to evolve as we seek to drive change. In 2020, we established a requirement for all IPO clients to have at least one diverse
board member; in 2021, we are raising that to two, of which one must be female.
We continue to work with clients to find new ways to innovate ESG in an equity capital context, such as helping companies
leverage their IPO to catalyze their sustainability mission and efforts. An example of a capital markets innovation fuelingthe growth of sustainability-focused companies is Special Purpose Acquisition Companies (SPACs) — publicly listed
entities that raise capital and then look to merge with a promising private growth company to give them the capital
they need to thrive.
21

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

We have helped take public many companies focused on addressing sustainability issues, including Array Technologies,
the largest-ever renewables IPO to date, and then Shoals Technologies Group, which surpassed it in size, and View, thefirst-ever green-certified equity private placement globally.

ARRAY

Array Technologies went public with a $1.2 billion IPO in October 2020 with Goldman Sachs
as lead left bookrunner — at the time the largest-ever US IPO in the renewables sector. We
also served as lead left bookrunner on Array’s two follow-on offerings, raising an additional$2.3 billion. Array is one of the world’s largest manufacturers of ground-mounting systems usedin solar energy projects. Array’s principal product is a highly engineered, integrated system ofsteel supports, electric motors, gearboxes and electronic controllers commonly referred to asa single-axis “tracker.” Trackers move solar panels throughout the day to maintain an optimal
orientation to the sun, significantly increasing energy production.

SHOALSIn early 2021, Goldman Sachs was lead left bookrunner on the $2.2 billion IPO of Shoals
Technologies Group, which exceeded Array’s IPO as the largest-ever US-listed IPO in the
renewables sector. Shoals offers electrical balance of system (EBOS) for solar projects.
EBOS covers all the components necessary to carry the electric current produced by solar
panels to an inverter and ultimately to the power grid. The robust, holistic suite of solutions
brings together proprietary components and novel intellectual property, along with uniqueinstallation methods, into a single offering.

$2.2B
THE LARGESTEVER US-LISTEDIPO IN THE
RENEWABLES
SECTOR

22

VIEW
The market leader in smart windows, View uses
artificial intelligence to automatically adjust
View Smart Windows in response to the sun andincrease access to natural light, which improves
people’s health and experience in buildings while
simultaneously reducing energy consumption to
mitigate the effects of climate change. The platform
also enables a host of 21st-century applications
such as a transparent display, environmental
sensing and 5G connectivity. As part of the PIPE
(private investment in public company), we worked
with View to obtain a green label through a secondparty opinion from consultant Sustainalytics,
a Morningstar company. This first-ever greencertified equity private placement globallyresonated exceptionally well with investors andhelped View to further elevate and credentialize
their ESG story and positioning.

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

AU TOT E C HGiven the increasing prevalence of electric vehicles, Goldman Sachs has oriented its coverage to focus specifically on
the auto tech space to more effectively and holistically serve these clients, leading to $25 billion of debt and equity
financing activity and more than $10 billion of announced M&A in 2020 alone.

FISKER
Designer and developer of one of the world’s
most sustainable electric vehicles

CHARGEPOINT
Market leader that helped pioneer networked fueling,
offering one of the industry’s most comprehensive
portfolios of EV-charging solutions

QUANTUMSCAPE
Developer of innovative, next-generation, solid-state lithiummetal batteries for use in electric vehicles

23

ROMEO
POWER
Leading provider ofbattery technology to
the commercial electricvehicles market

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

GLOBAL
MARKETS
Global Markets continues to innovate and scale its offering to meet our clients’increasing demand for ESG-related products and solutions; the business is now also
guided by its newly formed Sustainability Council. Leveraging Marquee, the firm’s
dedicated cross-asset client portal, clients can now access a one-stop shop for all ESG
content, products and analytics the firm has to offer. To help assess and manage carbon
footprints, we are developing sophisticated risk-analytics tools and are also helping
clients discover and activate decarbonization opportunities.
ESG Products and Solutions
Global Markets continues to create and add to our products and solutions related to sustainable finance, including
thematic baskets, structured notes, credit portfolio trading and liquidity provision in third-party ESG products.

Custom Baskets
Our Global Markets custom baskets platform allows investors to gain exposure to trade ideas not accessible throughoff-the-shelf market-cap-weighted indices. With increasing client focus on sustainability themes, we have built out oursustainable basket platform, allowing clients exposure to various investable ESG thematics in a liquid and risk-controlled
way. We have traded in excess of $2 billion across dedicated thematic baskets on clean hydrogen, renewable energy
and the European Green Deal, among others. With the field of sustainable investing ever evolving, the team continues
to add new offerings to the platform. Current focus will be adding thematic baskets aligned with the UN Sustainable
Development Goals.

Structured Notes
In 2020, Global Markets issued over $700 million of structured notes linked to a variety of third-party ESG indices,
including indices exclusive to Goldman Sachs. Following the launch of the firm’s inaugural sustainability bondbenchmark issuance in February 2021, Global Markets launched its first structured sustainable issuance to retail
via a third-party distributor.
24Goldman Sachs 2020 Sustainability Report
Our Work with Clients

ESG Market-Making Activities
We have launched the ESG Index book series, helping our clients navigate the complex field of ESG third-party products.
As a market maker (Indices, ETFs and Futures), we feel it is important to provide liquidity to our clients in sustainable
alternatives to their traditional investment vehicles of choice.

Credit Portfolio Trading
Goldman Sachs has incorporated ESG considerations such as exclusion lists and scores into our credit portfolio trading
capabilities. This allows clients to efficiently allocate inflows to a portfolio of bonds that matches their ESG criteria
or simply to rebalance an existing portfolio to track a new ESG benchmark that is more in line with their sustainability
goals. $7 billion of our credit portfolio trading volumes globally in the fourth quarter of 2020 had an ESG consideration.
One example of this was a client investing $300 million into liquid investment-grade credit, creating a portfolio that was
optimized both for yield but also an ESG score. Most of our portfolio trading solutions are bespoke to meet client needs,
so implementations can vary.

Marquee ESG Client Portal
The ESG website was launched in October 2020, on Marquee, our centralized cross-asset platform that allows us
to externalize the analytics, data and tools we use internally with clients. The site highlights all our ESG capabilities,
offering a collation of environmental, social and governance resources, featuring ESG commentary, thought
leadership pieces across asset classes, ESG fund flow analytics, ESG thematic baskets, and ESG datasets sponsoredby GIR SUSTAIN.

25

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

ESG Content
Ranging from global investment research
to trade ideas provided by our Sales &Trading personnel, this covers a broad
range of sustainable-investment topics.

ESG Analytics
Our equity research team GS SUSTAIN
has externalized its ESG ranking via API,
covering more than 6,500 companies
globally. Leveraging the scores, clientsare now able to upload their portfolios
and compare their ESG scores versus abenchmark in a user-friendly interface.
Recently, we integrated ESG flows data,
allowing clients directional insight into
ESG fund flows globally.

ESG Products and Solutions
We continue to develop products andsolutions for and in partnership with ourclients to help them achieve their ESG
objectives. Many of these products are
now accessible via Marquee, enablingclients to observe sustainable — andtradable — themes directly.

Carbon Footprinting
With regulatory and social pressuresincreasing the momentum toward a
net-zero world, Global Markets has
made Carbon Emissions Analysis thenext focus of the analytics platform
build. The upcoming tool will provide
clients with the ability to see companyand portfolio-level footprinting
analysis of equity and fixed-income holdings inline with globally accepted carbon-accounting
framework for equities and bonds. It will enable
us to suggest actions on how to mitigate risk
within the portfolio, including the potential use
of voluntary carbon offsets.

OUR EQUITY RESEARCHTEAM GS SUSTAIN HAS
EXTERNALIZED ITS
ESG RANKING VIA API,
COVERING MORE THAN

6,500
COMPANIES GLOBALLY

26

Goldman Sachs 2020 Sustainability Report
Our Work with ClientsASSET
MANAGEMENT
In pursuing opportunities for clients in sustainable finance, Asset Management has
introduced new resources, refined existing tools and expertise, and developed novel
tools to help scale its approach. We are applying low-carbon tilts across portfolios,
helping clients target net-zero carbon emissions and investing in underserved
communities. These efforts build on one of the leading investing and asset management
franchises in the world, across the breadth of asset classes and with global scale.
We create client investment portfolios with a deep roster of internally managed and open-architecture strategies,
including ESG and impact investing. In alternatives, various sustainable considerations are integrated into ourinvestment strategies, including within our merchant bank — across private equity, real estate, private credit andinfrastructure in climate transition and inclusive growth themes — and in the Renewable Power Group, which invests
on behalf of clients and has deployed $2.3 billion toward solar and storage projects in the US to date. Our cash
management solutions and investment products integrate sustainability considerations into liquidity solutions
offerings, such as money market funds and SMAs. Proactive stewardship engages companies acrossthemes related to sustainability and financial performance.
“Our commitment to sustainability is founded on the belief that the impact of our actions today should echo wellinto the future, beyond the lifespan of our investments. ESG has become a foundational element of our strategy,
including developing innovative products and partnerships, and providing our clients with comprehensive
access to the depth and breadth of our capabilities. Our collective efforts point toward one common goal:
generating positive and measurable impact for our communities, alongside returns, by investing in companies
and projects which advance sustainable solutions and drive inclusive economic growth.”— Margaret Anadu, Global Head of Sustainability and Impact for Asset Management$137B

IN FIRMWIDE
ESG AUSAT THE END
OF 2020

FIRMWIDE ESG AUS ($ billions)
160

137

73

80

4

7

11

2015

2016

2017

17

0

27

2018

2019

2020

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

Stewardship and Engagement
The Global Stewardship team serves as a dedicated resource to Asset Management’s investment teams, overseeing
several key areas, including proxy voting, direct engagement and industry leadership. For the 2020 proxy season, theGlobal Stewardship team conducted 410 engagement meetings with 339 companies.

Promoting Board Diversity
For the 2021 proxy season, Asset Management updated its policy to vote against the entire board at US companies
without a female on the board, and vote against all members of the nominating committee at US companies withouta female and at least one other diverse board member. At non-US companies, the firm will continue to vote against
all members of the nominating committee or top executives at companies without a female on the board.

Encouraging Disclosure of Material Climate Data
In October 2020, Asset Management launched a climate collaboration engagement framework to encourage disclosureof material emissions data. Our Stewardship team worked with the Fundamental Equity, Quantitative Investment
Strategies, and Fixed Income investment teams within the business to identify companies held in our portfolios who do
not disclose emissions data considered material under the Sustainability Accounting Standards Board (SASB) framework,
and we will seek to engage with these companies to promote disclosure of material climate data.

The Positive Impact of “Low-Carbon Tilt”
GSAM’s Quantitative Investment Strategies (QIS) team began managing climate strategies in 2016, working withNew York State Common Retirement Fund to significantly reduce the emissions profile of its US equity portfolio whileremaining within defined risk tolerances.

MORE THAN$55B

IN QUANTITATIVEEQUITY ASSETS
WITH OUR CLIMATETILT IN 202028

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

Since then, the suite of climate approaches has expanded significantly. In 2020, QIS implemented a climate tilt acrossall their active equity portfolios. The team has conducted significant research to assess the embedded risk of companies
associated with the potential shift to a low-carbon economy. Motivated by financial materiality, their approach reduces
current and future emissions based on a proprietary metric that aims to adjust for the costs of economic substitution
and consider the real-world carbon supply chain. QIS climate approaches are flexible and can be applied to various
investment approaches, including, but not limited to, smart beta and alpha strategies.
Our assets integrated with our climate tilt have grown from a single fund of ~$2 billion in assets in 2015 to an arrayof all quantitative equity funds that by the end of 2020 covered more than $55 billion in assets.

We offer deep integration of the climate tilt as a standard
across all quantitative funds — across all of our portfolios —not just the ones thought of as climate-focused.

Impact Investing
The Sustainable Investing Group (SIG) and Urban Investment Group (UIG) are our platform for direct-impact investmentin private markets. SIG focuses on climate- and environment-related opportunities, while UIG invests in creating
economic opportunity in underserved areas. These themes bring strong investment track records, a client orientation,
and a commitment to advancing the firm’s climate transition and inclusive growth objectives.
The Horizon Fund, which will be managed by the SIG within Asset Management, will focus on growth-oriented private
equity investments across core environment and climate-transition themes, targeting at least one of the following fiveenvironmental themes: waste and materials, sustainable food and agriculture, ecosystem services and water, clean
energy, and sustainable transport.

29

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

Investing in Green, Social and Sustainable Bonds
We are working with corporate clients to meet their sustainability goals by designing portfolios invested in green,social and sustainable bonds, as well as building traditional portfolios with a higher percentage of women on corporateboards or lower carbon emissions than their benchmarks.
These include corporate portfolio solutions. For example, Dropbox made a commitment to carbon neutrality by 2030.
Its treasury office wanted to understand how to map their corporate and social impact goals back to their investment
portfolios, and how to invest excess cash with similar risk/return profile but lower carbon intensity. We worked with
Dropbox to create a customized portfolio made up of green, social and sustainability bonds that allows them toproactively tilt into targeted impact themes such as water and clean energy. Dropbox took a sleeve of their liquidity
portfolio with a slightly longer time horizon to focus on investments with impact. The portfolio we created includes
issuances whose proceeds will fund clean-water projects, the development and operation of solar energy projects,
and the expansion of renewable energy facilities.

We also handle other liquidity funds with ESG features. These include USD Liquid Reserves and Sterling Liquid Reserves
converted to ESG, that make exclusions such as coal while also engaging with bond issuers to ensure at least 10 percentof the board is made up of women, as well as five international fixed-income mutual funds ranging from investmentgrade to emerging-market ESG offerings.

30Goldman Sachs 2020 Sustainability Report
Our Work with Clients

Targeting Net Zero
Asset Management has developed a toolkit to help clients navigate the investment decisions required on
the path to holding portfolios with net-zero carbon emissions, including nature-based investing solutions.
These are challenging decisions, involving a host of factors and considerations, that benefit from purposebuilt tools and advisory services encompassed by the solutions we provide.
We developed a sovereign debt investment dataset incorporating a new methodology for assessing physicalrisk and ESG risk integration, in partnership with Moody’s Net Zero advisory. We have selected Sovereign
Climate Risk Scores powered by Moody’s affiliate, Four Twenty Seven, for our Portfolio Management team’s
ESG evaluation of sovereign risk. The dataset provides a detailed view of the future exposure of the global
population, the economy and agriculture to a range of physical climate hazards. These are critical insights
for investors and credit institutions alike in their pricing of climate risk and in their allocation offinance flows toward adaptation and resilience where needed most.

APPLE
SUSTAINABLE
FORESTRYINVESTMENTSTRATEGYApple developed an innovative investment strategy
in partnership with Goldman Sachs and Conservation
International that will help Apple offset unavoidable
emissions in its carbon footprint by investing in climatesmart forestry projects. This nature-based solution
to rising global emissions includes a partnershipwith Conservation International to help maximize theclimate and biodiversity impact of the strategy. Natureprovides some of the best tools to remove carbon fromthe atmosphere; the strategy of investing in forestry
projects will have the dual benefit of permanently
removing carbon from the atmosphere while at thesame time generating a financial return to investors
from the sustainable harvest of trees.

31Goldman Sachs 2020 Sustainability Report
Our Work with Clients

CONSUMER & WEALTH
MANAGEMENTWith the guidance of its new Sustainable Solutions Council, our Consumer & WealthManagement segment is helping place sustainable investment solutions in the handsof individuals and their families. We curate and develop proprietary and external
ESG-focused investment solutions across both environmental and social themes.
We prioritize clarity, simplicity and transparency as we craft solutions to meet thegrowing demand of our global clientele for sustainable investment strategies.
Bespoke Solutions for Private Wealth Management
Our Private Wealth Management platform delivers customized client portfolio solutions. Over the past several years,
we have developed a customized suite of investment tools that incorporate ESG considerations and overlays in client
portfolios. We can cover 85 percent of a client’s portfolio, across both public and private asset classes, with strategies
intended to align with a client’s values, integrate ESG factors or invest with a specific thematic or impact goal. This
includes customizable benchmark-aware ESG options, ESG-linked structured notes, renewable infrastructure funds
and other offerings related to climate transition and inclusive growth.
Within public equities, our Quantitative Investment Strategy team has developed a tool that allows clients to incorporate
ESG information, data and analytics with a systematic investment process to achieve tax-aware, index-like exposure.
The development and growth of this customization tool reflects the increasing interest of clients in engaging withsustainable-investing strategies and capabilities. What started as a bespoke, one-flavor environmental and social index
with the S&P in 2014 evolved into highly flexible, customizable offering.

Marcus: Bringing Best-in-Class Investing to the Consumer
Marcus, our consumer brand, creates simple and transparent financial products for millions of consumers to help themachieve financial well-being. Their newest offering, Marcus Invest, is an automated investing platform with managed
portfolios of affiliated and unaffiliated ETFs, giving a wide array of investors access to best-in-class asset allocationand portfolio management from Goldman Sachs.
Launched in February 2021, the Marcus Invest “Impact” portfolio includes ETFs screened for ESG-favorable companies
and sectors where possible — placing ESG capabilities at the fingertips of the consumer. The Impact option has seen
meaningful adoption in early user trends, reflecting the latent interest among consumers for ESG investing.
Marcus has been able to support the democratization of sustainable investing and show that this is no longer
something only a niche group or set of institutional investors care about.

32

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

CROSS-DIVISIONALINITIATIVES ANDCAPABILITIES
Certain capabilities that we offer our clients, such as diversity-related anddecarbonization initiatives, cut across our different businesses. Our OneGS approachto serving clients facilitates a coordinated approach to meeting unique needs.
Driving Diversity
We strongly believe in the business case for diversity. Evidence shows that having diverse perspectives on boards leads
to better governance and stronger company performance. As of July 1, 2020, Goldman Sachs committed to only taking
companies public in the US and Western Europe that have at least one diverse board member. Starting in July 2021,
we will raise this target to two diverse candidates, at least one of whom needs to be a woman. For our clients, we havededicated resources that work to help actively facilitate access to our extensive network of diverse board candidates,
representing various dimensions of diversity such as race, gender, ethnicity and sexual orientation.
We have extended this work to Asset Management Private’s portfolio companies to help improve board diversity acrossall companies we invest in. At the beginning of 2020, Asset Management Private set a goal to have one diverse director
on 100 percent of its controlled portfolio company boards (those where Asset Management Private owns 50 percent or
greater) by year end. We achieved that goal, moving from less than 50 percent at the beginning of the year to 100 percent
by year end. Our 2021 board diversity goals include having two diverse board members on any portfolio company that
goes public, having two diverse board members on new controlled portfolio company boards, and increasing board
diversity across non-controlled portfolio companies.

33

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

Launch With GS, our $1 billion investment strategy, aims to increase access to capital and facilitate connections for
women, Black, Latinx, and other diverse entrepreneurs and investors. Since its inception, Launch has deployed morethan $450 million globally to companies and funds with diverse management teams.

Benefiting Diverse Broker-Dealers
In 2020, our Federal Instruments Fund — designed to direct the bulk of its trading to diverse broker-dealers — raised$3.1 billion, more than twice the prior year. This stands as the leader among all diversity and inclusion–related money
market fund flows during 2020. Despite that significant inflow, the fund maintained 61.8 percent of purchases withdiverse-, women- or veteran-owned broker-dealers who benefited from the increased trading volumes.

“An increase in deal activity can sustain itself and result in even more growth.
Engaging our clients with short-term paper as a direct buyer in the program
helps us with our relationships firmwide. As we are transacting one product,
we are having success cross-selling other products to that same client. Our
overall business is benefiting across all asset classes and products. As wehave grown and developed over the past 14 years, one of the largest benefitsof the firm has been the ability not only to provide employment opportunities
to veterans at Drexel Hamilton, but across Wall Street. In addition, our networkis also helping veterans within many different corporations to share bestpractices with each other to help even more military veterans.”
From Drexel Hamilton, a veteran-owned broker-dealer

34

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

Decarbonization
In 2020, Investment Banking is leading a new cross-firm initiative to engage with our corporate clients to offer a fullsuite of tools to assist with their decarbonization strategy, inclusive of renewable energy and carbon offset procurement.
The comprehensive decarbonization offering includes capital raising for carbon-transition projects, sourcing of physicalrenewable energy, various Power Purchase Agreements (PPAs) structures and innovative carbon-offsetting strategies.
As an example, the firm has provided a risk-reduction solution to manage power price volatility and IFRS accounting
outcomes for clients’ Virtual Power Purchase Agreements (VPPAs). Similar cross-firm collaborations have also powered
our work with Loanpal to help finance solar power solutions for homeowners in the US, and with BlocPower to upgradeenergy systems in urban buildings.

LOANPAL
Over the past year, Goldman Sachs has acted asloan purchaser, lender and securitization underwriter/sponsor across numerous transactions for Loanpal
and their ecosystem of capital partners. Loanpal has
created a marketplace that facilitates easy, transparent
financing of sustainable home solutions. Throughparticipation in the platform, we have facilitated theorigination of over $1.2 billion of loans by Loanpal,
directly resulting in access to renewable energy
via solar and battery systems for more than 35,000
homeowners across the US.

GEORGETOWN
UNIVERSITYCARBON OFFSETSOLUTION
We
Wehelped
helpedGeorgetown
GeorgetownUniversity
Universitysecure
secureandandstructure
structureaalong-termlong-termrenewable
renewablepower
power
supplysupplyagreementagreementto
topurchasepurchasethe
thefullfullelectricalelectricalpower
poweroutput
outputfrom
fromaa76
76MW
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portfolioofof11
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plantslocatedlocatedininthe
theMid-Atlantic
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Georgetownand
andourourRenewable
RenewablePowerPowerGroup
Groupenteredenteredinto
intoaalong-termlong-termpurchasepurchaseandandsalesaleagreementagreementto
tosupplysupplyGeorgetown
Georgetownwith
withGreen-E
Green-ERenewable
RenewableEnergy
EnergyCertificates,
Certificates,which
whichwill
willhelp
helpthetheuniversity
universitymeet
meetits
itssustainability
sustainabilitymandate
mandateand
andgoals.
goals.

7X
ENERGYIn 2020, Goldman Sachs reached a long-term hedge agreementwith 7X Energy, a leading utility-scale solar developer, topurchase a portion of the company’s 250 MWac new-build solar
project “Taygete I.” In addition, we have procured and facilitatedthe sale of Renewable Energy Credits to their end-users,
enabling customers to reduce carbon emissions and meet theirdecarbonization commitments.

35

BLOCPOWERBlocPower partners with utilities and governments to identify,
finance and upgrade building energy systems in urban areas.
We made a senior loan to and direct equity investment in BlocPower.
Additional capital allows BlocPower to advance its goal of reducing
GHG emissions and improving living conditions.

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

SHOWCASEO U R 9 S U S TA I N A B I L I T Y T H E M E S

CLEAN ENERGY

DUKE ENERGY
Advancing our position in renewables, we have committed to invest in adiverse portfolio of approximately 75 megawatts of solar and solar-plusstorage projects, which will be developed and constructed by Duke Energy
Renewables’ subsidiary REC Solar. Projects will feature ground-mount androoftop commercial and industrial projects, as well as community solar
projects across several states, including Arizona, California, Colorado,
Hawaii, Massachusetts and Texas.

S U S TA I N A B L E T R A N S P O R T

NORTHVOLT

Over the past two years, Goldman Sachs led sequential equity investment rounds totaling over $1.6 billion for Northvolt, a Sweden-based
supplier of sustainable, lithium-ion battery cells and systems. Goldman Sachs also served as advisor, alongside its role as investor, on
Northvolt’s $600 million Series E private placement, accelerating its plans for expanded manufacturing, R&D and recycling.

ECOSYSTE M SE RVICESAPPLESUSTAINABLE Apple developed an innovative investment strategy in partnershipGoldman Sachs and Conservation International that will
FORESTRY withhelp Apple offset unavoidable emissions in its carbon footprint
INVESTMENT by investing in climate-smart forestry projects. This nature-based
STRATEGY solution to rising global emissions includes a partnership with
Conservation International to help maximize the climate andbiodiversity impact of the strategy.

36

Goldman Sachs 2020 Sustainability Report
Our Work with Clients

WA S T E & M AT E R I A L S

SYNAGRO
Synagro is a leading provider of wastewaterbiosolids management solutions to North
American customers, managing over 14 million
tons per year of biosolids. The company provides
a system of solutions that recycles biosolids tocreate new, sustainable products. Last year, an
infrastructure fund managed by Goldman Sachs
acquired Synagro.

S U S TA I N A B L E F O O D & A G R I C U LT U R E

VITAL
FARMS
Goldman Sachs led Vital Farms’ $235 million IPO and helped bring to
the market its $151 million follow-on offering. Vital Farms is a certified
B Corporation that produces ethically sourced, pasture-raised foodproducts. The company has developed a framework to connect their
network of family farms to a national audience.

FSIU
NSATA
N CI NI AALB ILNECFLOUO
S IDO &N AG R I C U LT U R E

BANCOPICHINCHA
Goldman Sachs arranged and structured a $150 million social financing
for Banco Pichincha C.A., the largest bank in Ecuador. Proceeds fromthe financing — structured as a seven-year diversified payment rights
financing — will be used to expand lending to women-owned and -ledmicro, small and medium enterprises.

37Goldman Sachs 2020 Sustainability Report
Our Work with ClientsA C C E S S I B L E & A F F O R D A B L E E D U C AT I O N

FUNDING UNIVERSITY
Goldman Sachs committed a $10 million senior secured loan facility to Funding
University, a privately held, mission-driven student lending company. Funding University
addresses the opportunity gap in the undergraduate education financing market byproviding loans with no co-sign requirements primarily to low- and moderate-income
students attending four-year, not-for-profit universities in the US.

A C C E S S I B L E & I N N O VAT I V E H E A LT H C A R E

CITYBLOCKHEALTHThis Brooklyn-based provider of community-based primary carefocuses on low-income patients with complex needs — including
individuals covered by Medicaid or Medicare, and patients who
qualify for both. Cityblock delivers personalized virtual andat-home social services, behavioral health and primary care to its
members and is designed to avoid unnecessary emergency medical
interventions and hospitalizations. In its target audience anddelivery model, Cityblock Health is driving innovative healthcare
access and quality for those who need it most.

CSO
M UI N AI TBI EUMS TALS
E F O O D & AG R I C U LT U R E

URBANLEAGUEThe National Urban League is a historic civil rights organization
dedicated to economic empowerment in underserved communities.
Goldman Sachs is financing the construction of the new Urban
League Empowerment Center, a large mixed-use developmentin Harlem that will include not only the headquarters of the
National Urban League but New York State’s first civil rights
museum and a number of affordable housing units.

38

TH E F UTU R E , N OWOUR FIRM
Increasing our impact as a force
for sustainable financeGoldman Sachs 2020 Sustainability Report
Our Firm

O U R FI R M

Advancing climate transition and inclusive growth are not only commercial imperatives,
but also key to how we manage risk for our clients and across our operations and our
supply chain — and to how we lead our firm forward.
We have set clear targets and remain committed to reporting and providing transparency on our progress. Having
achieved carbon neutrality in our operations and business travel five years earlier than our goal, we now extended ourcommitment to include our supply chain, targeting net-zero GHG emissions across our operations and supply chain by
2030 and aligning our financing activities with a net-zero-by-2050 transition pathway. We also foster diversity andsustainability in our supply chain, and continue to invest in healthy work environments for our people. Addressing theimpacts of climate change on our business and our own climate impact remains a core focus — we continue to integrate
climate risk into credit risk, and have instituted robust governance around managing our climate impact.
We look to responsibly manage our entire ecosystem, with the least impact to the environment and the greatest positive
impact on people’s lives. We do all of this with clear-eyed urgency, focused on the future, now.

Launching Our Inaugural People Strategy Report

HUMAN CAPITALFOR HUMAN IMPACT“Our people are the heart and soul of Goldman Sachs. They continue to lead andcreate the next chapter for this extraordinary organization. Our inaugural People
Strategy Report, which is being published as a companion piece to our broader
Sustainability Report, explores the importance of human capital at Goldman Sachs.
It details how we strive to attract the world’s best and most diverse talent, how
we prioritize inclusivity and sustainability in our culture, and how we support anddevelop our people — so they are best positioned to contribute meaningfully to
our firm’s purpose and partner with people and organizations around the world
to make a difference in the communities in which we live and work.”— Bentley de Beyer, Global Head of Human Capital Management40Goldman Sachs 2020 Sustainability Report
Our Firm

MANAGING OUR
CLIMATE IMPACT
Goldman Sachs was one of the first financial institutions to acknowledge the scale and urgency of climate change
in 2005. As a leading financial institution, we acknowledge the importance of setting new climate-related goals forour business and reporting publicly on our progress. To that end, we recently announced our commitment to alignour financing activities with a net-zero-by-2050 pathway, in line with the goals of the Paris Agreement.

Collective Action
Addressing the magnitude and complexity of the issues presented by climate change will require broad-scalecollaboration across industries, sectors and regions. We continue to focus on working with our clients, industry peers,
government and society to support the long-term goals of the Paris Agreement. In early 2021, Goldman Sachs joined the
UN Principles for Responsible Banking (UN PRB), a multistakeholder initiative between the United Nations Environment
Programme Finance Initiative and the banking sector, with the goal of ensuring the banking industry is aligned with
the UN Sustainable Development Goals and the Paris Agreement. As part of this commitment, we will conduct an impact
analysis of our firm’s activities, enhance our emissions disclosures and set interim business-related climate targets
by the end of 2021.

UN Principles for Responsible Banking
UN PRB established six principles to provide the framework for a sustainable banking system, and to embedsustainability at the strategic, portfolio and transactional levels, across all business areas.

41

PRINCIPLE 1:

PRINCIPLE 2:

PRINCIPLE 3:

ALIGNMENTIMPACT& TARGET SETTING

CLIENTS& CUSTOMERS

We will align our business strategy to beconsistent with and contribute to individuals’
needs and society’s goals, as expressed in
the Sustainable Development Goals, the Paris
Climate Agreement and relevant nationaland regional frameworks.

We will continuously increase our positive
impacts while reducing the negative impacts
on, and managing the risks to, people andenvironment resulting from our activities,
products and services. To this end, we will set
and publish targets where we can have themost significant impacts.

We will work responsibly with our clientsand our customers to encourage sustainable
practices and enable economic activities
that create shared prosperity for current
and future generations.

PRINCIPLE 4:

PRINCIPLE 5:

PRINCIPLE 6:

STAKEHOLDERS

GOVERNANCE& CULTURE

TRANSPARENCY& ACCOUNTABILITY

We will proactively and responsibly consult,engage and partner with relevant stakeholders
to achieve society’s goals.

We will implement our commitment to these
Principles through effective governance anda culture of responsible banking.

We will periodically review our individual andcollective implementation of these Principles
and be transparent about and accountablefor our positive and negative impacts and ourcontribution to society’s goals.

Goldman Sachs 2020 Sustainability Report
Our Firm

More than 200 banks are signatories to these principles, representing over a third of the global banking industry.
Signatory banks commit to taking three key steps that enable them to continually improve their impact on andcontribution to society:• Analyze their current impact on people and planet• Based on this analysis, set targets where they have the most significant impact, and implement them
• Publicly report on progress
In joining the UN PRB, we acknowledge the massive, coordinated effort required across the financial industry andwith our clients to advance the goals of the Paris Agreement. We also acknowledge the importance of setting concrete
climate-related targets and reporting on our progress. We believe the UN PRB will serve as a valuable forum tocollaborate with a broader community of stakeholders and peers on best practices and insights to ensure that,together, we effectively address climate change.

Transparent Disclosure and Reporting
Material sustainability and climate-related information is essential for effective risk management. We continue tofocus on assessing and reporting our own impact. Goldman Sachs was the first major US financial institution to reportunder the Sustainability Accounting Standards Board (SASB) in 2019. We also support the Task Force on Climate-related
Financial Disclosures (TCFD), a market-driven initiative aimed at creating a voluntary, consistent global frameworkfor providing information on climate-related financial risks to investors, lenders, insurers and other stakeholders. We
published our inaugural TCFD report in 2020, which provides an overview of our strategy and approach to climate-relatedrisks and opportunities, including how the management and oversight of climate change are integrated across our global
business. We are taking steps to integrate these frameworks into our business selection and investment processes.

TCFD Reporting
Launched after the Paris Agreement by the Financial Stability
Board, an international body that monitors and makes
recommendations about the global financial system, TCFD
reporting provides decision-useful information that improves
the understanding and analysis of material climate-relatedrisks and opportunities. In the spirit of providing greatertransparency on our approach, Goldman Sachs published its
inaugural TCFD report in 2020, which details our approach to
managing climate-related risks and opportunities across ourbusinesses and operations, including the initial steps we havetaken on transition and physical climate-risk scenario analysis.
Since our initial 2005 Environmental Policy Framework, wehave continued to integrate climate change risk mitigation andopportunities within our business practices and selection.

42

Goldman Sachs 2020 Sustainability Report
Our Firm

In addition, we are encouraging our clients to disclose more of their sustainability- and climate-related data. We now
encourage companies to adopt SASB and TCFD frameworks, where feasible, and provide them with resources and tools
to make progress.
Our inaugural TCFD report was the first step in our application of TCFD recommendations. We remain committed todeepening our understanding and knowledge of managing climate risks and advancing market opportunities. This
includes continued work with our clients, shareholders, peer banks and other key stakeholders to improve metrics
and methodologies for climate-related risk analysis and disclosures, and to further climate-related opportunities.
We continue to leverage insights from our work with clients and from piloting developing tools as we look to enhance
our strategy and approach. Since our inaugural TCFD report in 2020, our Risk Management team has developed initial
methodologies for both physical and transition risk in order to build a foundation for quantifiable measurement
and integration of climate risk into relevant processes throughout the firm. Risk Management is coordinating the
integration strategy that will include business selection processes and ongoing risk monitoring across asset classes
and business areas.
In preparation for the next TCFD report, the firm has completed a preliminary run of two additional transition risk
scenarios. We have also developed a physical risk tool for any location globally that can be used to calculate an absolute
rating for physical risk factors at a chosen tenor. For the report, we will produce a heat map highlighting areas of hightransition risk exposure across lending, equities and derivatives. Additional details on our approach and methodologies
used will be provided in our next TCFD report later this year, including a comprehensive overview of transition andphysical risk scenario analysis and relevant examples for investment and lending portfolios.

Adapting to a Dynamic Environment
As climate data, technology and analytical tools advance and our clients’ needs evolve, we continue to evaluate how
we can improve our climate risk–related disclosures over time. We are also evaluating how we can further integrate
climate-related risks into our broader risk management processes. This includes investing in our own data and reporting
capabilities as well as participating in multilateral stakeholder forums to collaborate with our peers on insights andbest practices.
We plan to conduct an impact analysis of the firm’s activities, share enhanced disclosures regarding our climate-related
risk exposures and emissions, and set interim business-related climate targets by the end of 2021. These goals will be
integrated across our relevant business selection and investment processes. We plan to share additional details on
our approach, including pilot projects and methodologies to evaluate climate impacts, in our next annual TCFD report
later in 2021.

43Goldman Sachs 2020 Sustainability Report
Our Firm

SUSTAINABILITY OFOUR OPERATIONSAND SUPPLY CHAIN
Our approach to advancing climate and inclusive growth at our firm begins with
our people and extends to fostering a healthy, safe and inclusive work environmentthat also seeks to minimize our environmental impact. In 2015, Goldman Sachs
achieved carbon neutrality across our operations and business travel, well aheadof our 2020 goal, and has maintained this commitment each year since. To continue
setting ambitious targets, we are expanding our operational carbon commitment
to include our supply chain, targeting net-zero carbon emissions by 2030.
Across our global workplace, we achieved our target of 70 percent certified green buildings prior to the end of 2020and met our 2020 operational goal of procuring 100 percent of our global electricity from renewable sources. While wewere able to divert 100 percent of our business waste from landfill in those countries that provided alternative disposal
methods, we were unable to find an alternative means of waste diversion in APAC and ANZ, accounting for 3 percent
of our total business waste that was sent to landfill. We will work with the market to develop these alternative meansof disposal to enable broader market transformation for waste diversion.
The disrupted global supply chain for compostable materials and an increased focus on health and safety resulted in
the reintroduction of individually wrapped plastic cutlery into our operations. This disruption reintroduced 4.6 tons of
single-use plastics in 2020 from a category that had previously been eliminated. Without this increase, the total 2020
consumption of remaining plastics in our operations was 88 percent less than our 2018 baseline. Additionally, though
we were able to divert 100 percent of our business waste from landfill in those countries that provided
alternative disposal methods, we were unable to find an alternative means of waste diversion in
APAC and ANZ, accounting for 3 percent of our total business waste that was ultimately sent tolandfill. We will work with the market to develop these alternative means of disposal to enablebroader market transformation for waste diversion. While COVID-19 set us back on certain
commitments, it helped expedite others. We saw close to a 70 percent reduction in ourpaper per capita consumption and we were able to more than double our original
energy reduction target of 10 percent.
Looking forward, our suite of 2025 operational sustainability goals, establishedin December 2019, focuses on strategic partnerships that drive market
transformation. We have set a range of new targets for 2025 across energyuse, waste reduction and supply chain management. This includes, but is not
limited to, certifying 100 percent of new construction as LEED-Gold certified
or equivalent and lowering energy and water intensity of our facilities by
20 and 15 percent, respectively. The profound changes wrought by the
COVID-19 pandemic added new urgency to those goals, as we continue toimprove the sustainability performance of our facilities across the globe
and to pursue a sustainable supply chain strategy.
44

Goldman Sachs 2020 Sustainability Report
Our Firm

2020 Achievements
Category

2020 Status2020 Goal

Renewable Energy
Meeting our global electricity needs using renewable energy

100%

100%

Energy Reduction*
Reducing absolute energy use across our operationally controlled facilities

-27%

-10%

Green Buildings
Achieving LEED Gold or equivalent green-building certifications

71%

70%

Business Waste †Diverting business waste from landﬁll

97%

100%

Paper per Capita Reduction*
Reducing our paper consumption per capita

-69%

-20%

Water Reduction*
Reducing our consumption in operationally controlled facilities

-23%

-5%

Certified Management Systems
Environmental Management Systems across our operationally controlled facilities

100%

100%

Green Operational Investment*
Dedicated budget for investing in green buildings and innovative green technologies

$2B

$2B

Single-Use Plastic Reduction †*Reducing our use of single-use plastics

-78%

-85%

Met orsurpassedgoal*2 020 goals are from a 2013 baseline, except for our green operational investments, which include capital invested since 2015, and our plastics-reduction goal, whichis from a 2018 baseline.
†Provisions:
Business Waste: The firm has diverted 100 percent business waste from landfill where alternative disposal methods exist.
Currently, no alternatives exist in Hong Kong, China, Australia and New Zealand.
Plastic: Supply chain disruptions and health requirements due to COVID-19 required sourcing for individually wrapped single-use plastic cutlery for a portion of 2020.

2025 Operational Goals**

20%
Energy Efficiency

Reduce energy intensity (kWh/sq. ft.) across our operationallycontrolled facilities by 20%

15%
Water

Reduce water intensity (gal/occupied seat) by 15%**Reductions are calculated using a 2017 baseline.

45

100%
Business Waste
Continue to divert
100% of businesswaste from landfill

30%
Paper

Reduce our paper consumption
per capita by 30%

80%

Directly Sourced
Renewable Electricity
Source 80% renewableelectricity from long-term
PPAs and on-site projects

100% 100% 100%Plastic

Green Buildings

Certified Management

Remove 100% of plastic
bottles and disposables

Certify 100% of new builds
and major renovations

Maintain 100% and extend
to off-site events

Goldman Sachs 2020 Sustainability Report
Our Firm

NET
In February 2021, we announced our accelerated commitment to achieve net zero for our own operations and supply
chain by 2030. Across our business operations, we have committed to deepening our performance in key areas such asenergy management and direct renewable energy sourcing by 2025, and net zero is the natural next step of our climate
journey. Our road to net zero will include actions that are focused across three key areas: our vendors, our people andour communities.
Our vendors represent a notable expansion to the scope of our commitment. To begin dialogues with our vendors aroundtheir own emissions management programs, we have joined CDP Supply Chain as a lead member this year. Through thisprogram, we plan to engage with key vendors to disclose their emissions to us, understand their climate actions and help
them build their capacity to realize further carbon reductions.
Our people will also be key to reducing our firm’s emissions footprint through everyday decisions on how we work andtravel. We plan to provide increased transparency around our work-related emissions so our people know how theirdecisions can support our progress.
Our communities are also part of the global journey to net zero. Ambitious actions to reduce the footprint of our vendors
and our people is just one part of the story; addressing our remaining emissions to get to net zero will require investment
in carbon removal, a market that is still nascent. By identifying opportunities to partner with our financing groups, wewill aim to bring new carbon-removal technology solutions to market, enabling achievement of net-zero carbon not only
for ourselves, but also for others to minimize their impact on climate change.

46Goldman Sachs 2020 Sustainability Report
Our Firm

A HEALTHY PLACE TO WORKAt Goldman Sachs, we look to cultivate work environments to meet the diverse needs of our greatest asset, our people.
The built environment — specifically our office spaces — should represent an ambiance of comfort and promote thehealth and the well-being of all.

Certified for Well-Being
In 2020, Goldman Sachs’ 150 Outer Ring Road (150 ORR) office in Bengaluru was the first office in our global portfolio
to achieve WELL Gold Certification for healthy buildings, and is the largest certified interior fit-out in the world.
WELL’s evidence-based strategies across 10 specific areas offer a holistic pathway to enhancing the health and wellbeing of everyone in the space. The office is designed with maximum exposure to daylight to help improve well-being
while outdoor views and biophilia-inspired artwork help to lower stress. Our cafeteria is filled with healthy food options
and nutrition info is posted to encourage better choices. The workplace at 150 ORR is designed with ergonomics andcommunity in mind, and fitness options abound, from high-impact workout facilities to Wi-Fi–enabled landscapeterrains around the 2.5-acre campus, enabling flexible indoor and outdoor work. High-performing ventilation systems
within the building keep the air fresh and CO2-balanced. Taken together, these diverse options throughout the facility
are focused on fostering the physical, mental and emotional well-being of our people, encouraging and supporting
everyone to achieve their healthiest lives.

84

OF OUR OPERATIONALLYCONTROLLED FACILITIES,REPRESENTING 99 PERCENTOF OUR PEOPLE SPACES,HAVE ACHIEVED THE WELL
HEALTH-SAFETY RATINGWELL Health-Safety Rating
The COVID-19 pandemic has highlighted the critical role that buildings play in supporting people’s health, safety andwell-being. We conducted a detailed review across our global operational practices and firmwide policies to align ourstandards to meet the requirements of the WELL Health-Safety Rating (HSR), an evidence-based third-party designation
to verify that a building or space has taken the necessary steps to prioritize the health and safety of their staff, visitorsand other stakeholders. Across the workplace, we have adopted science-backed strategies around cleaning andsanitization, emergency preparedness, health service resources, air- and water-quality management, and stakeholder
engagement and communications to demonstrate a long-term commitment to people-first places.

47Goldman Sachs 2020 Sustainability Report
Our Firm

A GLOBAL RELIANCE
ON CLEAN ENERGY
In 2020, we achieved our goal of sourcing renewable energy for 100 percent of our global electricity use. We havealso achieved several significant milestones toward direct clean energy projects across our corporate real estate.

Clean Energy Campuses
Our Bengaluru campuses at 150 Outer Ring Road and Sun River are now 100 percent covered by clean sources. We signed
two PPAs that enable us to deploy 100 percent of the energy requirements for the campuses and offices through windand solar. The contracts support power generated by a 10 MW wind energy project in the Belgaum district of Karnataka
and a 50 MW solar power plant in the Chitradurga district of Karnataka.
We installed a 1 MW solar carport for our Ayco Personal Financial Management headquarters in Upstate New York,
which now directly powers 60 percent of the building. This signals great progress toward our 2025 goal to source
80 percent of our renewable energy from long-term, impactful agreements, including Power Purchase Agreements
and on-site generation.

B E N GALU R U%
100
POWERED BY
CLEAN SOURCES

Renewable Energy for All US Employees
As our employees transitioned to working from home in response to COVID-19, our Asset Management and ESG-dedicatedCorporate and Workplace Solutions teams partnered with Arcadia to offer all Goldman Sachs employees in the US freeaccess to renewable energy to offset their carbon footprint at home. Arcadia offers renewable energy to homeowners
and renters nationwide by purchasing renewable energy certificates (RECs) and managing users’ utility accounts on
their behalf.

Achievements
As part of our commitment to advancing renewable energy markets, we were the first US corporate to sign onto all threeof The Climate Group’s RE100, EV100 and EP100 programs. These initiatives are focused on, respectively: 100 percent
procurement of electricity from renewables; electric transport; and energy productivity.
In early 2020, Goldman Sachs received a score of A from CDP on our climate change disclosure. We were also recognized by
CDP on their 2020 Supply Chain Engagement Leaderboard (top 7 percent) for our supplier engagement on climate change.
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Goldman Sachs 2020 Sustainability Report
Our Firm

CULTIVATING A SUSTAINABLE,
DIVERSE SUPPLY CHAIN
Goldman Sachs has a long history of working with small and diverse businesses. Partnering with thesevendors drives business value, supports economic growth and promotes sustainability well beyond
our walls.
This year, we strengthened our approach, setting internal diverse-spend targets and measuring progressby both spend category and region; building a new website to increase transparency on doing businesswith the firm; and continuing our collaboration with our 10,000 Small Businesses community, delivering
virtual trainings on sustainability and doing business with Goldman Sachs. This work doubled the number of
inbound applications received for consideration in upcoming procurement opportunities from the previous
two years. We also strengthened our Tier 2 program, leveraging the convening power of the firm to workwith our prime vendors to increase the value of spend subcontracted to small and diverse businesses.
In 2020, Goldman Sachs bought goods and services worth over $265 million from small and diverse vendors
globally, representing 5 percent of our addressable spend. 70 percent was with minority-/women-owned
businesses and 30 percent with small businesses. 28 percent of our overall spend was Tier 2.
We remain committed to holding ourselves and our vendors accountable in our efforts to increase spend
with small and diverse businesses from our 2020 baseline by 50 percent by 2025. As we look to the year
ahead, we will continue to partner across the firm to identify diverse businesses from our 10,000 Womenand 10,000 Small Businesses alumni and Launch With GS and One Million Black Women initiatives.

$265M+“The Vendor Diversity Program isimportant to Goldman Sachs for threereasons: One, it helps us provide thebest possible solutions to clientsby bringing talented, experienced
professionals into our network.
Two, it drives growth opportunities forthese businesses, and we’ve seen timeand again that our program partners
pay it forward in their communities.
And three, it is a chance for us to break
down barriers to growth that still exist
for minority business owners — andthat’s critical for a healthy society.”— David Solomon, Chairman
and Chief Executive Officer

49

WORTH OF GOODS AND SERVICESBOUGHT FROM SMALL AND
DIVERSE VENDORS GLOBALLY

Goldman Sachs 2020 Sustainability Report
Our Firm

2 0 2 5 S U P P LY C H A I N TA R G E T S

100%

Assess 100% of vendors globally for ESG risk

50%

increase in 2020 baseline spend with diverse vendors

Sustainable Supply Chain Management
As we manage our operations sustainably, we look to ensure our supply chain also embodies those same commitments.
In 2020, we benchmarked our vendors against industry-specific ESG business practices and developed a set of ESG minimum
standards for our key spend categories. We updated our Vendor Code of Conduct to strengthen the expectations we have of
our vendors to mitigate their impact on climate change and maintain workplaces free of harassment, violence and abuse.
We also performed enhanced due diligence on risks of modern slavery and human trafficking in our supply chain. We havefurther strengthened and expanded our training in response to the Australian Modern Slavery Act, and in the coming year,
will continue to develop further governance around our vendor relationships in higher-risk industries and geographies.
We will also work with our vendor partners to make progress toward our net-zero-by-2030 supply chain commitment.

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Goldman Sachs 2020 Sustainability Report
Our Firm

GOVERNANCE
WITH PURPOSE
Appropriate oversight by our management and Board of Directors, as well as strong
policies and practices, help us to manage a broad spectrum of financial and nonfinancial
risks across our businesses, with a focus on what’s best for the firm, our people and theworld at large.
Our Board and its committees are responsible for overseeing the management of the firms’ most significant risks,
placing meaningful focus on reputational risk and management’s operation of the firm responsibly for the long term.
The Board’s Public Responsibilities Committee (PRC) has primary oversight of our firmwide approach to sustainability
including through the review of key ESG policies. Our ESG policies and procedures provide transparency into ourpractices and are generally developed with the consultation of stakeholders, including regulators and investors.
Importantly, ESG and sustainability oversight is not limited to just the PRC, but also informs discussions with thefull Board and its other committees on topics ranging fromclimate risk, to human capital management, to the firm’s
broader sustainable finance initiatives.

Managing Our Business Responsibly
Risk management is critical to the way we run our firm, and deeply
ingrained in our culture and practice as bankers and financiers.
For environmental and social risk, we proactively manage andreport publicly the material impacts of sustainability-related risks
to our firm — a business that spans a wide array of sectors andregions. The events from the past year have brought sustainability
and climate-related risks to the forefront for all of our clients,
stakeholders and communities.
In risk management, our people are our first line of defense.
We continue to focus on providing our people with the tools andresources they need to effectively identify and escalate potential
risks in their day-to-day activities, which include training withrespect to environmental and social risk. Employees receive
specialized training for sectors and industries we believe havehigher potential for such risk.
Our Environmental Policy Framework guides our overall approach to sustainability issues across a broad scope ofsectors and products, including the management of environmental and social risk. As with our other sustainabilityrelated policies, our framework was developed with the consultation of stakeholders, including investors, NGOs andregulators. Our framework also helps us better advise our clients on environmental and social risk disclosures and risk
solutions, as appropriate. We continue to focus on supporting our clients across all sectors and regions in achieving theirenvironmental and social impact–related goals, which includes efforts to reduce their environmental footprint in linewith the Paris Agreement.

51

Goldman Sachs 2020 Sustainability Report
Our Firm

AT THEHIGHESTLEVEL,

DEDICATED TEAMS WITHIN OURLEGAL, COMPLIANCE AND EXECUTIVEOFFICE DIVISIONS BROADLY EXAMINELEGAL, REGULATORY, REPUTATIONAL,ENVIRONMENTAL, SOCIAL AND
GOVERNANCE RISKS, AND REVIEWPOTENTIAL TRANSACTIONS THROUGH
A RISK MANAGEMENT LENS.

Our Environmental Policy Framework includes a number of basic tenets:
We manage environmental and social risks with the same care and discipline as we do other business risks.
We evaluate environmental and social impacts in all relevant business selection decisions.
We engage with clients to identify significant ESG issues and help them adopt appropriate safeguards and sustainable
practices where feasible.
We decline assignments when client engagement is not possible, when potential impacts cannot be mitigated, andwhen unacceptable risks conflict with our environmental and social policy guidelines.
In addition, we proactively monitor developments in the evolving ESG risk landscape — from emerging issues to evolving
best practices — and periodically reevaluate and update our guidelines to reflect these developments.
Risk management is a shared responsibility firmwide and is integrated across our business globally. We apply ourEnvironmental Policy Framework when evaluating transactions for environmental and social impacts. We also conductenhanced diligence when transactions involve companies or projects with the potential for negative ESG impacts orvulnerabilities.
At the highest level, dedicated teams within our Legal, Compliance and Executive Office divisions broadly examine legal,
regulatory, reputational, environmental, social and governance risks, and review potential transactions through a risk
management lens. At an operational level, in-house specialist teams within our Risk and Controllers divisions guideenvironmental, health and safety (EHS) standards for our investing activities. The teams also perform EHS due diligenceon proposed investment transactions, helping business teams identify and mitigate potential risk. Our work does not
end with an ultimate investment in a given company — we continue to closely monitor potential risks in our portfolio.
This includes reviewing portfolio companies and engaging with their managers on EHS-related issues, as appropriate.

52Goldman Sachs 2020 Sustainability Report
Our Firm

An important part of our environmental and social risk management process involves engaging our clients on potential
ESG issues or vulnerabilities and helping them improve, where feasible. In one case, we reviewed a potential acquisitionof a manufacturing company in an emerging market and identified several recent issues related to health and safety —in particular, fire safety. After extended conversations with the client as part of due diligence, the company agreed toengage an independent consultant to perform an assessment and to update its fire safety policies and labor practices.
We ensured these enhancements were formalized in legal covenants as part of our investment.

Risk Managementin Practice

Policies to Accelerate
Climate Transition

In 2020, Goldman Sachs identified and managed EHS risks in a numberof potential transactions and portfolio companies, and in some cases
decided to forgo participation in transactions due to the high level ofrisk or risks that could not be mitigated. We declined participation in alarge midstream oil infrastructure project in a sensitive region due to
expected impact on a biodiverse national forest, as well as displacementof local communities. We also forwent a financing transaction related
to the acquisition of an upstream oil concession due to significant past
EHS incidents, as well as potential impacts to critical habitats and thealleged lack of free, prior and informed consent with local indigenous
communities. In another case, we evaluated a potential corporate-level
financing for a power utility with predominantly thermal coal-fired power.
After expanded due diligence on several of the company’s projects,
we identified multiple new coal-fired power plants under construction
globally, including allegations of projects with negative impacts onprotected areas and indigenous peoples. We ultimately decided not toproceed with the opportunity.

Acknowledging the increasing need to take bolder
action on climate change and to help accelerate ourclients’ climate transitions, we have implemented
various restrictions for high-emission sectors in ourenvironmental and social risk guidelines. We continue
to assess how we can enhance environmental andsocial risk management guidelines for sectors withsignificant climate impact, and have continued to
update our framework with enhanced guidelines tobetter reflect our standards. This includes no direct
financing of new coal-fired power plant development
globally without carbon capture-and-storage
technology, no direct financing of new thermal coalmine development, and no direct financing of new
upstream Arctic oil exploration or development.

Transactions Reviewed for Environmental and Social Risks1

Sector Breakdown (2020)

Oil & Gas

1,741

715

Power Generation

314

Metals & Mining

256

Chemicals

159

Transportation
Other

81
56

2

Water

31

Infrastructure

Total Deals Reviewed (2020)

Forestry
Biofuels

74
1441This chart represents transactions screened for environmental and social risks at an early stage, and should not be interpreted as representativeof all transactions reviewed and/or transactions that were executed by Goldman Sachs.

1

2

53

“Other” includes agriculture, consumer retail, palm oil and transactions for financial sponsors related to loan portfolios across various sectors.

TH E F UTU R E , N OWOUR PARTNERSHIPS,ENGAGEMENT AND
IMPACT
Across our firm and around theworld, investing in changeGoldman Sachs 2020 Sustainability Report
Our Partnerships, Engagement and Impact

O U R PAR TN E R S H I P S , E N GAG E M E NT AN D I M PAC T

Even as we accelerate our sustainable impact via commercial solutions and drive
progress across our firm, we know that climate and income inequality pose massive
challenges that cannot be solved within our four walls or just through our work withclients. Our approach: Partner with external stakeholders, collaborate on solutions,and engage philanthropically to propel and support needed change.
We partner with industry groups and coalitions to drive key initiatives to improve the quality of ESG data, spur progress
toward net-zero carbon, help build new markets, and advance sustainability policy to foster both climate transition
and inclusive growth. Our thought leadership on sustainability seeks to inform public policy and to advance marketbased solutions.
At the same time, we use strategic philanthropy to catalyze economic growth while helping to level the field for diverse
sources of creative, positive change. We continue to invest in racial equity, including our recently launched One Million
Black Women initiative, as well as in raising up small, women-owned and diverse-led businesses and supporting efforts
to improve our communities.

IMPROVING
ESG DATA
Our clients have a pressing need for high-quality ESG data,
so we have initiated substantial investments in the ESG,
climate data and analytics ecosystem — both by buildingout our internal capabilities using a truly OneGS approachand by partnering with external platforms to improve theways we and our clients evaluate sustainability risk andmeasure impact.
Currently under accelerated development, ESG Beacon is a business we are creating to offer a unified ESG data strategy
for Goldman Sachs. ESG Beacon grew out of our internal Goldman Sachs Accelerate program, selected as a standout idea
among the more than 300 business pitches shared by our people worldwide.
To democratize climate data, we have partnered with the Linux Foundation to build the OS-Climate platform. This
nonprofit, collaborative platform will develop open-data and open-source analytics for climate risk management
and climate-aligned finance and investing. Our expertise in climate risk, product development and financial reporting
will result in better tools to help companies, asset managers and investors more consistently and effectively evaluate
progress against decarbonization goals. Goldman Sachs is the first US bank founding member of this global, crossindustry coalition. Other members include Allianz, Amazon, Federated Hermes, Microsoft, S&P Global and the
UN-led Net Zero Asset Owner Alliance.

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ADVANCING NET
ZERO TOGETHER
Across the world, a broad and profound shift has focused governments and businesses on decarbonizing the global
economy. Our CEO, David Solomon, has committed all of Goldman Sachs to helping meet this challenge. Through ourwork with NGOs, coalitions and research efforts, we are helping to develop tools and approaches to define the exact
parameters of net-zero investment in order to move both our portfolios and our clients closer to a net-zero economy.

Monitoring the Path to Net Zero
The analytics of decarbonization demand a collaborative approach. We actively co-develop frameworks that help
investors set targets and monitor and manage the path to net zero.
In July 2020, we launched the Center for Climate-Aligned Finance in partnership with the Rocky Mountain Institute, aleading clean-energy nonprofit. Leveraging the infrastructure of the “Mission Possible” platform, the center serves as anengine room for the financial sector and corporate clients to identify practical solutions through deep partnerships withindustry, civil society and policymakers. The goal: Help the global economy achieve net-zero emissions by mid-century.

COP26 Portfolio Alignment Study

Goldman Sachs participated in an industry-led initiative to assess the stateof climate-alignment tools for the financial sector, providing critical technicalguidance on the a analytical tools available to measure the alignment of agiven investment portfolio with net-zero investment ambitions. During 2021,
we are participating in the second phase of the study.

As a member of the Science Based Targets Initiative’s expert advisory panel, we pilot investor tools to monitor
portfolio alignment to net zero and provide technical advice on financial sector target-setting recommendations.
This helps inform standards for future target-setting, as well as monitoring and engagement strategies for portfolio
companies. In this spirit, we helped shape the groundbreaking Paris Aligned Investment Initiative, which aims to
inform the industry standard on acting on and monitoring asset-owner ambitions related to net-zero investing. We
continue to be active in the Private Markets working group of the Institutional Investors Group on Climate Change.

Financing the Transition to Net Zero
The climate transition needs a new multistakeholder financing ecosystem to focus trillions in capital on net-zero
solutions. But stakes and risks are high, particularly in carbon-intensive industries.
As a member of the World Economic Forum’s Transition Finance Working Group, we have collaborated with clients
across industries and peer financial institutions to help develop frameworks and pragmatic solutions that can improve
the flow of capital to green projects in hard-to-abate sectors, such as steel, aviation, shipping, chemicals and trucking.
For example, our investment bank has conducted exercises to determine the best deal structures for improving financeflows to the steel sector. To date, this initiative has engaged more than 30 financial institutions, as well as stakeholders
from the public sector, to explore innovative financing solutions and accelerate progress toward a net-zero future.

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Unlocking Private Climate
Finance in Emerging Markets
Private Sector Considerations for Policymakers

BUILDING
NEW MARKETSAs sustainable finance scales, new market infrastructure will be required to build confidence and improve liquidity
and accessibility of participants. Goldman Sachs works with nonprofits and governments in their efforts to improve thefunctioning of voluntary markets and increase the flow of finance to climate transition and emerging-market themes.

Mobilizing Climate Finance to Emerging Markets
Our CEO has served as a founding member of the Climate Finance Leadership Initiative (CFLI), an initiative led byMike Bloomberg in his role as UN Special Envoy for Climate Ambition that includes as founding members Allianz, AXA,
ENEL, GPIF, HSBC and Macquarie. As a follow-up to the first report delivered to the UN Secretary General in 2019, CFLI
has issued a second report, Unlocking Private Finance in Emerging Markets, which includes policy recommendations
increasing investment in the low-carbon transition. The report notes the gap in energy-transition investments requiredin emerging-market countries and includes climate investment guidelines from a private-sector perspective acrosssectors such as clean energy, transport and land use.

Scaling Voluntary Carbon Markets
Goldman Sachs served on a private sector–led task force with the aim to scale global voluntary carbon markets.
The task force, launched by Mark Carney, UN Special Envoy for Climate Action and finance advisor to UK Prime Minister
Boris Johnson for COP26, is sponsored by the Institute of International Finance. The group comprises more than
40 leaders from six continents with backgrounds across the carbon market value chain. We served on the “Standards
and Integrity” working group to share our expertise and insight. The task force published its blueprint on creating alarge-scale, transparent carbon credit trading market in January 2021. The blueprint includes 20 comprehensive andtangible actions, as well as a roadmap for implementation, to deliver a global carbon market at pace and scale.

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SUPPORTING STRONGER
SUSTAINABILITY POLICY
Throughout 2020, landmark laws and regulations were implemented across the globe on sustainable finance.
Goldman Sachs continues to provide critical advice to our clients to understand and adapt to these changes, and weshare our expertise and insights with policymakers as they grapple with decisions necessary to achieve a prosperous
and sustainable economy. Together with industry groups and regulators, the firm has developed principles and thought
leadership that will form the backbone of future policy efforts, including carbon pricing, and accelerate the abilityof capital to address climate transition.

Evolving Climate Finance Market Structures
Goldman Sachs joined the GFMA Climate Finance Working Group to inform a report, Climate Finance Markets andthe Real Economy, that provides a roadmap on accelerating the evolution of climate finance market structure anddefines both market-wide and sector-specific changes necessary to motivate investment. This is a call to action for
coordinated and concerted action by the public, social and private sectors to significantly scale such structures over the
next three decades. The report also highlights the role that capital markets and other participants can play to support
transition pathways, and estimates a $100–$150 trillion investment need over the next three decades to transition
to a low-carbon economy.

Transitioning the US to a Sustainable Low-Carbon Economy
As a member of the US Climate Finance Working Group, we contributed to the
IIF Climate Principles in conjunction with 10 trade associations, including
the Bank Policy Institute and the American Bankers Association. The principles
include increasing and strengthening US international engagement on climate,putting a price on carbon and ensuring a just transition.
We see carbon price as an effective tool within a suite of climate policies.
Climate Leadership Council (CLC) is a policy organization representing abipartisan coalition on climate in the US and supporting a revenue-neutralcarbon fee and dividend plan. Since joining CLC in 2020, Goldman Sachs has
actively participated in the organization’s efforts to advocate for a carbon
price and participated in briefings and meetings with policymakers.

Supporting Green FinanceResearch and Talent Development
Goldman Sachs supported the establishment of the Singapore
Green Finance Center (SGFC) as the only US bank among thenine founding partners. The SGFC, supported by the Monetary
Authority of Singapore (MAS), is Singapore’s first research
institute dedicated to green finance and talent development
for the Asia region. Our work with the center is not only
part of our focus on sustainability but also our commitment
to developing talent and pursuing innovation that drives
sustainable growth.

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1Goldman Sachs 2020 Sustainability Report
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THOUGHT LEADERSHIPON SUSTAINABILITY
The firm produces focused research and insightful content across a broad set of issues — including sustainability —in order to bring ideas and people together around societal and economic challenges and help advance ecosystems ofsolutions. Much of our thought leadership related to climate transition and inclusive finance can be found within our
Carbonomics series and GS SUSTAIN.

Black Womenomics
Black women are foundational to our families and communities, but research highlights the significant disadvantages
Black women face across all sectors of society. Our newly published research, Black Womenomics, estimates that
reducing the earnings gap for Black women has the potential to create up to 1.7 million jobs in the United States andincrease the annual US GDP by up to $450 billion in current US dollars. This research has informed the areas where theinitial One Million Black Women investments will be made, including access to capital, affordable and quality housing,education, healthcare, and workforce development.

59Goldman Sachs 2020 Sustainability Report
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Carbonomics
Our flagship Carbonomics series focuses on the economics of net-zero carbon, modeling costs, investment requirements
and financing of clean technologies reshaping global industries, including renewable energy, circular economy, electric
mobility, hydrogen and carbon sequestration, as well as deep dives into the infrastructure investments required forsome of the world’s largest economies, such as China and the EU, to reach net zero. Against a backdrop of intensified
focus on sustainable investing and increasing shareholder engagement, our inaugural Carbonomics conference took
place in November 2020, with 30 CEOs and key policymakers discussing their strategies to decarbonize the economy andgenerate sustainable growth. The audience included 6,000+ investors, corporates, regulators and industry experts.

GS SUSTAIN Symposium
GS SUSTAIN recently launched a series of “ESG Sector Roadmaps,” which take a sector-level view of principal ESG risks
and opportunities over the medium term for industries such as Brand and Apparel, Food and Beverage, and Banks.
We hosted the second edition of our GS SUSTAIN symposium in 2020. Panelists included investment professionals froma diverse set of asset managers employing various ESG strategies. This half-day event for portfolio managers and ESG
practitioners brought together the buy-side, sell-side and corporates to discuss sustainable strategies and portfolio
positioning against key long-term risks and opportunities facing global industries. Discussions covered different
approaches to ESG, including divestment versus engagement, siloed versus full integration, long/short, “improver” orrate-of-change and thematic strategies, as well as the challenges that asset managers face across the board, including
integrating this information into their investment processes.

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Our Partnerships, Engagement and Impact

INVESTING WITH IMPACT
Our philanthropic mission is to unlock potential. We partner with world-class community organizations to deploy capitalthat helps level the playing field and sparks economic growth. We approach this work with the same rigor and innovation
we commit to our everyday business.
Through our One Million Black Women initiative, we are driving economic empowerment for Black women. ThroughGoldman Sachs 10,000 Small Businesses, we help small business owners create jobs and economic opportunity. With
10,000 Women, we provide women small business owners with education, networks and access to capital. Goldman
Sachs Gives supports innovative ideas to help underserved communities globally. And through Community TeamWorks,
we mobilize our people for hands-on engagement with community partners.
In 2020, we also doubled down on our efforts to meet the critical needs of the moment, including emergency small
business support, essential pandemic relief and the advancement of racial equity.

$2.8B+One Million Black Women
Our recently announced One Million Black Women initiative
will commit $10 billion in direct investment capital and$100 million in philanthropic capital over the next decadeto address opportunity gaps for Black women. Launchedin partnership with Black women–led organizations, One
Million Black Women will invest in key moments in Black
women’s lives, from early childhood through retirement,with investments across healthcare, education, housing andaccess to capital, with the goal of positively impacting the
lives of at least one million Black women.

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INVESTED ACROSSOUR PHILANTHROPICPROGRAMS TO DATEGoldman Sachs 2020 Sustainability Report
Our Partnerships, Engagement and Impact

One Million Black Women Advisory Council(top row, from left to right): Dr. Dambisa Moyo, Bill Bynum,
Dr. Valerie Montgomery Rice, Secretary Condoleezza Rice;(2nd row, from left to right): Rosalind G. Brewer, Dr. Ruth J. Simmons,
Thelma Golden, Darren Walker; (3rd row, from left to right): Issa Rae,
Lisa P. Jackson, Lisa Mensah, Marc H. Morial; (bottom row,from left to right): Melissa Bradley, Valerie B. Jarrett

Grounded in the voices and experiences of Black women, this initiative will be led by Black women leaders acrossGoldman Sachs, alongside an Advisory Council of Black leaders including: Melissa L. Bradley, Rosalind G. Brewer, Bill
Bynum, Melanie Campbell, Thelma Golden, Lisa P. Jackson, Valerie B. Jarrett, Lisa Mensah Dr. Valerie Montgomery Rice,Marc H. Morial, Dr. Dambisa Moyo, Issa Rae, Secretary Condoleezza Rice, Dr. Ruth J. Simmons and Darren Walker. Througha series of listening sessions — in partnership with Alpha Kappa Alpha Sorority, Inc., Delta Sigma Theta Sorority, Inc., Zeta
Phi Beta Sorority, Inc., Sigma Gamma Rho Sorority, Inc., National Council of Negro Women, Power Rising, Black Women’s
Roundtable and the National Coalition on Black Civic Participation, Walker’s Legacy Foundation, Sistahs in Business Expo,and The Links, Inc. — Goldman Sachs is committed to listening and learning from Black women to understand what isneeded to make a difference in their lives. Our experience with 10,000 Small Businesses and 20-year history of investingin Black communities has shown us firsthand how access to capital and tools for Black women and their communities canhelp level the playing field. As the name suggests, the reach and impact of this initiative is quantifiable and measurable,
and we are committed to tracking and sharing the results of our efforts on an ongoing basis.

62Goldman Sachs 2020 Sustainability Report
Our Partnerships, Engagement and Impact“Advancing financial opportunity and driving sustainable growth are core to our
mission and programs. Just as we do with our clients, we focus our investment
in communities on measurable results and impact in the long term.”— Asahi Pompey, Global Head of Corporate Engagement
and President of the Goldman Sachs Foundation

Supporting Small Businesses
10,000 Small Businesses US
Goldman Sachs 10,000 Small Businesses (10KSB) is an investment to help
entrepreneurs create jobs and economic opportunity by providing access to
education, capital and business support services. In 2020, 10KSB marked a major
milestone, living up to its name by reaching more than 10,000 business owners
in all 50 states, Washington, D.C., and US territories. Graduates collectively
account for more than $14 billion in revenues and employ more than 200,000
people, consistently reporting revenue growth and job creation that outpace
national averages.
In December 2020, Goldman Sachs announced an additional$250 million commitment to the Goldman Sachs Foundation,
allowing us to serve another 10,000 business owners. Thisannouncement brought Goldman Sachs’ total commitment
to small businesses to over $1 billion in 2020 alone, having
previously committed $775 million in capital and grants to
Community Development Financial Institutions and othermission-driven lenders to facilitate access to emergency
capital and provide technical assistance to the mostvulnerable and underserved small businesses.

10,000+
BUSINESS OWNERSREACHED ACROSSALL 50 STATES,WASHINGTON, D.C.,
AND US TERRITORIES

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Mobilizing for Small BusinessIn 2020, we reached 1,200+ business owners through online delivery of the 10KSB curriculum. This incorporated live
visits and recorded messages from Goldman Sachs leadership in each classroom. We also engaged policymakers to shareinsights and best practices on small business advocacy, in partnership with 10,000 Small Businesses Voices.
In our pandemic response, we engaged all community college partners in navigating the digital transition to virtual
learning, while keeping evaluations of program impact consistently strong and providing a top-quality experience forparticipating business owners. We also expanded our recruitment strategy to better serve business owners affected by
the pandemic and reach earlier-stage and more-diverse small businesses. Our ongoing webinar series in the US reached4,000+ alumni, focusing on topics related to navigating the current environment, including CARES Act and PPP funding,
digital marketing, cybersecurity, negotiations and stress management. More than 100 Goldman Sachs employees
provided emergency business coaching to 10KSB alumni, connecting our talent with business owners navigating
challenges in areas like financial modeling, law and human resources.

Telling the Story of Black Business Owners Through 10,000 Small Businesses Data
We analyzed 10 years of longitudinal program data to distill the unique and challenging experience of being a Blackbusiness owner. Running a Business While Black found that even among our growth-oriented businesses, Black
entrepreneurs experience the following:• Rejection rate — The rejection rate for Black business owners applying for bank funding was three times higher
than the rate for white business owners.
• Education doesn’t equalize — Black women in the 10KSB sample are the most educated, but have the lowest
median revenues ($0.47 for every $1 of white male peer).
• Double bottom line — Over 50 percent of Black business owners served in a community leadership role andaround 74 percent were a business mentor to a member of the community.

10,000 Small Businesses UK
As the pandemic broke out, 10KSB UK pivoted quickly
to digital delivery. The program’s robust alumni offeringand ongoing support to small businesses in the wake of
the COVID-19 crisis have included biweekly webinars forour alumni community on key topics such as legal and tax
advice, navigating government support, and rethinking
marketing and communications plans. We developed
and delivered a new four-week online booster program,
Reimagining Business, to more than 450 alumni, to support
them as they pivoted their business models in the wakeof COVID-19. We also convened more than 100 graduates
through virtual and regionally focused roundtables tounderstand the local impact of the pandemic.

Tracking the Impact of COVID-19: Leveraging Data for Change
Throughout 2020, we undertook three major surveys of 10KSB UK alumni to understand the continuing impact of thepandemic and the ongoing support small businesses need. We convened intimate policy roundtables for graduateswith senior government ministers to elevate the voices of small business.

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Small Business Britain: What Next?
This flagship virtual alumni summit was designed to support our graduates as they position their businesses for
success in the near term — both against the backdrop of the pandemic and broader macroeconomic factors, including
Brexit and climate change.

10,000 Small Businesses France
In October 2020, we launched 10KSB in France, our first new market since 2010 and our third market globally. Delivered inpartnership with ESSEC Business School, 10KSB France is a fully funded, nationwide small business education program.
Aimed at ambitious small business leaders, the program offers a comprehensive package of business development
and leadership support. The program helps build small business leaders’ knowledge and confidence in core areas, andenables them to apply this knowledge directly and immediately back into their businesses. Teaching for the inauguralcohort of 70 entrepreneurs commenced in March 2021.

10,000 WomenOver the past decade, the 10KW program has helped more than 100,000 women reach their full potential by providing
a rigorous business education program, access to capital and ongoing opportunities for networking.
In 2020, we expanded our highly successful 10KW Online program, a pioneering, virtual global resource for small
business owners. This business education program was made accessible to all women entrepreneurs around the world,free of charge. Learners are now able to take any course, or combination of courses, to learn what they need to survive,
adapt and thrive. The course also was translated in to two new languages, Spanish and Portuguese. Throughout 2020,
10KW Online reached tens of thousands of enrollees, spanning 200 countries.
With 10KW business owners around the world significantly impacted by COVID-19, we supported women entrepreneurs
with emergency coaching sessions with business experts and a COVID-19 toolkit that included webinars, resources andvirtual town halls. We also worked in partnership with the International Finance Corporation (IFC) through our industryleading Women Entrepreneurs Opportunity Facility (WEOF), carving off almost $1 million in funding to include women
SMEs in the IFC’s COVID-19 relief efforts.
Committed to elevating the voices of women entrepreneurs in our alumni community globally, we conducted Sustainable
Growth Series roundtables in South Africa, China and India to explore how women entrepreneurs have been impacted
by the crisis and how they plan to conduct business going forward.
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10,000 Women in China
In 2020, in collaboration with Tsinghua University, 10KW launched a series of virtual webinars for our community ofmore than 1,900 alumni in China, covering market insights and business strategies to remain competitive through the
pandemic. 10KW also conducted an inaugural roundtable in Yunnan Province to engage rising government leaderswith women entrepreneurs.

$1B+
COMMITTED TO
SMALL BUSINESSESIN 2020 ALONE

10,000 Women in India
10KW expanded program delivery in New Delhi in 2020, in collaboration with the Indian Institute of Management
Bangalore (IIMB). Recognizing the unprecedented challenges facing small business leaders, we provided support toour alumni community by offering a series of 22 webinars with faculty from IIMB and the Indian School of Business (ISB)
on topics to help navigate the new environment. In addition, in collaboration with ISB, 10KW launched the 10,000 Women
Ambassadors Programme to help alumni reorient their businesses and adapt toward newly inspired futures.

Additional Initiatives#MakeSmallBig Market
In 2020, we also launched the #MakeSmallBig Market, Goldman Sachs’ first-ever virtual marketplace of global small
businesses. The marketplace consists of 65+ businesses representing our global community across 10KSB, 10KSB UK
and 10KW. It acts as a hub for our employees, clients and other visitors and showcases innovative and creative businesses
from our alumni networks.

Small Business Resource Center
In response to the pandemic, we launched a public-facing Small Business Resource Center as a frequently updated hub
providing tips, advice, instructions for accessing government support and other resources. Additionally, we provided
small business leaders with bespoke one-on-one coaching opportunities, matching them with Goldman Sachs colleagues
who had the relevant skills and expertise to help the businesses address their unique challenges.

66Goldman Sachs 2020 Sustainability Report
Our Partnerships, Engagement and Impact$27M

DEPLOYED TOORGANIZATIONSADDRESSING RACIAL
INJUSTICE AND THE
PANDEMIC’S IMPACT
ON COMMUNITIESOF COLOR THROUGHOUR COVID-19 RELIEF
FUND AND FUND FOR
RACIAL EQUITY

Advancing Racial Equity
Goldman Sachs Fund for Racial Equity
Launched in June 2020, Goldman Sachs’ $10 million Fund for Racial Equity provides capital and support to leadingorganizations addressing racial injustice, structural inequity and economic disparity. To date, 16 grantees —including United Negro College Fund, Black Economic Alliance and Equal Justice Initiative — have been supported
through more than $6 million in grants, as well as direct service and capacity-building provided by Goldman
Sachs people.
The Fund for Racial Equity supports nonprofits across four key impact areas:• Advancing economic progress• Legal and criminal justice reform• Fueling social change• Fostering educational opportunities
The fund builds on the more than $200 million that Goldman Sachs has granted over the past decade to nonprofits
serving communities of color, with a focus on organizations with diverse leadership. Most recently, the firm
deployed $17 million to organizations addressing the pandemic’s impact on communities of color through its
COVID-19 Relief Fund.

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Goldman Sachs Market Madness: HBCU Possibilities Program
The Goldman Sachs Market Madness HBCU Possibilities Program is a $25 million, five-year commitment to HistoricallyBlack Colleges and Universities. In addition to supporting these institutions, the program provides a semester-longcrash course for HBCU students, introducing them to key concepts and careers in finance. Students’ experiences areenriched through mentorship, networking, a financial stipend and the chance to compete in a case study competition.
125 students from eight leading HBCUs were selected to participate in the inaugural year of this program and paired with
50 Goldman Sachs coaches from among the firm’s high-performing Analysts and Associates. UNCF, a Fund for Racial
Equity partner, has been a key advisor to the program.

Goldman Sachs & Birkbeck Diversity FundThe Goldman Sachs & Birkbeck Diversity Fund is a new holistic partnership between Goldman Sachs and Birkbeck,
University of London, that creates opportunities for students from Black, Asian and minority ethnic (BAME) backgrounds,
focusing specifically on assisting those affected by COVID-19. An initial commitment of £375,000 supports BAME
students through bursaries and community outreach to remove barriers to access and highlight paths to education.
So far, 374 students have been identified to receive funding.

$25M

FIVE-YEARCOMMITMENT TOHISTORICALLYBLACK
COLLEGES AND
UNIVERSITIES68

Goldman Sachs 2020 Sustainability Report
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Leading in Our Communities
Goldman Sachs Gives
Goldman Sachs Gives (GS Gives) is committed to fostering innovative ideas, solving economic and social issues, andenabling progress in underserved communities globally. Through this unique donor-advised fund, Goldman Sachs’
current and retired senior employees work together to recommend grants to qualifying nonprofit organizations globally.
Since 2010, GS Gives has granted more than $1.8 billion to over 8,000 nonprofits in 100 countries around the world. In
2020, GS Gives deployed nearly $200 million in grants to support pioneering nonprofit organizations and firm initiatives
such as the COVID-19 Relief Fund, the fifth annual Analyst Impact Fund and, as described earlier in this report, our new
Fund for Racial Equity.

COVID-19 Relief FundAmong the largest disaster relief efforts in firm history, the Goldman Sachs COVID-19 Relief Fund was designed toaddress the most pressing challenges brought on by the pandemic in the world’s hardest-hit communities. Grants
deployed provided assistance for healthcare providers on the front lines, aid for the most vulnerable populations,
including underserved children and families, economic relief for reduced and lost work, and support for accelerated
medical research. The fund has deployed a total of $42 million to date, supporting 305 nonprofits working directly
on COVID-19 relief and response efforts in more than 30 countries around the world.

Analyst Impact FundOver this program’s five-year history, nearly 2,700 analysts in 40 Goldman Sachs offices around the world haveparticipated in the Analyst Impact Fund (AIF), collaborating with their peers for a chance to win grants from GS Givesto support innovative nonprofits of their choice. Since its inception, AIF has generated over $2.1 million in grants to
69 nonprofit organizations.
The fifth annual AIF attracted hundreds of compelling proposal submissions from our junior employees, all aimed
at addressing some of the world’s most pressing challenges. The competition event saw its largest live audience inprogram history, with more than 2,000 participants, including many incoming analysts and summer interns. Teams were
judged by David Solomon, the Partnership Committee and other firm leadership on a variety of criteria, including theimpact and scalability of the proposed project, their analysis of the project goals and financials, and the strengthof the organization’s leadership and partnerships.

2020 winner Sirum received a
top prize of $250,000 and the “fanfavorite” $25,000 grant. Sirum is agroundbreaking start-up nonprofit
that safely collects unused andunopened surplus medications
and provides them to patients who
cannot afford the prescriptions
they need to live healthy lives.
Team SIRUM, First Place winnersof the 2020 Analyst Impact Fund withDavid Solomon and Asahi Pompey
69Goldman Sachs 2020 Sustainability Report
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MIND — Mentally Healthy Universities (GS Gives UK)
Mental health has been a long-standing priority of Goldman Sachs in building wellness and resilience for our people.
Building on these efforts, in September 2019 we launched the Mentally Healthy Universities program in partnershipwith MIND, England and Wales’ leading mental health charity. A first of its kind, this £1.5 million, two-year partnershipprovides resources and training in nine universities across the UK, supporting staff and students in the managementof their mental health.

Community TeamWorks
Through Community TeamWorks, the people of Goldman Sachs contribute their ideas, time and expertise to drive
tangible progress in our communities. Launched in 1997, this signature volunteering initiative enables our people towork in partnership with nonprofit organizations around the world to make a meaningful difference.
In 2020, the global pandemic required a significant reimagining of many of Community TeamWorks’ long-standing
initiatives. At the same time, the need in our communities was greater than ever. With a pivot to virtual volunteering,
more than 8,000 Goldman Sachs people have been able to volunteer — from their homes — in support of those
disproportionately affected by the pandemic.
Our efforts focused on seven key areas: (1) health worker support; (2) racial equity advancement; (3) student
encouragement; (4) small business coaching; (5) elder outreach; (6) support for the economically disadvantaged;and (7) pro bono/nonprofit capacity-building. In total, we held 436 virtual volunteer projects with 205 nonprofit
organizations in 2020.

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M E TR I C S

KEY METRICS AND INDICATORS
Below we provide an overview of selected key metrics. For a complete list of our sustainability-related resourcesand disclosures, please visit our Resource Guide.

Environmental Indicators
Trend
2019–2020

2020

2019

2018 1

266

271

277

$44,560$36,546$36,616

10.5

12.0

11.1

40,50038,30036,600◊LEED-Certified Buildings (% of sq. ft.) 2

71%

63%

57%

◊ISO 14001 Certified Operations (% of sq. ft.)

100%

100%

95%

31,52445,281

41,237

		 Natural Gas

91%

93%

91%

		 Fuel Oil

9%

7%

9%

413,435

489,908

508,703

		 Purchased Electricity

97%

96%

96%

		 Purchased Steam & Chilled Water

3%

4%

4%

Global Direct and Intermediate Energy Consumption (MWh)444,959

535,189

549,940

		 ◊Reduction in Global Energy Consumption from Baseline (%)

-27%

-12%

-10%

399,572

460,455

463,192

100%

98%

95%

Organization
Global Facilities Reported
Revenues ($M)
Operational Rentable Square Feet (million ft )2

Employees
Certification

EnergyGlobal Direct Energy Consumption (MWh)Global Intermediate Energy Consumption (MWh)Global Renewable Energy Consumption (MWh)		 ◊Percent Renewable Energy 3

71Goldman Sachs 2020 Sustainability Report
Metrics

Trend
2019–2020

2020

2019

2018 1

9,418

12,673

11,565

		 Natural Gas

62%

68%

66%

		 Fuel Oil

7%

6%

8%

		 HFC Refrigerants

31%

26%

26%

141,583

166,249

187,418

		 Purchased Electricity

98%

98%

98%

		 Purchased Steam & Chilled Water

2%

2%

2%

Scope 2 (market) — Indirect (tCO 2 e)

4,283

9,109

16,284

		 Purchased Electricity

39%

64%

81%

		 Purchased Steam & Chilled Water

61%

36%

19%

29,295

135,473

139,893

		 Commercial Air

69%

83%

88%

		 Other Travel

31%

17%

12%

151,001

178,922

198,983

		 Office Scope 1 & 2

43%

55%

53%

		 Data Center Scope 1 & 2

57%

45%

47%

Total Emissions: Scope 1, 2 (market) (tCO 2 e)

13,701

21,782

27,849Total Emissions: Scope 1, 2 (market), and 3 Category 6 (tCO 2 e)42,996

157,255

167,742◊Net Emissions: Scope 1, 2 (market), and 3 Category 6 (tCO 2 e)1

0

0

0

42,996

157,255

165,051

3.4

4.9

5.4

14.4

14.9

17.9

3.7

4.7

5.4

810,529

1,093,979

1,037,264

-23%

3%

-2%

Greenhouse Gas (GHG) Emissions
Scope 1 — Direct (metric tons CO 2 equivalent [tCO 2 e])

Scope 2 (location) — Indirect (tCO 2 e)

Scope 3: Category 6 — Business Travel (tCO 2 e)

4

Total Emissions: Scope 1 & 2 (location) (tCO 2 e)

		 Verified Carbon Offset Emissions Reductions (tCO 2 e)1
Revenues (tCO 2 e/$M) 5
Rentable Square Feet (kgCO 2 e/sq. ft.)

5

Employee (tCO 2 e/employee) 5
Water
Global Water Withdrawal (m 3)		 ◊Reduction in Global Water Withdrawal from Baseline (%)

72

Goldman Sachs 2020 Sustainability Report
Metrics

Trend
2019–2020

2020

2019

2018 1

2,485

5,990

5,920

		 Recycled/Composted Material

67%

64%

61%

		 ◊Landfilled Material 6

3%

1%

2%

		 Waste to Energy

30%

35%

37%

301

243

431

0%

14%

–

100%

86%

100%

1,621

3,395

6,115

		 Recycled/Composted Material

61%

90%

93%

		 Landfilled Material

39%

10%

4%

		 Waste to Energy

0%

0%

3%

107

200

236

		 New Fibers (FSC/SFI)

41%

66%

65%

		 Post-Consumer Recycled

32%

19%

21%

		 New Fibers

27%

15%

14%

2,646

5,233

6,433

-69%

-40%

-26%

34

38

–

-78%

-85%

–

100%

100%

100%

100%

100%

–

A

A-

A

A List / SER A List

SER A List

A List

Waste
Global Business Waste (metric tons)

Global e-Waste (metric tons)
		 Refurbished and Reused Material

7

		 Recycled Material
Global Construction Waste (metric tons)

Sustainable Procurement
Paper Consumption (million sheets)

Paper Consumption/Employee (sheets)		 ◊Reduction in Paper Consumption/Employee from Baseline (%)
Reduction in Single-Use Plastics (tons)		 ◊Reduction in Single-Use Plastics from Baseline (%) 2◊Vendor Code of Conduct 8
Vendor ESG Risk Screening

8

CDP
Climate Change Survey: Score
Climate Change Survey: Leadership Recognition 9
Notes
Note 1: Energy, water and GHG data for 2018 was adjusted and restated to reflect a material acquisition in 2019; carbon offsets and net emissions reflect verified totals in the year of initial reporting.
Note 2: This symbol ◊ before an indicator denotes an environmental commitment through Goldman Sachs’ 2015 EPF. Reductions are from a 2013 baseline, except plastics, which are from a 2018 baseline.
Note 3: The firm sourced renewable electricity equivalent to 100% of global electricity consumption. 99.1% is in line with RE100 market boundary criteria.
Note 4: This includes charter air, rail/bus, ferry, car and hotels.
Note 5: Metrics are normalized using Scope 1 & Scope 2 (location) emissions.
Note 6: The firm has diverted 100% business waste from landfill where alternative disposal methods exist. Currently no alternatives exist in Hong Kong, China, Australia and New Zealand.
Note 7: The firm began tracking refurbished material as separate from recycled material in 2019.
Note 8: All newly onboarded vendors must attest to the Vendor Code of Conduct. All vendors are screened for inherent ESG risk.
Note 9: In 2019 and 2020, the firm’s CDP response was recognized for leadership as part of CDP’s Supplier Engagement Rating (SER).

73

Goldman Sachs 2020 Sustainability ReportR ECOG N ITI O N

FEATURED AWARDS AND RANKINGS
Each year, Goldman Sachs receives awards across categories including sustainability, business and innovation, employer of choice,and diversity and inclusion. Select awards are shown below.

Sustainability Awards and Rankings:
CDP

Leadership in Energy and Environmental Design (LEED)

February 2021

December 2020

October and November 2020

Named to Supplier
Engagement Leaderboard

Named to Climate Change
Leader list (A Score)

Earned LEED Gold Certifications in 4 additional US locations

JUST Capital

Reuters Responsible Business Awards

October 2020

October 2020

Ranked #111 out of 922 America’s Most Just Companies
Ranked #4 out of 33 Capital Markets Companies

Partnership of the YearEPA Green Power Partnership
July 2020
National Top 100
100% Green Power Users list

Business & Innovation Awards and Rankings:
Celent Model Bank Awards

Celent Model Risk Manager Awards

March 2021

March 2021

Celent Model Bank Award for Corporate Banking in the Cloud

Celent Model Risk Manager Award for Data, Analytics, and AI

IFR Awards

Forbes Wealth Management Awards

February 2021

December 2020

Top Equity HouseTop US Bond House
Top North America High-Yield Bond HouseTop Europe High-Yield Bond House
Top North America Equity HouseTop EMEA Equity HouseTop Americas Structured Equity HouseTop Asia Pacific Structured Equity House

Named Disruptive Innovator for expanded Personal Financial
Offerings

74

Treasury Management International Awards forInnovation & Excellence
December 2020
New Technology Innovation Solution Award

Goldman Sachs 2020 Sustainability Report
Recognition

Business & Innovation Awards and Rankings:
Risk.net Risk Awards

Euromoney Awards for Excellence

September 2020
Interest Rate Derivatives House of the Year

July and September 2020
World’s Best Investment Bank
Latin America’s Best Bank for Financing
Argentina’s Best Investment Bank
Brazil’s Best Investment BankThe US’s Best Investment Bank
China’s Best Investment Bank
Excellence in Leadership in North America

Employer of Choice Awards:
Vault Banking 50

Universum World’s Most Attractive Employers

January 2021

October 2020

Ranked #1 in Prestige
Ranked #19 in the Banking 50

Ranked #6 out of 50 among Business students
Ranked #24 out of 50 among Engineering/IT students

PEOPLE Magazine Awards

Working Mother 100 Best Companies

September 2020

September 2020

Ranked #38 out of 50 in U.S. Companies That Care

ListedNational Association for Female Executives (NAFE)
Top Companies for Executive Women
March 2020
ListedDiversity & Inclusion:
Bloomberg Gender-Equality Index
January 2021
ListedHuman Rights Campaign Foundation’s Corporate
Equality Index
January 2021
Rating of 100%

75

Goldman Sachs 2020 Sustainability Report

SASB INDEXThis report is evidence of our ongoing commitment to provide disclosure under the Sustainability Accounting Standards Board (SASB) standards.
We have included the below disclosures related to the three sectors that are most closely aligned to our mix of businesses: Asset Management &Custody Activities, Investment Banking & Brokerage and Commercial Banks. Disclosures that appeared in more than one of these sector standards areincluded in a separate section at the top. Unless otherwise noted, all data and descriptions apply to our entire firm, not just the businesses relevant tothat sector. We do not currently disclose all metrics included in the standards for these three sectors, but we will continue to evaluate them in the future.
All data is as of or for the year ended December 31, 2019 unless otherwise noted.
Topic

Accounting Metric

Category

Code

Percentage of gender and racial/ethnic
group representation for (1) executive
management, (2) non-executive
management, (3) professionals and(4) all other employees

Quantitative

FN-AC-330a.1
FN-IB-330a.1

Description of whistleblower policies andprocedures

Discussion
and Analysis

FN-AC-510a.2
FN-IB-510a.2
FN-CB-510a.2

Quantitative

FN-AC-270a.2
FN-AC-510a.1
FN-IB-510a.1
FN-IB-510b.3
FN-CB-510a.1

Response

Disclosures Included in Multiple Sectors’ Standards
Diversity &Inclusion

U.S. Workforce Demographics
As part of our commitment to improving diversity at
the firm, we have also published diversity goals here.
Raising Integrity Concerns
Code of Business Conduct and Ethics

Total amount of monetary losses
as a result of legal proceedings
associated with:
Business Ethics• Marketing and communication offinancial product–related information
to new and returning customers;• Fraud, insider trading, anti-trust,anti-competitive behavior, market
manipulation, malpractice, or otherrelated financial industry laws or
regulations; and• Professional integrity, including dutyof careGlobal Systemically Important Bank
(G-SIB) score, by category

Quantitative

FN-IB-550a.1
FN-CB-550a.1

Systemic Risk
Management

During 2020, our total net provisions for all litigation
and regulatory proceedings were $3.4B.

The G-SIB surcharge is updated annually based on
financial data from the prior year and is generally
applicable for the following year. The G-SIB surcharge
is calculated using two methodologies, the higherof which is reflected in the firm’s risk-based capitalrequirements. The first calculation (Method 1) is basedon the Basel Committee’s methodology, which, among
other factors, relies upon measures of the size, activity
and complexity of each G-SIB. The second calculation(Method 2) uses similar inputs but includes a measureof reliance on short-term wholesale funding. Further
information about Method 1 can be found on the Bankfor International Settlement’s website and further
information about Method 2 can be found on theFederal Reserve Board’s website.
We are bound by Method 2 and our applicable G-SIB
buffer is 2.5%. Please see pages 10–11, 77–79 and
187–188 of our 2020 Form 10-K for further information.
Further information about the indicators that factor
into the calculation can be found in our FR Y-15 filing,which can be accessed here.

Description of approach to incorporationof results of mandatory and voluntarystress tests into capital adequacy
planning, long-term corporate strategy
and other business activities

76

Discussion
and Analysis

FN-IB-550a.2
FN-CB-550a.2

We conduct various scenario analyses including
as part of the Comprehensive Capital Analysis andReview and Dodd-Frank Act Stress Tests, as wellas our resolution and recovery planning. Please see
pages 12–16 and 75–78 of our 2020 Form 10-K.

Goldman Sachs 2020 Sustainability Report
SASB Index

Topic

Accounting Metric

Category

Code

Response

Asset Management & Custody Activities

Transparent
Information &Fair Advice for
Customers

Description of approach to informing
customers about products and services

Discussion
and Analysis

FN-AC-270a.3

We believe our clients are best served by having aclear understanding of how we work together, thecapacities in which we act and the fees we charge.
In addition to contracts for products and services, aswell as regulatory disclosures, we provide WealthManagement clients a comprehensive brochureoutlining the services we provide and the related fee
structures, including how their advisor is compensatedfor each type of service and fee.
Please also refer to the Business Standards
Committee Impact Report, Code of Business Conduct
and Ethics and Risk Factors detailed on pages 26–51 ofour 2020 Form 10-K for additional firmwide information.

Incorporationof ESG Factors
in Investment
Management
and Advisory

As of December 2020, we had $137B in assets under
supervision that explicitly include ESG or impact
objectives in the investment mandate and an additional$99B subject to ESG screens.

Amount of assets under management, byasset class, that employ (1) integrationof environmental, social and governance(ESG) issues, (2) sustainability themed
investing and (3) screening

Quantitative

Description of approach to incorporationof environmental, social and governance(ESG) factors in investment and/or wealthmanagement processes and strategies

Discussion
and Analysis

FN-AC-410a.2

Statement on ESG and Impact Investing

Description of proxy voting and investee
engagement policies and procedures

Discussion
and Analysis

FN-AC-410a.3

GSAM Stewardship Report

FN-AC-410a.1

See our website for further information.

Goldman Sachs Asset Management (GSAM) oversees
liquidity risk management for the funds and client
portfolios for which it serves as fund manager/
investment advisor.

Description of approach to incorporationof liquidity risk management programs
into portfolio strategy and redemption
risk management

Discussion
and Analysis

Total exposure to securities financing
transactions

Quantitative

FN-AC-550a.2

GSAM manages the liquidity of its portfolios inline with the investment strategy of each portfolio,
applicable regulatory requirements, potential
investor redemption requests and broader macro
market conditions, at all times in the context of
GSAM’s obligations and its role as a fiduciary, whereapplicable.

Systemic Risk
Management

77

GSAM monitors liquidity risk associated with aportfolio’s ability to meet potential cash outflows
related to investor redemptions/withdrawals or
potential liabilities related to derivative positions andsecured funding trades, as well as changes in theliquidity of positions within the portfolio.

FN-AC-550a.3

As of December 2020, we had $30.2B of credit
exposure from securities financing transactions.
Please see page 107 of our 2020 Form 10-K for further
information.
As of December 2020, written credit derivatives had atotal gross notional amount of $515.9B and purchased
credit derivatives had a total gross notional amount of$558.2B, for total net notional purchased protection of$42.3B. Please see page 141 of our 2020 Form 10-K for
further information.

Net exposure to written credit
derivatives

Quantitative

FN-AC-550a.4

N/A(1) Total registered and (2) total
unregistered assets under management(AUM)

Quantitative

FN-AC-000.A

N/A

Total assets under custody andsupervision

Quantitative

FN-AC-000.B

Registered Assets Under Supervision$519B

Unregistered Assets Under Supervision$1,626B$2.1T assets under supervision. Please see page 69 of
our 2020 Form 10-K for further information.

Goldman Sachs 2020 Sustainability Report
SASB Index

Topic

Accounting Metric

Category

Code

Discussion
and Analysis

FN-IB-410a.3

Response

Investment Banking & Brokerage
Incorporationof ESG Factors
in Investment
Banking &Brokerage
Activities

Description of approach to incorporationof environmental, social and governance(ESG) factors in investment banking andbrokerage activities

Professional
Integrity

Description of approach to ensuring
professional integrity, including duty ofcare

Percentage of total remuneration that isvariable for Material Risk Takers (MRTs)
Employee
Incentives andRisk Taking

Discussion
and Analysis

Quantitative

FN-IB-510b.4

FN-IB-550b.1

Environmental Policy Framework(Updated in 2019)

The firm maintains a Code of Business Conduct andEthics and requires employees to annually certify they
have reviewed and will comply with the code. See theBusiness Standards Committee Impact Report and ourBusiness Principles for further information.
MRT is a regulatory term applied in the UK, but not aconcept we apply to our global workforce. Within our
UK workforce only, 53% of total remuneration awarded
to MRTs for 2019 performance was variable.
Note that we apply a pay-for-performance philosophy
across our organization. Please see our Compensation
Principles for further information.

Percentage of variable remuneration ofMaterial Risk Takers (MRTs) to which
malus or clawback provisions wereappliedQuantitative

FN-IB-550b.2

All equity-based awards granted to employees are
subject to robust forfeiture and clawback provisions.
Please see page 44 of our 2021 Proxy Statement for
further information.

Discussion of policies around supervision,
control and validation of traders’ pricingof Level 3 assets and liabilities

Discussion
and Analysis

FN-IB-550b.3

Please see pages 55–56 of our 2020 Form 10-K.
Per Dealogic, our transaction volumes for 2020 were

N/A

(1) Number and (2) value of(a) underwriting, (b) advisory and(c) securitization transactions

Quantitative

FN-IB-000.A

Announced Mergers and Acquisitions$983B

Completed Mergers and Acquisitions$1,018B

Equity and Equity-Related Offerings$115B

Debt Offerings$352B

Please see page 62 of our 2020 Form 10-K for further
information.
The table below presents the concentration of our$48.7B of firmwide gross corporate loans by industry:N/A(1) Number and (2) value of proprietaryinvestments and loans by sector

Quantitative

FN-IB-000.B

Consumer & Retail

7%

Diversified Industrials

17%

Financial Institutions

10%

Funds

13%

Healthcare

7%

Natural Resources & Utilities

12%

Real Estate

8%

Technology, Media & Telecom.

17%

Other (incl. Special Purpose Vehicles)

9%

The table below presents the asset class breakdownof our $19.8B of equity securities at fair value (reported
within our Asset Management segment):
Corporate

83%

Real Estate17%

For further information about investments and loans,please see pages 104 and 144, respectively, of our 2020
Form 10-K.
78

Goldman Sachs 2020 Sustainability Report
SASB Index

Topic

Accounting Metric

Category

Code

Response

Description of approach to identifying
and addressing data security risks

Discussion
and Analysis

FN-CB-230a.2

Client Security Statement

Commercial Banks
Data Security

Financial
Inclusion &Capacity
Building(1) Number and (2) amount of loans
outstanding qualified to programs
designed to promote small business andcommunity development

As of December 2020, our Urban Investment Group had$1.4B of debt assets outstanding from 92 transactions
and $1.8B of equity assets outstanding from 157
transactions. See our Urban Investment Group’s
website for further information.
Quantitative

FN-CB-240a.1

Please also refer to our programs 10,000 Small
Businesses, which provides entrepreneurs in the US
and UK access to education, capital and businesssupport services, and 10,000 Women, a global initiative
providing women entrepreneurs with a business andmanagement education, mentoring and networking,and access to capital.
Credit Exposure from Corporate Loans and Lending
Commitments by Industry:

Incorporation of
ESG Factors in
Credit Analysis

Commercial and industrial credit
exposure, by industry

Quantitative

FN-CB-410a.1

Consumer & Retail

12%

Diversified Industrials

17%

Financial Institutions

7%

Funds

6%

Healthcare

11%

Natural Resources & Utilities

16%

Real Estate

6%

Technology, Media & Telecom.

19%

Other (incl. Special Purpose Vehicles)

6%

Please see page 104 of our 2020 Form 10-K for further
information.
Description of approach to incorporationof environmental, social and governance(ESG) factors in credit analysis

Discussion
and Analysis

FN-CB-410a.2

Environmental Policy Framework(Updated in 2019)
The table below presents information by loan type:

N/A(1) Number and (2) value of loans bysegment: (a) personal, (b) small businessand (c) corporate

Quantitative

FN-CB-000.B

Corporate$48.7B

Wealth Management$33.0B

Consumer$3.8B

Credit Cards$4.3B

Please see page 149 of our 2020 Form 10-K for further
information.

79

HUMANCAPITAL
FOR HUMAN
IMPACT
Goldman Sachs 2020 People Strategy ReportGoldman Sachs 2020 People Strategy Report

106

89
82

114

109

Introduction

ATTRACTING
TALENTSUPPORTING OURPEOPLE, SUSTAININGOUR CULTURE

BROADENINGOUR IMPACT

83 Broadening Our Aperture

93 An Inclusive Ethos

86 2020 Virtual Internship

95 Talent Development

107 $800 Million Sustainability Bond:A Model of Collaboration

89 Vendor Diversity Program:
Expanding Our Engagement acrossthe Globe

96 One Goldman Sachs (OneGS )91 Enhancing Internal Mobility
92 Eyes on the Future

97 GS Accelerate
99 Racial Equity
100 Wellness Offerings
103 Performance Management
106 Evolving How We Work

Recognition
116 Key Performance Metrics
115

81

108 Community Engagement
111 Commercial Approach to
Inclusive Growth
114 Forward Focus

Goldman Sachs 2020 People Strategy Report

I NTRO D U C TIO N

At the end of the day, every investment
we make is an investment in our people.
We are a talent-centric organization that relies on the strength of our people in order to drive success.
Commitment to excellence is a mindset that permeates Goldman Sachs. It informs the kind of people we
attract, the advice we give and the way we strive to meet our clients’ expectations. It is only with thedetermination and dedication of our people that we can serve our clients, generate long-term value forour shareholders and contribute to our broader communities.
As we continue to evolve as an organization and adapt to the changing global landscape, this commitment
to excellence is the primary catalyst — and it is driven by the talent and innovation of our employees.
How do we continue to build this type of culture? Our focus begins before an individual even becomes a
Goldman Sachs employee, as we seek to most effectively find talent across the globe. Then, we prioritize how
we can best develop, retain and reward our people throughout their careers in order to support their ambitions
and uphold our firm’s culture and key values. And finally, we cultivate opportunities for our employees to apply
their exceptional dedication to positively impact our clients, communities and other stakeholders.

When I joined Goldman Sachs in January 2020, my first day at the firm happened to coincide with our first-ever
Investor Day. I was struck by the clarity and depth of the strategic direction presented that day by David, John,
Stephen and the rest of the management team. I also realized — not for the first time — how critical it would
be to our continued success to ensure that our people at all levels were working together to achieve theseambitious goals. Our people strategy has been developed through intense and ongoing collaboration between our Human CapitalManagement division and our business leaders, and will remain instrumental as we continue to support the firm’s goals and ourpeople with clarity and focus.
David noted that we are a talent-centric organization, and as Head of Human Capital Management, my role is to make ourfirm the most compelling place for the world’s best and most diverse talent to work and thrive. While that task always has its
complexities, it is hard to imagine a more challenging set of circumstances for our people than those we faced over the past
year. I am extraordinarily grateful to each and every one of our people for their incredible commitment throughout the pandemic,
and continually humbled by their resilience. This includes my entire Human Capital Management team, whose resourcefulness
and perseverance in helping their colleagues across the globe stay safe, remain connected and continue to thrive has beenremarkable. Despite these challenges, the pandemic has given us the opportunity to reflect on how we can further evolve ourpeople strategy, including how we think about culture and connectivity, leadership and talent management. My confidence
in what the people of Goldman Sachs can achieve has only grown over the past 12 months, and I am privileged to have theopportunity to lead our efforts to support them.
Bentley de Beyer
Global Head of Human Capital Management82Goldman Sachs 2020 People Strategy Report

AT TR AC TI N G TALE NTWHERETALENT

LEADS
George, Consumer and WealthManagement, New YorkWhen we hire at Goldman Sachs, we are bringing in the firm’s future leaders.
These individuals will ultimately be responsible for carrying forward our commitment
to excellence, our spirit of partnership and integrity and our steadfast dedication to
our clients.
To find this type of talent, we must be thorough in our recruitment efforts. Our outreach spans a diverse landscape,from university students to seasoned professionals seeking new careers and challenges. Increasingly, this has led us tosearch for talent in new places and new ways, seeking different backgrounds, educations, experiences and skills. The bulkof our hiring each year consists of our new analyst and associate classes, and it is therefore critical that we continue tobe dynamic in the way that we attract talent for those roles.

BROADENINGOUR APERTURE
The financial industry is constantly evolving, and in order for us to maintain the quality of our workforce, we need to
be able to attract people with the broadest possible range of perspectives. We champion attracting diverse — anddiversely talented — candidates, equipping them with the resources necessary to become successful within our cultureof excellence. We share the goal of democratizing access to opportunities in the financial industry.
We are focused on the advancement of women and all underrepresented professionals. This takes the form of aspirational
diversity goals, robust talent development programs and diversity-retention initiatives.
Diverse characteristics, including gender, ethnic background, sexual orientation and disabilities, offer an abundanceof perspectives and capabilities, and help to best serve our clients and stakeholders. The ongoing and necessary83Goldman Sachs 2020 People Strategy Report
Attracting Talent

conversation around racial equity
over the past year has underscoredthe importance of this focus.

Aspirations Transformed
into Actions
In 2019, the firm set forth ambitious
aspirational goals and a comprehensive
action plan to increase diverse
representation at all levels and create
an even stronger culture of inclusion
for all of our people.

Ann, Corporate and Workplace Solutions, Bengaluru

In 2020, we announced two additional
areas of focus where we set new goals — enhancing the diverse representation of our vice president (VP) cohort andsignificantly increasing our hiring of Black analysts. We are proud of our early progress. In 2020, we had the most diverse
incoming campus analyst class in our history.
We will hold ourselves accountable to make further advancements at all levels of the firm — including our partner class,which in 2020 reached new levels of diversity and depth of global perspectives.

ETHNIC DIVERSIT Y

GENDER DIVERSIT Y

50%
50%
50%
40%
30%

Analyst and Associate Hiring Goals
over Time

11% Black Professionals in the Americas
14% Hispanic/Latinx Professionals in the Americas
9% Black Professionals in the UK

2X

HBCUs

Double Number of Analysts and Associates
Hired from HBCUs by 2025

7% Black Vice Presidents in the Americas and UK by 2025
9% Hispanic/Latinx Vice Presidents in the Americas by 2025

2020 PARTNER CL ASS

84of Global Talentover Timeof Analysts and Associates
Hiring over Timeof Campus Analyst
Hiring by 2021
at Vice-President Levelby 2025of UK Senior Talent by 2023
(Vice President or Above)

2019 MANAGING DIRECTOR (MD) CL ASS

27%

Women in 2020 Partner Class,+4 points from 2016

29% +4 points from 2015

Women in 2019 MD Class,7%

Black in 2020 Partner Class,+3 points from 2016

4%Black in 2019 MD Class,up ~3 points from 2015

Goldman Sachs 2020 People Strategy Report
Attracting Talent

PARTNER CL ASS FACTS

27%

47%

Average tenure

14 YearsWorked inmore than
one division

56

Started as
campus hires

DIVERSIT Y REPRESENTED
IN 2020 CL ASS*

Languages
spoken17

Schools
represented

Countries ofcitizenship

PARTNER CL ASS SIZE

PARTNERSHIP DIVERSIT Y
WITH NEW CL ASS**

16 Women (27%)
4 Black (7%)
3 Hispanic/Latinx (5%)
10 Asian (17%)

24

Earned advanced
degrees

53%

15%

Worked in morethan one region*Global data, based on self-identification information.

45%

Started at GS
as lateral hires

18%

3%

2%

Women

Black

Hispanic/
Latinx

60
2020

17%

1%

69

84

78

Asian

LGBTQ+

2018

2016

2014

**Partnership data includes new class and excludes announced retirements as of November 12.

2020 CAMPUS ANALYST CL ASS

52% aspirational goal of 50% of analyst hiring over time

Global women, +11 points since 2010, surpassing

13%

Black (UK), surpassing aspirational goal of 9%Black (Americas), +4 points since 2010,
in line with aspirational goal

17%

Hispanic/Latinx (Americas), +3 points since 2018,
surpassing aspirational goal of 14%

11%2020 CAMPUS ANALYST RECRUITING

Our Progress with Campus Analyst Recruiting

2020 AMERICAS CAMPUS ANALYST CLASSABOUT THE 2020 CAMPUS ANALYST CLASS

2,700+

4%
Other

Global campus analysts

From 524 schools

Studied66 subjects

Located in 44
different offices
around the world

52% 49%vs.

Speak 86 languages

85

Women

in 2019

11%
Black
37%
White

17%
Hispanic/Latinx

31%
Asian

Goldman Sachs 2020 People Strategy Report
Attracting Talent

2020 VI R TUAL I NTE R N S H I P“I think every intern was able to geta sense of the firm’s culture andunderstand the belief that Goldman
Sachs’ people are behind the firm’s
success. David Solomon mentioned
on his first call with the interns that‘the future leadersof Goldman Sachs

are on this call.’” — 2020 Summer Analyst

The disruptions of the past year from the global pandemic led to much creative adaptation, including the transformationof our traditional summer internship into a fully virtual program, which ultimately became the subject of a new Harvard
Business School case study. We welcomed a class of nearly 3,000 summer analysts and associates, representing 483
universities and joining us from 2,864 “offices” around the world. Human Capital Management partnered with managers
from each division to carefully think through project assignments for the duration of the program, ensuring that interns
had tangible opportunities to make an impact.

Market Madness: HBCU Possibilities Program
In addition to our commitment to double the number of campus analysts that the firm recruits from HistoricallyBlack Colleges and Universities (HBCUs) by 2025, Goldman Sachs is committing $25 million to HCBUs over the next
five years and providing HBCU students across the United States with unique access to the firm and our people throughthe Market Madness: HBCU Possibilities Program — a four-month training in finance fundamentals. This enhanced
partnership between Goldman Sachs and HBCUs is a natural next step in our long-standing commitment to recruit
talent with the widest range of backgrounds, experiences and perspectives. Students graduating from HBCUs represent
almost 20 percent of all Black college graduates in the United States, and these institutions have produced incredible
leaders, including the HBCU alumni who have joined our firm. In the inaugural year of this partnership, 125 first- andsecond-year college students from eight HBCUs are participating in the program, which will culminate with a casestudy competition, where students will compete for prize donations to their academic institutions — thereby helping
fund opportunities for future generations.

86Goldman Sachs 2020 People Strategy Report
Attracting Talent

A Host of Initiatives to Democratize AccessIn addition to setting clear aspirational goals, we democratize access to the people, opportunities and culture of thefirm through our various Diversity Recruiting programs, including initiatives to increase representation of the LGBTQ+,
disabled and veteran communities.
• Launched in 2008, the Goldman Sachs Returnship Program is an eight-week paid internship designed to help
professionals restart their careers after an extended absence from the workforce.
• Launched in 2012, our Veterans Integration Program provides people leaving the military with an opportunity todevelop their professional skills, strengthen their understanding of financial services and prepare for careers in
the industry.
• The firm also hosts flagship Early Engagement Programs that provide LGBTQ+, women, ethnically diverse and social
mobility candidates with an opportunity to meet our people, explore and learn about roles within the firm, and develop
skills such as networking and interviewing.
• As part of our Africa Recruiting Initiative, colleagues in engineering travel to African countries, including Nigeria,
Ghana and Kenya, to identify engineering talent for summer and full-time analyst positions. In 2020, more than
200 African students were invited to participate in a four-day program of coding quizzes, mock presentations
and technical evaluations.

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Attracting Talent• Launched in 2019, the firm’s Neurodiversity Hiring Initiative (in partnership with nonprofit social innovator
Specialisterne) aims to identify and integrate highly skilled people often left out of hiring compared to theirneurotypical counterparts. In lieu of a typical interview process, the program includes a three-week candidate
assessment program based on competency and how prospective employees complete given projects. Afterwards,
an eight-week paid internship offers candidates a springboard for success at the firm through training, on-thedesk experience, coaching and mentoring.
• A key focus in 2020 was the firm’s China Recruiting Initiative. As part of our efforts to unlock the potential of ourorganization to become China’s number-one foreign bank, we are committed to building a high-performing teamin China. Efforts to develop the talent pipeline include focusing on local candidate engagement trends and driving
awareness within the firm in order to attract internal talent to career growth opportunities. We’ve localized our online
marketing strategy, leveraging WeChat, TenCent News and iQIYI to promote listed jobs, events and featured employee
articles in Chinese.
• In an effort to strengthen our divisional pipelines with diverse talent, in 2020 we launched our second annual
Career Pivot Series, a five-week program designed for experienced professionals outside the firm in the processof a career transition, in which participants strengthen their résumé development, networking and skill alignment.
Participants have the unique opportunity to virtually connect with recruiters, professionals and subject matter
experts on the various aspects of career transition. In support of the firm’s aspirational diversity and inclusion goals,
this program allows us to identify experienced individuals and engage them for potential roles at Goldman Sachs.

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VE N DO R D IVE R S IT Y P ROG R AM :EXPANDINGOURENGAGEMENTACROSSTHE GLOBEAt Goldman Sachs, we partner with a variety of organizations
to deliver creative and innovative solutions for our clientsand global business. Our Vendor Diversity Program launchedin North America in 2000 before expanding to Europe in2005 and Asia Pacific in 2009. Aiming to break down barriers
to market access for small, women- and minority-owned
enterprises, this program unlocks commercial opportunities
with Goldman Sachs and gives us a platform to engage
with a wide spectrum of vendors around the world. We
strive to engage those that reflect the diversity of thecommunities where we live and work, and of the clients weserve. Often, their range of perspectives helps us discovercreative, effective solutions. For the first time we are
publicly reporting our 2020 spend with small and diverse
businesses. We believe this transparency is important andwe will hold ourselves and our vendors accountable in ourefforts to increase spend with small and diverse businesses
by 50 percent by 2025 from our 2020 reported numbers.

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Attracting Talent“The Vendor Diversity Programis important to Goldman Sachs for three reasons. One,it helps us provide the best possible solutions to clientsby bringing talented, experienced professionals into
our network. Two, it drives growth opportunities forthese businesses, and we’ve seen time and again thatour program partners pay it forward in their communities.
And three, it is a chance for us to break down barriers
to growth that still exist for minority business owners —and that’s critical for a healthy society.”— David Solomon, Chairman and Chief Executive Officer

200 West Street Cafeteria

The following major real estate projects reflect our commitment to working with diverse vendors across the world:• In London, we spent over £100 million with local small and medium-sized enterprises, hired local labor, and provided
more than 200,000 hours of work to apprentices and trainees during the construction and fit-out phases of our new
Plumtree Court office, which opened in 2019.
• In Bengaluru, more than 64 percent of construction shell-and-core spend and 33 percent of interior work spend
for our new campus, which opened in 2019, was with diverse vendors. More than 9,000 height-adjustable desks
were designed, manufactured and installed by a local, medium-sized enterprise, exemplifying our commitment tosupporting local SMEs.
• In New York, we spent more than $300 million with minority- and women-owned businesses while constructing ourglobal headquarters, which at the time was the most successful project in the history of New York State’s Minorityand Women-Owned Business Enterprise Program.

We continue to partner with industry associations and work to expand vendor relationships developed through our initiatives.
We are members of and active participants in the following organizations:• Disability:IN• National LGBT Chamber of Commerce (NGLCC)• National Minority Supplier Development Council (NMSDC)

90• Women’s Business Enterprise National Council (WBENC)• WEConnect International• Financial Services Roundtable for Supplier Diversity (FSRSD)

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ENHANCING

INTERNAL
MOBILITY“I was on the fence
about pursuing external
opportunities. But thefirm’s outreach and thegrowth of the internal
mobility program has
reinvigorated my faith
in the organization.”

Sean, Corporate Treasury, Salt Lake City

Once new hires walk through our doors, we wantthem to reach their highest potential. Our longterm vision is to build a best-in-class, globally
integrated, internal-talent marketplace poweredby technology and career coaching. We believethat this will inspire employees, help retain top
talent and create diversified experiences to build
future leaders.

Enhancing our people’s experience of internal
mobility was a key focus in 2020. As a firststep on this roadmap to our strategic vision, in
partnership with UPenn Wharton People Analytics, People Science analyzed 10 yearsof historical data and conducted a firmwide survey to better understand employees’
experiences with internal mobility. We found that employees tended to look for mobility
opportunities 2.5 years into their tenure; and that the most common reasons fortransferring were for career progression opportunities and to develop new skillsets.
However, we found there were several barriers to mobility that needed to be addressed
to improve the experience. In the second half of 2020, we actively engaged with morethan 1,000 employees across the firm who expressed interest in making moves within
the firm. Throughout, our recruiters have partnered closely with our diversity andinclusion experts to ensure that we have a strong focus on the retention of diverse
talent in diverse roles.

— VP, Engineering

91“Peers and junior membersof my team have told me
that, at times, it felt easier tolook for new opportunities
externally versus internally.
I think this internal mobility
team will add tremendous
value in retaining talent, by
helping employees — myself
included — feel like we’revalued and supported while
making career transitions.”— VP, Consumer & WealthManagement

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EYES
ON THE
FUTURE

Bringing Your Authentic Self to Work:A Conversation with David Solomon,
February 2020

As we look forward, we see a number of trends that will continue to evolve how we attract talent.

Globalization
In an increasingly globalized world, attracting the best talent means going beyond traditional channels. Whether it bethrough our on-campus efforts (including HBCUs), or through more innovative channels like online talent marketplacesor specialized conferences, our commitment to tapping diverse talent pools is evident around the globe. Organizations
like ours have more tools than ever before in the effort to source the best and brightest. This expansive approachaligns with our firm’s broader strategy of distributing more talent to offices around the world, for broader reachand perspective.

Shifting Employee Preferences
Millennial and Gen Z employees are a harbinger of generational shifts in employee expectations and preferences about
the workplace. We need to respond to these changes with not just competitive compensation and benefits, but also by
appealing to employees’ sense of purpose, preference for learning and commitment to communities. At Goldman Sachs,
we’ve made new strides in listening to our employees — and responding to employee needs on an ongoing, real-timebasis. Initial feedback has offered valuable insights. We continue to evaluate our wellness and associated programs,
learning and enrichment programs, and other offerings as we seek to attract and develop talent.

Focus on Technology
Tech advances continue to have profound impacts on the workplace, and a technology-oriented skillset is becoming
increasingly valuable, especially in financial services. Over a quarter of our people are engineers, but increasingly,
technology expertise and related skills are becoming important in many non-engineering roles across the firm. Goingforward, we anticipate an increasing amount of tech talent will be oriented not just around programming and coding,but also using tech-adjacent skillsets for what Goldman Sachs will always be known for: problem solving, criticalthinking, innovation and creativity.

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S U P P O R TI N G O U R P EO P LE , S U STAI N I N G O U R CU LTU R E

UNLOCKINGPOTENTIALACROSSOUR FIRM
Stephanie,
Legal, Hong Kong

Hiring a diverse group of talented people is only the first step in unlocking their potential.
Our focus on employees’ career-long fulfillment is embedded in a unique culture built over
150 years and founded on one of our core values: partnership. We prioritize teamwork anda shared entrepreneurial mindset in the pursuit of professional and personal excellence.
By cultivating an atmosphere of continual learning and growth, we support our people’s
well-being both at work and in their own lives.

AN INCLUSIVE ETHOS IS THE
KEY TO AN INNOVATIVE AND
DYNAMIC CULTURE
The strength of our culture, the execution of our strategy and our relevance to our clients depend on a diverse workforce
and an inclusive work environment — attuned to the benefits of collaboration and partnership across our organization.
We strive to ensure that a position at Goldman Sachs is not just a job, but also an opportunity to build or continue afulfilling career.
Our inclusion efforts are led by our Global Inclusion and Diversity Committee, formed in 2018 to ensure appropriate focus
on the firm’s diversity initiatives. The committee reviews everyday practices and processes and makes recommendations
to ensure a strong culture of inclusion for all our people. The committee reports directly to the firm’s CEO — an indicationof the importance we place on this critical work.

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To optimize firmwide efforts, we have launched similar committees
at both divisional and regional levels, tasked with identifying areasof highest focus within their purview. This distributed system
drives progress and accountability toward our tangible goals forrepresentation, hiring, retention and pipeline development. Acrossthe firm, we seek to enhance the experiences of employees ineach region.
Key initiatives include:• Manager Essentials: Inclusive Leadership — An innovationin our Manager Essentials curriculum equips new leaders withfoundational skills and tools to foster inclusion on their teams.
• Inclusion in the Workplace: Understanding “Covering” — Offered
to all new associates, participants build awareness of the concept
of “covering” (minimizing or hiding aspects of one’s identity in order
to fit in) and explore how they may play a role in fostering inclusion
and making colleagues feel they can bring their authentic selves tothe workplace.
• Subtle and Significant — Empowers new vice presidents andexecutive directors to deepen their understanding of how subtle
changes in interactions with colleagues and teammates — building
rapport, providing career guidance and giving feedback — can shape
their people’s experience and ability to succeed at the firm.
• Identity Matters: Race and Ethnicity in the Workplace — Offered
to managing directors and partners in the US and EMEA, theprogram highlights how race and ethnicity affect people’s lived
experiences in the workplace. It equips managers with a knowledgeof best practices to nurture a culture of belonging, where people
thrive irrespective of their backgrounds.

Inclusion Networks
and Interest Forums
Open to all professionals at Goldman Sachs,
Inclusion Networks play a central role inhelping to advance diversity at the firm.
They serve as forums that offer support,
understanding, information and connectivity forpeople with shared identities and perspectives.
Furthermore, networks provide our people withthe opportunity to problem-solve, innovate,develop and showcase their leadership skills.
Below are our firmwide Inclusion Networks:• Global Asian Network•	Global and Regional Black,
Hispanic and Latinx Networks•	Global and Regional
Women’s Networks•	Global and Regional
LGBTQ+ Networks•	Global and Regional
Disability Networks• Global Veterans Network•	Religion and Culture Network(India and EMEA)• Family Support Resources — The firm supports our employees’
family lives by offering a range of support for family health andwell-being — including comprehensive parental leave availability, support for the transition back to work andaccess to parenting best practices. Enhanced benefits include a global minimum of 20 weeks’ paid parenting leave,
regardless of gender or caregiver status, and stipends for egg retrieval, egg donation, adoption, IVF and surrogacy.
The firm also provides dedicated facilities for nursing mothers in offices across the globe, as well as a global breast
milk shipping program.
• Out in the Open: Sexual Orientation and Gender Identity in the Workplace — We offer insights on the experiences of
LGBTQ+ professionals at Goldman Sachs and equip participants with practical tips and strategies to foster an inclusive
environment for their LGBTQ+ colleagues.
• Pronouns Initiative — In 2019, the firm launched a global effort focused on increasing awareness of the variety ofpronouns people use to express their identity. The firm sees pronoun use as an important way of enabling employees
to bring their authentic selves to work.

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Investing in our people throughout theircareers is one of our most vital responsibilities.
Our talent development efforts combine datadriven analysis with more traditional methods,
like one-on-one mentoring, that have long
been core to the Goldman Sachs culture.
The firm maintains a variety of programs aimed
at employees’ growth and support throughout
their careers and as they evolve into leaders:

TALENT
DEVELOPMENT• Through our Black Analyst and Associate Initiative, we seek to grow and develop Black professionals by investingin their career development, enhancing connectivity to managers and providing access to a senior leader within theirdivision, who serves as a coach.
• Our Hispanic/Latinx Analyst Initiative supplements Hispanic/Latinx analysts’ day-to-day experience by fostering
early and ongoing communication with their managers, divisional leadership and peers.
• The firm’s Women’s Career Strategies Initiative is a global five-month program focused on accelerating the career
growth of high-performing women associates through targeted learning opportunities, goal-setting and enhanced
global connectivity, with close manager engagement throughout.
• Our Vice President Career Investment Initiative is a five-month leadership program offered to Black and Hispanic/
Latinx VPs in the Americas and Black VPs in EMEA. It enables mid-tenured, high-potential vice presidents to be more
successful in their current roles and unlock their potential for future opportunities by enhancing their skillsets,
expanding their relationships and providing career guidance from their managers and divisional sponsors.
• Our Vice President Sponsorship Initiative strengthens participants’ leadership development through a robust
sponsorship model, offered for women VPs in Asia Pacific, women VPs and VPs with disabilities in India, and women,
LGBTQ+, Asian and Black VPs in EMEA.
• The Asian Talent Initiative is an annual program that improves the pipeline of Asian senior leaders by developing
Asian managing director candidates and focusing on talent discussions with senior leadership about their career
trajectories at the firm.
• Our Vice President Leadership Acceleration Initiative is a cross-divisional leadership development program
designed to accelerate the careers of select vice presidents and executive directors in the managing director pipeline
across the firm and prepare them for the next level of leadership. Over a five-month period, participants raise theirself-awareness and build critical leadership skills through individual feedback, group-learning workshops, roundtablediscussions with senior leaders, peer-to-peer problem-solving forums and networking opportunities.
• Our Managing Director Leadership Acceleration Initiative (MD LAI) is a similar intensive program aimed atbuilding partner readiness by evaluating the potential of high-performing managing directors and providing skillsbased development. Over a period of four to five months, managing directors in the partner pipeline undergo rigorous
individual assessments and take part in group-learning workshops and senior leader roundtables. The program ispart of Pine Street’s leadership development strategy to proactively build future senior leaders of the firm. In 2020,
its 17th year, MD LAI included 25 hours of content and class engagement, three leadership workshops, seven seniorleader roundtables and 10 hours of developmental assessments.

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ALTERNATIVEASSETSCLIENT
RELATIONSHIPMANAGEMENTCLIENT
COVERAGE

ONE
GOLDMANSACHSCONTENTDIGITALSTRATEGYONE GOLDMAN SACHS(OneGS)OneGS is the firm’s cross-divisional strategy to provide a more comprehensive and integrated approachto serving our global client franchise. Through OneGS, our objective is to leverage the full capabilities andrelationship network of Goldman Sachs from virtually any touchpoint, to simplify access to the firm forour clients and to promote an ethos of holistic long-term client coverage. To achieve this, teams acrossthe firm are engaged in helping us drive progress across five key pillars: Client Coverage, Content, Digital
Strategy, Client Relationship Management and Alternative Assets.
This initiative underpins our growth strategy, and we have made significant progress across all fronts
in 2020. Our new focus on client-centricity and the goal of delivering one firm to our clients enables us
to differentiate from competitors. OneGS is becoming increasingly embedded into the firm’s DNA, as
our people collaborate across divisions more organically to solve client problems.

“We’re tapping into talent across the firm, driving
smarter collaboration and accelerating innovationto achieve a more seamless experience for ourclients. If successful, OneGS will no longer be
an initiative — it will just be how we operate.”— Sam Morgan, Co-head of One Goldman Sachs and Co-head of EMEA FICC Sales

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GS ACCELERATE
GS Accelerate is a firmwide platform to foster innovation and collaboration at Goldman Sachs. It provides our people
with the capital, resources and support to build new products and services, with a focus on the firm’s future growth.
Funded businesses focus on building strategic advantages for the firm, while offering employees the opportunity
to work in a fast-paced, entrepreneurial environment. Entrepreneurship and innovation have always been a core partof our culture, and we believe in cultivating an environment where our people can work together, think big and shape
the future with their ideas.

“GS Accelerate is one of the best things
I’ve done in my 31 years at the firm.”— MD, Consumer & Wealth Management“GS Accelerate is a great use of firm resources because I don’t think these ideas
would see the light of day without this program.”— Associate, Engineering

15

Investments
to date1,743

Ideas submitted to
GS Accelerate, sincelaunch in 201837

Number of cities thathave participated in
GS Accelerate

One of the funded businesses, ClearFactr is a cloud-based financial modeling platform that demystifies the process of creating
and analyzing data-heavy spreadsheets. Through its intuitive, natural-language interface, users are able to visually compare
scenarios based on different assumptions. The product has been a tremendous help and success for various internal-use cases,
and we are excited about offering the product to clients as part of our broader financial cloud strategy.

97

7

New products
launched for clientand employee use

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Learning and Growth Opportunities
Lifelong learning is essential to the growth of our firm and our people. We understand that cultivating highly informed
talent is both a strategic priority and a competitive advantage that underpins the firm’s ability to analyze, executeand thrive.
Formal learning opportunities are designed and delivered by two complementary groups, Goldman Sachs University(GSU) and Pine Street. GSU provides impactful educational programming to accelerate the growth of everyone fromanalysts through managing directors. Pine Street, the executive development group, helps partners and select managing
directors to lead the firm’s next generation of people and businesses, to enhance our culture and sustain growth in
the future.
Ranging from highly targeted leadership programs to key courses focused on the most critical topics, we support ourpeople through milestones, transition points, role changes and challenging situations.
In addition, we understand the importance of elevating thetechnical and functional expertise of our people to drivecommercial growth. We offer a wide variety of digital courses
from best-in-class content providers — via access to externallearning platforms, including LinkedIn and Coursera — and alibrary of 6,000 digital resources available on our GSU site.
These courses can be used by our people to become subject
matter experts in a specific field, strengthen developmentareas or learn a new skill for internal mobility purposes.
Separately, in order to expand technical skillsets and accelerate
the broad-based adoption of data-driven management practices
throughout the firm, we offer Data School — a cross-divisional
training program focused on providing skills that allow people touse data to more effectively make decisions. Data School offers
a wide curriculum to various audiences ranging from Goldman
Sachs managers to interns, as well as to clients. As part ofour continued focus on providing best-in-class client service,including education and training for our clients, we hosted thispast year’s Client Data School virtually on Zoom. To date,
Data School has had more than 5,000 firm participants, morethan 1,075 firm graduates, 500+ classroom hours and~80 client participants.

2020 Highlights

15

learning anddevelopment
programs offeredin 2020

98

James, Human Capital Management, Hong Kong

Tuition Reimbursement Program

36,000+employees received
leadership and professional
development training
in 2019–2020

Our employees often choose to continue their educations whileworking, and the firm encourages this through financial assistance. Our
Tuition Reimbursement Program is designed to facilitate employees’
continuation of their formal education toward an undergraduate or
graduate degree. We also offer financial assistance opportunities forfamily members’ educations.

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RACIAL EQUITYAt Goldman Sachs, there is no place for racism or discrimination against any group in any form. We are committed toensuring all of our people feel valued and know they belong. As part of our continued commitment to building a stronger
culture of inclusion, we developed and implemented the following suite of resources and initiatives in 2020.
• Reverse Mentoring — This unique initiative provides the opportunity for non-Black senior partners to be mentored
on racial equity issues by Black professionals at the firm. The initial rollout paired 70 of our senior-most leaders at
the firm with Black managing directors and vice presidents, with the goal of enhancing understanding and empathy
between races on the topic of racial equity. The nine-month program includes monthly mentor/mentee touchpoints,
complemented by key educational resources on race equity issues.
• “Be an Ally” Guide — Shared with all employees in 2020, this guide highlights best practices on what it means to be
an active ally for racial equity, from using the right language to learning about systemic racism. This guide points out
opportunities to act meaningfully as an ally for Black
colleagues and friends.
• Divisional Dialogues on Allyship for Race Equity —We also focused on enabling conversations on allyship,
facilitating a series of dialogues within divisions toadvance practical ally behaviors. Sessions included
stories of experiences from Black professionals,
best practices for managers and actionable ways
to become an ally. More than 2,700 managers
participated in “Starting the Dialogue” in 2020.
Megan Hogan
Chief Diversity Officer• Dedicated Web Resource — We maintain and update
an internal web reference sharing educational
resources, ways to foster an inclusive environment,
personal accounts from Black colleagues and details
on our commitment to racial equity — both insideand outside the firm.

“A s we seek to advance racial equity, both at our firm and in our communities,
we want to emphasize that this is a key moment to effect lasting improvement.
The key to positive transformation is the realization that each of us must bepart of the solution — our response to the circumstances around us truly
matters. Even with all of the uncertainty created by the COVID-19 pandemic,
it’s been inspiring to see our people stand in unity and ask how they can
individually contribute to meaningful change. We are at a pivotal inflection
point, and this conversation is just the beginning.”— Megan Hogan, Goldman Sachs Chief Diversity Officer

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WELLNESSOFFERINGS

on-site centers(healthcare, fitness,childcare in 11 locations)

Wellness Center teamin New York officeMarked by a global pandemic, 2020 offered daily reminders that maintaining our health, wellbeing and resilience is paramount. We recognize our people are dealing with unique personal
circumstances due to the profound impact of COVID‑19. Our firm maintains comprehensive
offerings to support the health and wellness of our people and their loved ones.
As many of our people across the globe are working remotely, it can be a challenge to stay
focused and maintain healthy boundaries between work and life. To prioritize the well-being ofour people as they face unprecedented circumstances, we have provided learning-and-wellness
resources ranging from resilience training to counseling services and meditation classes.

people assisted byCritical Health Solutionsin navigating thehealthcare system
and addressing their
medical needs• Medical — In 2020, we introduced telemedicine access to employees and covered dependents enrolled in the firm’s
US healthcare plan, waiving all costs of urgent-care visits, including COVID-19 consultations. We provided access to
global patient advocacy teams to help employees and their families gain access to appropriate COVID-19 care.
• COVID-19 Testing/Return-to-Office Protocols — As our employees return to the office environment, our top priority
is their safety and well-being. For those employees who have returned, our comprehensive protocols include regulartesting, health surveys, temperature checks at arrival and physical distancing. We will continue to be guided by apeople-first approach as circumstances evolve.
• Health and Fitness — Goldman Sachs employees enjoy broad health-and-fitness offerings that outpace those provided
by peers, including access to specialty doctors, nutrition services and ergonomics.
• Mental Health and Resilience — We offer all employees and their dependents access to free and confidential
counseling through our Employee Assistance Program. Additionally, through our meQuilibrium platform, we offer
personalized resilience-building programs, including exercises and guided meditations. In 2020, we hosted several
resilience-training sessions that featured leading speakers on the subject.

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Goldman Sachs 2020 People Strategy Report
Supporting Our People, Sustaining Our Culture“O ver the past two decades, I’ve experienced firsthand Goldman Sachs’

consistent prioritization of theholistic well-being of its people.

Eleven years ago, during my first maternity leave, the firm undertookand fulfilled my request to open a full-time, onsite daycare center in our
London office. Most recently, I’d highlight last year’s proactive revampof Goldman Sachs’ parental leave policy, in which we not only extended
the minimum duration of leave offered around the globe to 20 weeks,
but also crucially expanded the benefit to include both parents.”— Padideh Trojanow, Partner, Global Markets Division• Family Leave and Support — We are committed to delivering best-in-class benefits and wellness programs tomeet the needs of our people who are starting, growing and supporting families. Our offerings include family leave,
adoption and surrogacy stipends, and maternity mentoring and coaching programs, among others. In 2020 there
was an 11 percent increase in the average weeks of leave taken by birth mothers and a 126 percent increase in the
average weeks of leave by non–birth parents. Additionally, 122 employees used firm stipends for adoption, egg
donation/retrieval and surrogacy. Most recently, the firm announced 10 days of paid COVID-19 family leave, available
to employees globally. In 2020, more than 2,000 employees took advantage of this policy, for purposes ranging
from caring for family members with COVID-related illness to meeting demands for in-home schooling.

COVID -19 TESTING/RETURN -TO - OFFICE PROTOCOLS

11,000+15,000COVID-19 inquiries into Wellness Exchange

antigen and PCR tests
administered for employees

10,400+travel health, close
contact and clinicalcases managed globally~700,000
N95 and more than 2.5 million surgical masks donated tomore than 80 healthcare facilities across US and EMEA

110,000
reusable face coverings
produced for our people
globally by 10,000 Small
Businesses graduatesin three countries,
generating ~$850,000 inrevenue for these businesses

MENTAL HEALTH AND RESILIENCE

15,000101

employees attended 70 new
resilience programs rolled
out in response to COVID-19

9,600

employees
enrolled with
meQuilibrium

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Financial Wellness
We provide our employees with access to a variety of financial wellness resources (e.g., financial education series,
live and on-demand webinars, articles and interactive digital tools) to help our employees manage their personal
financial health and decision-making.
Our US employees also have access to our industry-leading workplace financial planning benefit from Goldman Sachs
Ayco Personal Financial Management, which features a digital platform that offers access to confidential financial
coaching and tools to help our employees prepare for their financial future. Benefits include a financial wellness
assessment, personal action plans and one-on-one coaching sessions. Eligible employees are also able to accessMarcus solutions through the Ayco Marketplace, including savings, lending and investing products.
Our US MDs also have access to a dedicated finance advisor through Goldman Sachs Personal Financial Management(PFM), where PFM advisors work directly with our MDs to develop a personalized and adaptable financial plan.
Through this service, our MDs also have access to specialized investment management solutions.

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Employee Listening
Better engaging and responding to our people is a key priority for the firm. Moments That Matter is a new initiative
launched in 2021 designed to establish two new channels for us to hear from our people on a range of important topics:
GS People Pulse and in-the-moment surveys. Both measure the employee experience through short, frequent surveys
that will be distributed throughout the year so that all employees participate at least semi-annually.
Automated in-the-moment surveys will capture the experience around specific moments important to our people(such as onboarding and integration).

Combined Results
Data collected via these surveys will allow us to develop research-informed solutions that help run our business betterand improve the candidate, employee and alumni experience. In another signal to our people around the power andimportance of transparency, we will share not only the results of these listening efforts, but our plans to act on thefindings, creating a constant feedback loop with our people.

Catching up in our Salt Lake City office

PERFORMANCE
MANAGEMENT
Goldman Sachs operates at its best when our people can too. As part of our ongoing efforts to ensure we unlock
our people’s potential and the collective capability of our firm, we continue to invest in our people’s development,
including by ensuring that each colleague receives robust, timely and actionable feedback to help them grow andmake a bigger impact.

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To that end, in 2020 we recalibrated performance ratings, increased transparency to employees and introduced active
coaching by managers. These changes were driven by a belief that clarity breeds outperformance. More specifically,transparent, coaching-oriented teamwork drives employee engagement, performance and retention — which, in turn,drive business success. Our approach to performance management allows us to align our people’s development to thefirm’s priorities.
We recognize that effective performance management goes beyond the performance review process. We are also
focused on cultivating more leaders who coach. For us, great managers unlock their team’s potential when they know
their team’s capabilities, focus their impact (including by setting clear goals), care about them and their contributions,and inspire them. This “KFCI” framework is critical to how we think about manager effectiveness. To encourage more
frequent exchanges between managers and their team members, we launched Three Conversations at GS this year,
whereby managers establish goals with team members at the start of the year, check in mid-year on progress and thenclose out the year with a conversation on performance against goals. Understanding where you are and knowing what
you need to do to continue developing is key for a growth-minded organization and critical to helping our people thrive.

Continuing Our Momentum:
Succession Planning and Pipeline Development
We have always prided ourselves on our deep bench of talent, but we do not take this for granted. We have developed a rigorous,
multiyear approach focused on building and developing a high-performing, diverse leadership bench. These efforts are led by the
dedicated Leadership Pipeline Review Committee, comprising some of our most senior leaders, who drive our efforts on strategic
succession planning for the partner level. The committee meets throughout the year to foster an ongoing dialogue on month-to-monthprogress in our development efforts, with a focus on assessing partner effectiveness, developing diverse talent, and optimizing our talentpipelines. Our approach to leadership development and succession planning allows us to focus on preparing our most senior talent for
both the short and long term.
We made significant strides in 2020 with the introduction of scenario planning for agile decision-making and the assessment of leader
readiness, as well as career planning for the next generation of leaders. As part of our broader effort to further differentiate our partners’
experience and create opportunities to support their continued growth, we also introduced the Partnership Development Initiative, which
will provide personalized executive coaching and bespoke career development planning opportunities for each of our 400+ partners ona regular cycle. These enhancements are designed to balance the demands of our partners’ roles as senior leaders of the firm with ourbelief that the best leaders are the ones who keep growing.

Compensation
We recognize that every financial institution is different,
shaped by its activities, size, history and culture. Ourcompensation practices encourage a firmwide orientationand culture through a framework that establishes a direct
relationship between the longer-term evaluation of
performance and an appropriately matched incentive structure.
We pay for performance — this is an absolute requirement
under our compensation program and is inherent in our culture.
We structure compensation, especially at senior levels, to alignwith our shareholders’ long-term interest and advance our
ethos of partnership. Additionally, we use compensation as animportant tool to attract, retain and motivate talent.
104

Focus on Equal Pay and Living Wage
We are a meritocracy, and gender, ethnicity, age, disability,
sexual orientation or any other protected characteristic
is not a factor in the way that we pay our people. We
pay women and men in the same way, using the same
compensation criteria, including the nature of their role andtheir performance. We will continue to review compensation,
spending significant time during the compensation process
to ensure that our commitment to equal pay is upheld.
Additionally, we review regularly to ensure that we provide
competitive compensation levels that are intended to exceed
the legal minimum and living wages where we operate.

Goldman Sachs 2020 People Strategy Report
Supporting Our People, Sustaining Our Culture

Zero Tolerance forDiscrimination andHarassment in the
Workplace
Goldman Sachs is committed tomaintaining a workplace free fromdiscrimination or harassment. As
reflected in our policies, we do nottolerate sexual harassment or any
form of discrimination or harassment
prohibited by law — including on
the basis of gender, race, origin,ethnicity, sexual orientation, religion
or any other legally protected
status. We prohibit all forms ofabusive conduct. The firm maintains
a robust, multichannel internaland external complaint processthat encourages all employees toraise concerns without reprisal.
Regardless of the manner of
escalation, all matters are carefully
reviewed and investigated withthe highest discretion, and the firm
strictly prohibits any retaliation
for reporting potential employee
misconduct.

Huddle in our London office

Conduct
At all times, we strive to maintain the highest standards of ethicalconduct, consistent with our business principles and core values.
The Firmwide Conduct Committee, with senior partner membership,
is responsible for defining and implementing the firm’s conduct risk
program, particularly the relationship between conduct and culture.
Our Board holds senior management accountable for embodying andcommunicating a “tone at the top” that emphasizes our values.
Firmwide, we emphasize a shared responsibility to exercise soundjudgment, mitigate risk and escalate concerns. This extends toour day-to-day people practices, where our Code of Conduct andcommitment to fairness are embedded in our hiring processes,
performance management, compensation philosophy and promotions.

The firm offers a broad range of programs focused on ethicalstandards, and has established select committees focused on conduct.
Launched in 2019, and relaunched in October 2020, the firm’s “A Cultureof Respect” is an annual mandatory training program for all employees — globally focused on respect in the workplace,the collective responsibility to challenge unacceptable behavior, and the role of leaders and managers in promoting a
respectful environment.
In addition to mandatory training, conduct education — centered on the behavioral science that drives decision-making
and judgment — is embedded across all major milestones and transitions in an employee’s career, across all levels,
including our partners.
• For New Hires — Training on judgment calls and integrity helps them understand the key conduct expectations of
the firm, enabling them to recognize ethical dilemmas and raise concerns as they arise.
• For Leaders and Existing Employees — As part of our manager orientations and programs, we equip our leaders to
notice behavioral red flags, understand their inherent responsibilities and bolster a culture of psychological safety toencourage employees to speak up. Leaders are also provided with roundtable guides to ensure their teams’ dialogue
on culture and conduct is effective and impactful.
The firm’s Code of Conduct details our shared responsibility in ensuring the highest legal and ethical standards,
translating experiences from more than 150 years into an accessible, actionable roadmap that emphasizes how we are all
stewards of the firm’s culture. Our Code of Conduct explains how we live out our core values of partnership, client service,integrity and excellence, and reminds us that everything we do must serve to deepen our stakeholders’ trust.

105

Goldman Sachs 2020 People Strategy Report
Supporting Our People, Sustaining Our Culture

EVOLVING
HOW WEWORK
COVID-19 accelerated trends in remote working, with a number of Fortune 500 firms announcing moves to fully remoteor flexible workspaces early in the pandemic, some of them permanent. At Goldman Sachs, we transitioned our workforce
to be 98 percent remote in a matter of days, equipping our people with decentralized tools and technology to performtheir roles and serve clients.
The pandemic brought with it a number of worthy innovations in the communication space. The ongoing need for simple,
fast, on-demand communication tools, along with agile teams, will continue to remain top-of-mind.
We’ve found that many tasks can lose immediacy and efficacy in a remote-work environment. Whether delivering in-themoment feedback, ad-hoc brainstorming sessions or simply catching up with colleagues, our people operate at their bestwhen they are forging close bonds with colleagues and furthering the apprenticeship culture that defines us. We havefound that the best way to do that is to work together, in person, on a regular basis. This is not inconsistent, however,with providing our people with the flexibility they need to manage their personal and professional lives — which is how
we have always run the firm. The experience of the past year has only made us more confident in our ability to facilitate
this approach going forward.
The pandemic has also increased our confidence in our ability to distribute our teams across more offices. As a key
part of our location strategy, we expect approximately 40 percent of our employees will work from one of our strategic
locations by the end of 2022. The remote-work phenomenon has catalyzed an increased focus on this strategy.
We will also look to expand into new strategic locations around the globe, as well as consolidate our footprint, whereappropriate, in keeping with our evolving business mix.

106Goldman Sachs 2020 People Strategy Report

B ROAD E N I N G O U R I M PAC T

THE WORLDBEYOND THE

WORKPLACE

President and COO John Waldron moderates a virtual panel including (clockwise from top left) Heather von Zuben, Kim Posnett, Tracey Benford and Margaret Anadu

At Goldman Sachs, dedication to our clients is a given — client service is one of ourcore values. That said, our people expect the firm to support a broad range of stakeholders
beyond our client base, and we similarly encourage our people to expand their focus andengage with their communities and the larger world. We enable our people to advancesustainability as part of their day-to-day work, and encourage them to supplement thatwork through our other programs, partnerships and philanthropic engagement. We are
fully committed to deploying the immense resources and capabilities available throughout
our firm to deliver best-in-class service for clients, and effect change aligned with our
purpose of advancing sustainable economic growth and financial opportunity.
$ 8 0 0 M I LLIO N S U STAI NAB I LIT Y B O N D :A MODEL OF
COLLABORATION
Our latest sustainability bond issuance — an $800 million offering designed to accelerate climate transition andadvance inclusive growth — is a prime example of extensive cross-divisional collaboration within the firm and external
collaboration with our clients.
This bond is just one part of a strategic push by Goldman Sachs to deploy capital and help clients on their sustainability
journeys, across nine core thematic areas.

107Goldman Sachs 2020 People Strategy Report
Broadening Our Impact

Nine Themes Driving Our Sustainable Finance Commitment
C L I M AT E T R A N S I T I O N

INCLUSIVE G ROW TH

Clean Energy• Reduce energy consumption• Reduce net emission of carbon

Accessible and Innovative Healthcare• Increase affordability of healthcare• Improve healthcare outcomes

Sustainable Transport• Reduce fossil fuel consumption• Improve sustainable transportation infrastructure

Financial Inclusion• Increase access to capital and affordable financial services• Enhance financial literacy

Sustainable Food and Agriculture• Increase supply chain sustainability• Improve environmental quality control

Accessible and Affordable Education• Improve access to affordable education• Enhance educational outcomes

Waste and Materials• Increase resource efficiency• Increase use of sustainable materials

Communities• Increase quality and accessibility of affordable housing• Promote revitalization of underserved neighborhoods

Ecosystem Services• Improve water and air quality• Promote greater biodiversity

COMMUNITY ENGAGEMENTAt Goldman Sachs, we believe that strong communities are the foundation of a prosperous society. Through our
Sustainability and Impact Investing initiatives, we find innovative commercial solutions that address social and civic
challenges in communities across the US, supporting a wide variety of development and revitalization projects. We’ve
invested in affordable-housing construction, job creation, quality education, healthcare facilities, small businesses
and more, as part of our ongoing effort to empower communities and promote long-term economic growth. Each ofthese programs provides our people with meaningful opportunities to make a personal impact in the communities
where they live and work:

Goldman Sachs Gives (GS Gives)
The GS Gives program is committed to fostering innovative ideas, solving
economic and social issues, and enabling progress in underserved communities
globally. Through a donor-advised fund, the firm’s current and retired partners
work together to recommend grants to qualifying nonprofit organizations to
help them achieve their goals. GS Gives has awarded nearly $1.8 billion in grants
to date and partnered with more than 8,000 nonprofits in 100 countries.
Acting dynamically in response to real-world issues, GS Gives over the years
has established a number of special funds and programs to support specificareas of need throughout the world.

108

Goldman Sachs 2020 People Strategy Report
Broadening Our Impact

Fund for Racial Equity
In June 2020, we launched the $10 million Goldman Sachs Fund for Racial Equity to support leading organizations
addressing racial injustice, structural inequity and economic disparity (e.g., United Negro College Fund, Black Economic
Alliance and Black Girls Code). This builds on over $200 million in grants over the past decade supporting communities
of color.
It is critical that we not only acknowledge what is happening around us, but that we take meaningful action andcontribute to the path forward. Most recently, as part of the Goldman Sachs COVID-19 Relief Fund, the firm deployed$17 million to organizations supporting relief efforts in communities of color. Through Community TeamWorks, ourvolunteer initiative for employees, we also mobilized nearly 1,000 of our people to support nonprofit organizations
focused on racial equity, including the Vera Institute of Justice, Posse Foundation, Black Girl Ventures and more.

GS Gives Analyst Impact FundSponsored by the firm’s Partnership Committee,
whose mission is to steward the firm’s culture andcultivate current and future leaders, this annualcompetition provides analysts with the opportunity
to collaborate with peers across the firm to makean impact in their communities. Each year, analysts
compete to win GS Gives grants to support innovative
nonprofits of their choice. Analyst teams advancing
to the finals pitch their selected nonprofit to thePartnership Committee and firm leadership. Key
judgment criteria include impact, scalability anduniqueness of the proposed project, the team’s
analysis of the project goals and financials, andthe strength of the organization’s leadership andpartnerships. Winning teams are awarded with
grants for their selected nonprofits.

“The Analyst Impact Fund brings the very best of Goldman
Sachs to our communities. It highlights our culture of
excellence, and embodies our firm’s values of teamwork,
innovation and social-mindedness. For our analysts,
the fund presents a unique opportunity to develop coreleadership skills, while making a tangible impact on
issues about which they are passionate at an early stageof their career.”— David Solomon, Chairman and Chief Executive Officer

Matching Gift Program
As a part of our continuing efforts to connect ouremployees worldwide with their local communities,
this program supports employee gifts to nonprofit
organizations, including schools. The Matching Gift
Program allows employees to double the impactof their charitable giving by having their donation
matched dollar-for-dollar by the firm. In 2020,
we introduced a special 3:1 matching opportunity
for employee donations supporting organizations
advancing racial equity and working on the front
lines of COVID-19 relief. These special campaigns
drove more than $3 million in matched contributionsin 2020.

Team SIRUM, First Place, 2020 Analyst Impact Fund

109

Goldman Sachs 2020 People Strategy Report
Broadening Our Impact

Community TeamWorks (CTW)
Our tradition of employee volunteer work reaches back to 1997, when we created Community TeamWorks to partnerwith nonprofit organizations around the world. Through CTW, the people of Goldman Sachs contribute their ideas, timeand expertise to drive tangible progress as volunteers. Our annual impact includes more than 150,000 hours of service
provided to more than 900 nonprofit partners from 26,000 volunteers globally.
During the pandemic, our people have found new ways to give back to their communities through virtual volunteer
projects. In April of 2020, we launched our first-ever virtual volunteering campaign to support groups disproportionately
impacted by COVID-19. To date, more than 8,000 volunteers from 80 offices have participated in more than 430 virtual
volunteer projects with 200+ nonprofits globally. In June 2020, we added dozens of racial equity–focused CTW projects,
and in October we introduced a campaign to support educators, students and their families, focused on helping students
facing unprecedented challenges this year.

Goldman Sachs COVID-19 Relief Fund
In 2020, we launched a $30 million commitment funded by GS Gives — including a special matching program — to support
communities hardest hit by COVID-19 around the world. The commitment included $5 million to match employee donations
to nonprofit organizations. This followed the $1 million donated to the CDC Foundation, the Chinese Red Cross and theInternational Medical Corps for COVID-19 relief. The fund is designed to be responsive to prevalent challenges in areas
hardest hit by the pandemic, and supports organizations working directly on relief-and-response efforts across five key
priorities: (1) assisting health providers on the front lines; (2) providing assistance to the most vulnerable populations;(3) providing economic relief for reduced and lost work; (4) supporting children and families in the wake of school closures;and (5) supporting medical research. To date, the fund has deployed $42 million to 305+ nonprofits across 31 countries.

110

Ambika,Consumerand WealthManagement,
New York

Goldman Sachs 2020 People Strategy Report
Broadening Our Impact

COMMERCIAL APPROACH
TO INCLUSIVE GROWTH
We have a long-standing track record of deploying innovative, commercial solutions to advance inclusive growth —supported by the focus, dedication and creativity of our people in driving these efforts. Our sustainable finance–focused
efforts are fully integrated across the firm, and our people approach these opportunities with the same rigorous thinking
we would apply to any other part of our business.
Over the past year, we have launched divisional councils throughout the firm that are further deepening our knowledge
in the sustainable finance space and helping to facilitate the practical success of our $750 billion commitment to thiseffort. These councils consist of senior business leaders who — in addition to delivering their day-to-day expertise toclients — are able to provide the added benefit of a sustainability-focused perspective.
Our Sustainable Finance Group initiated 1,136 total engagements in 2020 (753 clients; 383 external stakeholder
meetings) — a clear sign of the growing importance that climate transition and inclusive growth themes are playing forour clients across industries and regions. 52 percent of our meetings occurred with Investment Banking clients, 30 percent
with Consumer & Wealth Management/Asset Management
clients, and 18 percent with Global Markets clients.
T:12”

Dear Congress,
According to our research, 42% of small business owners
have had to lay off employees or cut their compensation
over the last year.
That’s millions of Americans out of work – the backboneof our economy, and the cultural fabric of ourcommunities, unraveling.
T:21”

We must prioritize small business needs

In keeping with our commitment, we are channeling thepower of capital to drive economic prosperity for more
people. We have long been committed to promoting
inclusion, diversity and equity within our own firm,
throughout our industry and in the communities where
we live and work. Last summer, in response to the recent
senseless acts of racism and violence against Black
people and other minorities, we renewed this dedication.
We believe the effort needed to truly bridge gaps inequality is ongoing — we know there is more to be done,
and we continue to aim higher. In this spirit, we recently
announced One Million Black Women, a new $10 billion
initiative focused on acknowledging, empowering andraising up an entrepreneurial engine in women andunderserved communities across the US.

through 2021 and beyond.

10,000 Small Businesses (10KSB)

When we lose small,
we lose big.
Sincerely,
The 10,000 Small Businesses Voices Community
See our 2021 Small Business Policy Agenda at gs.com/LoseSmallLoseBig
P.S. Not a member of Congress? Tweet a photo of this letter @ one who needs to see it .

#LoseSmallLoseBig

111

TWITTER, TWEET, RETWEET and the Twitter logo are trademarks of Twitter, Inc. or its affiliates.

We launched this small-business development programin the US in 2009, in the UK in 2010 and most recently
in France in 2020. For over a decade, we have provided
access to education, capital and business support services
to help thousands of entrepreneurs, across a broad setof industries, grow their businesses and create jobs intheir local communities. Upon reaching the milestone ofserving 10,000 entrepreneurs in 2020, Goldman Sachs
redoubled our efforts, committing to reach another
10,000 small business owners across the United States.

Goldman Sachs 2020 People Strategy Report
Broadening Our Impact“T his year has laid bare the sobering realities that our small businesses andcommunities face. We’ve worked to develop the 10,000 Small Businesses platform for over a
decade, and now is an obvious time for us to double down on the program — small businesses
are essential, and by making this commitment we hope to help ensure their future.”— David Solomon, Chairman and Chief Executive Officer

The program partners with community colleges across the United States to deliver an intensive 10-week program tohelp small business owners get to the next level. It also provides access to capital through partnerships with Community
Development Financial Institutions and other mission-driven lenders.
We have reached more than 10,000 business owners across all 50 states, Puerto Rico, Guam and Washington, D.C., andover 1,800 UK business owners to date. In the United States, the program’s graduates together represent over $14 billion
in revenue and employ more than 200,000 people. A study on the impact of this program’s first decade indicated that66 percent of participants increased revenues just six months after completing the program — outpacing comparable
national data estimates that 53 percent of
US small businesses grew revenues over thissame time period. The study also indicated that46 percent of participants created net new jobs
just six months after graduation — comparable
national data estimates that 30 percent of
US small businesses added jobs in this sametime period.
Additionally, 10,000 Small Businesses Voices is
a new initiative designed to help small businessowners in the United States advocate for policychanges that will help their businesses, theiremployees and their communities. We provide
these business owners with the tools, resources
and training needed to make their voices heardand drive tangible impact against real issues.
Our programs in the UK and France also offer
comprehensive packages of business development
Kalyani, CEO,and leadership support for local small business
Ancient Living
owners. Since 2010, we have partnered with
Hyderabad, India
the Said Business School in the UK to provide
over 1,800 business leaders with a “miniMBA” education program that equips them with the skills to take theirbusiness to the next level. Similarly in France, our inaugural cohort of 70
entrepreneurs is participating in a fully funded, nationwide small businesseducation program delivered in partnership with ESSEC Business School.

10,000 Women (10KW)
Launched in 2008 across the US, India and China, this initiative fosters
economic growth by providing women entrepreneurs around the world
with a business and management education, mentoring and networking,and access to capital. 10KW was informed by research, which shows that112

10,000 Women Champions
At Goldman Sachs, our people are consistently
seeking ways to be more directly involved with
our impact programs. Our 10,000 Women Growth
Fellowship is a prestigious three-day programof coaching, training and networking for select10,000 Women graduates from all over the world.
Select Goldman Sachs associates and vicepresidents — 10,000 Women Champions — werematched with these ambitious Growth Fellows,
to develop a two-way mentoring relationshipwhile enjoying ongoing opportunities to engage
with the firm’s senior leadership and the
10KW program.

Goldman Sachs 2020 People Strategy Report
Broadening Our Impact

investing in women is one of the most effective ways to reduce inequality and facilitate inclusive economic growth.
Over the past decade, we have helped more than 100,000 women reach their full potential by providing a rigorous
business education program, access to capital and ongoing opportunities for networking.
Realizing that growth-oriented women entrepreneurs needed greater access to external capital, in 2014 wepartnered with the International Finance Corporation to launch a first-of-its-kind gender-specific loan facility.
To date, the facility has raised and deployed more than $1.9 billion in investments to women-owned small andmedium enterprises across 41 countries.
In 2018, we saw a continued opportunity
to democratize access to education on aworld scale, and launched Goldman Sachs
10,000 Women Online, a first-of-its-kind,free online program on the Coursera
platform. To date, we have seen tens of
thousands of enrollments from womenin more than 200 countries. The online
program includes 10 modules covering a
range of business topics, from identifying
opportunities for growth to financial
planning, management techniques,
marketing and leadership. In 2020,
we launched Spanish- and Portugueselanguage translations of the course.

#MakeSmallBig
Holiday Market
Beginning in 2014, the firm has hosted
an annual Holiday Market at 200 West
Street to give employees the opportunity
to meet alumni from the 10KSB programand support their ongoing entrepreneurial
efforts. In response to the COVID-19
pandemic, in 2020 we relaunched theHoliday Market as an online marketplaceon GS.com, featuring gifting options
from more than 65 small business alumni
from our 10KSB and 10KW programs. Thishub for our employees, clients and othervisitors showcases the firm’s sustainedcommitment to and support of small
business owners.

113Goldman Sachs 2020 People Strategy Report
Broadening Our Impact

Margaret Anadu and George Azih,
founder and CEO of LeaseQuery,at a Launch With GS event in
Atlanta, GA

FORWARD
FOCUS
Launch With GS
Two years ago, we developed Launch With GS, a $500 million investment strategy that aims to increase access to capitaland facilitate connections for women, Black, Latinx, and other diverse entrepreneurs and investors. Since its inception,
Launch has deployed more than $450 million globally to companies and funds with diverse management teams —from a software provider in Atlanta, to a fintech company in Bengaluru, to a pediatric clinic in China. In early 2021, we
announced an additional $500 million commitment to Launch With GS, for a total of $1 billion toward investing in these
entrepreneurs and funds.

Launch With GS is grounded in our data-driven belief that diverse leadership teams outperform if they are given accessto capital and the resources to drive their businesses forward. In addition to deploying capital, we are fostering a global
ecosystem of founders, investors and clients. In early 2020, Launch announced Goldman Sachs’ first Black and Latinx
Entrepreneur Cohort, comprising a group of high-growth start-ups from across the US. Beyond access to capital, thesebusinesses participate in a customized eight-week virtual experience — including one-on-one and sector-specificworkshops with our research, banking and investment teams, and interaction with start-up experts across key areas,
including legal services, capitalization, marketing and branding.
Broadening our firm’s impact beyond our offices will be a key strategy in the future. We will continue to look foropportunities to provide our people with direct and indirect ways to impact their communities.

One Million Black Women
In addition to our $750 billion sustainable finance goal, we recently announced the One Million Black Women program,a new initiative of more than $10 billion to advance racial equity and economic opportunity by investing in Black women.
In partnership with Black women–led organizations, financial institutions and other partners, Goldman Sachs willcommit $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address
both the gender and racial biases that Black women have experienced disproportionately for generations — obstacles
that have only been exacerbated by the pandemic. The program is named for and guided by the goal of impacting the
lives of at least one million Black women by 2030.

114

Goldman Sachs 2020 People Strategy ReportR ECOG N ITI O N

FEATURED AWARDS AND RANKINGS
Each year, Goldman Sachs receives awards across categories including employer of choice, diversity and inclusion, sustainability,and business and innovation. Select awards are shown below.

Bloomberg Gender-Equality Index
January 2021
ListedHuman Rights Campaign Foundation’s Corporate
Equality Index
January 2021
Rating of 100%

Vault Banking 50

Universum World’s Most Attractive Employers

January 2021

October 2020

Ranked #1 in Prestige
Ranked #19 in the Banking 50

Ranked #6 out of 50 among Business students
Ranked #24 out of 50 among Engineering/IT students

PEOPLE Magazine Awards

Working Mother 100 Best Companies

September 2020

September 2020

Ranked #38 out of 50 in U.S. Companies That Care

ListedNational Association for Female Executives (NAFE)
Top Companies for Executive Women
March 2020
Listed115

Goldman Sachs 2020 People Strategy Report

KEY PERFORMANCE METRICS
Number of Employees
HEADCOUNT:

40,500GEOGR APHIC BREAKDOWN:
employees with offices
in over 35 countries
53% in Americas

Employees come from over160

19% in EMEA

countries and speak morethan 110 languages

28% in Asia

Progress Toward Aspirational Goals
CAMPUS ANALYST HIRING FOR FULL-YEAR 2020:

VP REPRESENTATION (AS OF F YB 2021):

Goal

Goal

Women

52%

50%

Women

32%

40%

Hispanic/Latinx (Americas)

17%

14%

Hispanic/Latinx (Americas)

6%9%Black (Americas)

11%

11%

Black (Americas)

4%7%Black (UK)

13%

9%

Black (UK)4%

7%

Other Demographic Data
EEO -1 DATA (US EMPLOYEES)Job Categories

Not-Hispanic or Latino

Hispanicor Latino

White

Black orAfricanAmericanMale Female

Male Female

Male Female

NativeHawaiian or
Other PacificIslanderMale Female

Asian

AmericanIndian or
AlaskanNativeTwo orMore Races

Male Female

Male Female

Male Female

Overall
TotalsExecutive/Sr. Officials & Mgrs.

50

16

920

261

24

25

1

–

160

74

–

–

10

7

1,548

First/Mid Officials & Mgrs.

98

73

1,476

698

57

48

2

4

603

315

–

–

27

10

3,411

Professionals

752

547

3,992

2,399

452

418

13

13

1,857

1,762

1

5

161

149

12,521

Technicians

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Sales Workers

66

36

868

365

41

11

3

3

162

74

–

–

17

16

1,662

Administrative Support

110

230

253

775

75

274

2

8

35

88

1

–

14

33

1,898

Craft Workers

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Operatives

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Laborers & Helpers

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Service Workers

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

1,076

902

7,509

4,498

649

776

21

28

2,817

2,313

2

5

229

215

21,040Total

116Goldman Sachs 2020 People Strategy Report
Key Performance Metrics

EEO -1 DATA (CONTINUED)

AmericanIndian or
AlaskanNativeHispanicor Latinx

Two orMore
Races

NativeHawaiian or
Other PacificIslanderFemales

White

Asian

Black orAfricanAmericanExecutive/Sr. Officials & Mgrs.

76.3%

15.1%

3.2%

0.0%

4.3%

1.1%

0.1%

24.7%

First/Mid Officials & Mgrs.

63.7%

26.9%

3.1%

0.0%

5.0%

1.1%

0.2%

33.7%

Professionals

51.0%

28.9%

6.9%

0.0%

10.4%

2.5%

0.2%

42.3%

All Others

63.5%

10.1%

11.3%

0.0%

12.4%

2.2%

0.4%

53.7%

Total

57.1%

24.4%

6.8%

0.0%

9.4%

2.1%

0.2%

41.5%

Source: Data anticipated to be filed in Goldman Sachs’ 2020 EEO-1 report. “All Others” is a combination of the following EEO-1 job categories: technicians, sales workers, administrative support, craft workers(skilled), operatives (semi-skilled), laborers & helpers, and service workers. Date as of 11/30/2020 (US only).

2020 PMD CL ASS DEMOGR APHICS:

Total class size — 60 partners

Diversity data

16 Women (27% of class)
4 Black (7% of class)
3 Hispanic/Latinx (5% of class)
10 Asian (17% of class)
43 in Americas

27%

47%

15%

53%

66%

19%

42%

6.3 years 64

58%

25%

worked in morethan one division

worked in morethan one region

started at GS
as lateral hires

14 years
Average tenurestarted as
campus hires

13 in EMEA
3 in Asia Pacific
1 in Bengaluru
2019 MD CL ASS DEMOGR APHICS:

Total class size — 465 MDsDiversity data

134 Women (29% of class)
20 Black (4% of class)
10 Hispanic/Latinx (2% of class)
120 Asian (26% of class)started at GS as
analysts or associates

worked in morethan one division

15%

worked in morethan one region

249 in Americas (53%)
142 in EMEA (31%)
74 in Asia Pacific (16%)
BOARD DEMOGR APHICS:

Diversity data of nominees

5 Women1 Black
1 Indian descent
1 Career military117

New nominees in
the last 5 years

Nominees who are
diverse by race, genderor sexual orientation

Median tenure

Nominees who
are non-US or
dual citizens

Median age

Goldman Sachs 2020 People Strategy Report
Key Performance Metrics

Employee Training/Learning Data umber of employees that received
N
leadership and professional developmenttraining in 2019–2020:

36,000+employees

Number of learning anddevelopment programs
offered in 2020:15

Community Engagement Statistics
Number of employees volunteered throughCommunity TeamWorks in 2020:

Number of graduates of
10,000 Small Businesses:

volunteers frombusiness owners in the US across all 50 states,
Puerto Rico, Guam and Washington, D.C., and

8,000+
80
430+

offices participated in

virtual volunteer projects with200+

nonprofits globally

118

10,000+over 1,800
UK business owners