DOCSLIB.ORG

Proxy Statement for 2017 Annual Meeting of Shareholders

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

The Goldman Sachs Group, Inc. ANNUAL MEETING OF SHAREHOLDERS PROXY STATEMENT 2017 The Goldman Sachs Group, Inc. The Goldman Sachs Group, Inc. Notice of 2017 Annual Meeting of Shareholders TIME AND DATE 8:30 a.m., local time, on Friday, April 28, 2017 PLACE Goldman Sachs offices located at: 30 Hudson Street, Jersey City, New Jersey 07302 ITEMS OF BUSINESS d Election to our Board of Directors of the 11 director nominees named in the attached Proxy Statement for a one-year term d An advisory vote to approve executive compensation (Say on Pay) d An advisory vote on the frequency of Say on Pay votes d Ratification of the appointment of PwC as our independent registered public accounting firm for 2017 d Transaction of such other business as may properly come before our 2017 Annual Meeting of Shareholders RECORD DATE The record date for the determination of the shareholders entitled to vote at our 2017 Annual Meeting of Shareholders, or any adjournments or postponements thereof, was the close of business on February 27, 2017. Important Notice Regarding the Availability of Proxy Materials for our Annual Meeting to be held on April 28, 2017. Our Proxy Statement, 2016 Annual Report to Shareholders and other materials are available on our website at www.gs.com/proxymaterials. By Order of the Board of Directors, Beverly L. O’Toole Assistant Secretary March 17, 2017 Your vote is important to us. Please exercise your shareholder right to vote. By March 17, 2017, we will have sent to certain of our shareholders a Notice of Internet Availability of Proxy Materials (Notice). The Notice includes instructions on how to access our Proxy Statement and 2016 Annual Report to Shareholders and vote online. Shareholders who do not receive the Notice will continue to receive either a paper or an electronic copy of our proxy materials, which will be sent on or about March 21, 2017. For more information, see Frequently Asked Questions. Table of Contents Table of Contents Letter from our Chairman and CEO ...................ii Executive Compensation .........................54 2016 Summary Compensation Table .............55 Letter from our Lead Director ........................iii 2016 Grants of Plan-Based Awards ...............58 Executive Summary ................................1 2016 Outstanding Equity Awards at Fiscal Year-End . ...................................59 2017 Annual Meeting Information ..................1 2016 Options Exercises and Stock Vested . .59 Matters to be Voted on at our 2017 Annual Meeting . .1 Performance Highlights ...........................2 2016 Pension Benefits .........................60 Compensation Highlights .........................5 2016 Non-Qualified Deferred Compensation . .61 Corporate Governance Highlights ...................8 Potential Payments Upon Termination or Change- Shareholder Engagement ........................11 In-Control ...................................63 Report of our Compensation Committee ............66 Corporate Governance .............................13 Item 2. An Advisory Vote to Approve Executive Item 1. Election of Directors ......................13 Compensation (Say on Pay) ......................67 Item 3. An Advisory Vote on the Frequency Our Directors .................................13 of Say on Pay Votes . ..........................68 Independence of Directors ......................22 Non-Employee Director Compensation Program . .69 Structure of our Board and Governance Practices ....23 Our Board Committees ........................23 Audit Matters . ...................................72 Board and Committee Evaluations ...............25 Report of our Audit Committee . .................72 Board Leadership Structure .....................26 Item 4. Ratification of Appointment of Independent Year-Round Review of Board Composition ........28 Registered Public Accounting Firm .................72 Director Orientation ...........................29 Certain Relationships and Related Transactions . .74 Board Oversight of our Firm ......................29 Key Areas of Board Oversight ...................29 Beneficial Ownership ..............................77 Commitment of our Board – 2016 Meetings .......31 Additional Information . ..........................80 Compensation Matters .............................33 Compensation Discussion and Analysis ............33 Frequently Asked Questions ........................82 2016 NEO Compensation Determinations .........33 Annex A: Additional Details on Key Pay Practices .............................42 Director Independence . .........................A-1 Framework for Compensation Decisions ..........43 Directions to our 2017 Annual Meeting Overview of Compensation Elements ............46 of Shareholders .................................B-1 Other Compensation Policies and Practices .......48 Determinations Regarding Mr. Gary Cohn .........50 GS Gives ....................................53 Proxy Statement for the 2017 Annual Meeting of Shareholders | Goldman Sachs i Letter from our Chairman and CEO Letter from our Chairman and CEO March 17, 2017 Fellow Shareholders: You are cordially invited to attend the 2017 Annual Meeting of Shareholders of The Goldman Sachs Group, Inc. We will hold the meeting on Friday, April 28, 2017 at 8:30 a.m., local time, at our offices in Jersey City, New Jersey. Enclosed you will find a notice setting forth the items we expect to address during the meeting, a letter from our Lead Director, our proxy statement, a form of proxy and a copy of our 2016 annual report to our shareholders. In our 2016 letter to our shareholders, which is included in the annual report, we discuss the firm’s performance, strategy and outlook for the future. We hope that you will find the letter informative and the themes emblematic of our commitment to providing our shareholders with long-term value. I would like to personally thank you for your continued investment in Goldman Sachs. We look forward to welcoming many of you to our annual meeting. Your vote is important to us – even if you do not plan to attend the meeting in person, we hope your votes will be represented. Lloyd C. Blankfein Chairman and Chief Executive Officer Proxy Statement for the 2017 Annual Meeting of Shareholders | Goldman Sachs ii Letter from our Lead Director Letter from our Lead Director March 17, 2017 To my fellow shareholders, In numerous ways, 2016 was an eventful year both for Goldman Sachs and for the broader operating environment. It included a challenging first half of the year for the financial services industry and the capital markets, the “Brexit” vote and the U.S. presidential election. Within the firm, 2016 included the launch of a new consumer lending business, Marcus by Goldman Sachs, as well as several senior executive changes. In times of challenge and change, a board’s role in setting the “tone at the top” – providing oversight and advising on management’s strategic plans – becomes even more critical, and I am pleased to report that our Board responded in kind. In addition to undertaking the actions I describe below, throughout the year we remained focused on our oversight of the firm’s risk management and engaged with management on its firmwide, regional and divisional strategies for growth across our businesses. Despite a challenging start to 2016, we believe that the firm’s senior management responded effectively and swiftly. As a result of their focus on operating expense discipline, the firm remains well- positioned to capitalize on opportunities as they unfold and to continue to drive long-term shareholder value. Last year there were a number of executive succession events, which is a topic I know from my own direct engagement is of critical importance to our shareholders. At the end of 2016, we bid farewell to three distinguished executives from around the globe – Gary Cohn, Michael Sherwood and Mark Schwartz – each of whom added significant value to the firm over the course of their long-tenured careers. In addition to his many other contributions to the firm over the course of his over 25-year career, Gary’s perspective was greatly valued by the Board during his tenure as a fellow director. In light of Gary’s commencement as Director of the National Economic Council, as a Board we needed to determine how to appropriately address Gary’s historical, vested compensation arrangements in order to avoid any actual or perceived conflicts of interest given his new responsibilities in the public sector. Details regarding these determinations are summarized in the enclosed proxy statement. These departures resulted in the elevation of several of our senior leaders to executive positions, consistent with our executive succession plan. Each year and throughout 2016, our Governance Committee met with our CEO, Lloyd Blankfein, and met separately in closed and executive sessions to review, provide input on and refine the firm’s long-term and emergency executive succession plans. Our thorough consideration of and deliberations on executive succession, coupled with the firm’s commitment to developing leaders in every area of its businesses, enabled us to act quickly and efficiently in promoting David Solomon and Harvey Schwartz to the roles of President and Co-Chief Operating Officers of the firm, as well as Richard Gnodde and Pablo Salame to the role of Vice Chairman. Further, Marty Chavez was appointed to the position of Chief Financial Officer, which he will assume in May. We look forward to working with all of these talented individuals in their new roles. These
Recommended publications
  • Company: GOLDMAN SACHS GROUP INC Document

    Company: GOLDMAN SACHS GROUP INC Document

    Company: GOLDMAN SACHS GROUP INC Document: DEF 14A • 3/22/2019 Section: Entire Document File Number: 001-14965 Pages: 115 3/22/2019 10:14:45 AM Intelligize, Inc. [email protected] 1-888-925-8627 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☑ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☑ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Pursuant to Section 240.14a-12 The Goldman Sachs Group, Inc. (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): ☑ No fee required. ☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: ☐ Fee paid previously with preliminary materials. ☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.
  • Proxy Statement for 2018 Annual Meeting of Shareholders

    Proxy Statement for 2018 Annual Meeting of Shareholders

    The Goldman Sachs Group, Inc. Annual Meeting of Shareholders Proxy Statement 2018 The Goldman Sachs Group, Inc. The Goldman Sachs Group, Inc. Notice of 2018 Annual Meeting of Shareholders TIME AND DATE 8:30 a.m., local time, on Wednesday, May 2, 2018 PLACE Goldman Sachs offices located at: 30 Hudson Street, Jersey City, New Jersey 07302 ITEMS OF BUSINESS d Election to our Board of Directors of the 11 director nominees named in the attached Proxy Statement for a one-year term d An advisory vote to approve executive compensation (Say on Pay) d Approval of The Goldman Sachs Amended and Restated Stock Incentive Plan (2018) d Ratification of the appointment of PwC as our independent registered public accounting firm for 2018 d Consideration of shareholder proposals, if properly presented by the relevant shareholder proponents d Transaction of such other business as may properly come before our 2018 Annual Meeting of Shareholders RECORD DATE The record date for the determination of the shareholders entitled to vote at our 2018 Annual Meeting of Shareholders, or any adjournments or postponements thereof, was the close of business on March 5, 2018 Important Notice Regarding the Availability of Proxy Materials for our Annual Meeting to be held on May 2, 2018. Our Proxy Statement, 2017 Annual Report to Shareholders and other materials are available on our website at www.gs.com/proxymaterials. By Order of the Board of Directors, Beverly L. O’Toole Assistant Secretary March 23, 2018 Your vote is important to us. Please exercise your shareholder right to vote. By March 23, 2018, we will have sent to certain of our shareholders a Notice of Internet Availability of Proxy Materials (Notice).
  • The Goldman Sachs Group, Inc

    The Goldman Sachs Group, Inc

    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant þ Filed by a Party other than the Registrant ¨ Check the appropriate box: ¨ Preliminary Proxy Statement ¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) þ Definitive Proxy Statement ¨ Definitive Additional Materials ¨ Soliciting Material Pursuant to Section 240.14a-12 The Goldman Sachs Group, Inc. (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): þ No fee required. ¨ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: ¨ Fee paid previously with preliminary materials. ¨ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: Table of Contents Proxy Statement 2013 Annual Meeting of Shareholders Table of Contents The Goldman Sachs Group, Inc.
  • Goldman Sachs Ecosystem New York City, 10005, USA 9212) 902-1000;

    Goldman Sachs Ecosystem New York City, 10005, USA 9212) 902-1000;

    Goldman Sachs Group 200 West Street, Manhattan, Goldman Sachs Ecosystem New York City, 10005, USA 9212) 902-1000; www.goldmansachs.com Outside Relationships Goldman Sachs Group, Inc (Delaware Corporation) Outside Relationships Securities Regulators Capital Suppliers Customers Regulation and Customers Suppliers Capital Regulators Debt Structure Equity Structure NYSE Listing Rules Debt: $ 266.4 Billion; Credit Ratings (Long Terms): DBRS (A – High), Fitch (A), Moody’s (A2), R&I (A), S&P (BBB+) Equity Securities Public Debt Bond Financing Dividends and Common Holders Regulators Group Inc. U.S. Group Inc. Non-U.S. Subsidiaries U.S. Subsidiaries Non- Treasury Stock Preferred Stock Common Stock Stock Repurchases Hybrid Financial Commercial Other Unsecured Significant Working Capital Dollar Fixed and Dollar Fixed and Dollar Fixed and U.S. Dollar Fixed Shares Authorized: 605M Shares Authorized: 496,750 Shares Issued: 901.7M Commercial Instruments Paper Short-Term Shareholders US Securities Financing Floating Rate Floating Rate Floating Rate and Floating Rate Shares Held in Treasury: 557.6M Shares Issued: 420,282 Shares Outstanding: 344.1M Equity Capital and Exchange Banks $18.8B $6.1B Borrowings $2.0B Obligations $117.4B Obligations $54.5B Obligations $25.1B Obligations $16.4B Shares Yet to be Repurchased: 49.7M Shares Outstanding: 420,280 Holders: 6,491 Vanguard Commission Trading Group, Inc (Securities Law Regulators (7.03%) Disclosure and Finance Internal Audit Administration Reporting Governance Corporate Matters Requirements; Anti- Budget
  • Document Filed by Ilene Richman

    Document Filed by Ilene Richman

    No. 20-222 In the Supreme Court of the United States GOLDMAN SACHS GROUP, INC., ET AL., PETITIONERS v. ARKANSAS TEACHER RETIREMENT SYSTEM, ET AL. ON WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT JOINT APPENDIX (VOLUME 1; PAGES 1-400) KANNON K. SHANMUGAM THOMAS C. GOLDSTEIN PAUL, WEISS, RIFKIND, GOLDSTEIN & RUSSELL, P.C. WHARTON & GARRISON LLP 7475 Wisconsin Avenue 2001 K Street, N.W. Suite 850 Washington, DC 20006 Bethesda, MD 20814 (202) 223-7300 (202) 362-0636 [email protected] [email protected] Counsel of Record Counsel of Record for Petitioners for Respondents PETITION FOR A WRIT OF CERTIORARI FILED: AUGUST 21, 2020 CERTIORARI GRANTED: DECEMBER 11, 2020 TABLE OF CONTENTS Page VOLUME 1 Court of appeals docket entries (No. 18-3667) ................... 1 Court of appeals docket entries (No. 16-250) ..................... 5 District court docket entries (No. 10-3461) ........................ 8 Goldman Sachs 2007 Form 10-K: Conflicts Warning (D. Ct. Dkt. No. 78-6) .................................................... 23 Goldman Sachs 2007 Annual Report: Business Principles (D. Ct. Dkt. No. 143-16) ............................. 30 Financial Times, Markets & Investing, “Goldman’s risk control offers right example of governance,” Dec. 5, 2007 (D. Ct. Dkt. No. 193-20) .......................... 34 Dow Jones Business News, “13 Reasons Bush’s Bailout Won’t Stop Recession,” Dec. 11, 2007 (D. Ct. Dkt. No. 170-24) ................................................ 37 The Wall Street Journal, “How Goldman Won Big on Mortgage Meltdown,” Dec. 14, 2007 (front page) (D. Ct. Hearing Ex. T) ....................................... 42 The New York Times, Off the Shelf, “Economy’s Loss Was One Man’s Gain,” Dec.
  • Case 1:10-Cv-07497-VM Document 40 Filed 02/04/11 Page 1 of 86 V

    Case 1:10-Cv-07497-VM Document 40 Filed 02/04/11 Page 1 of 86 V

    Case 1:10-cv-07497-VM Document 40 Filed 02/04/11 Page 1 of 86 UNITED STATES DISTRICT COURT SOUTIIERN DISTRICT OF NEW YORK ~·------- - -- - -- - -- --- - - -------- -- - - -----------------x DODONA I, LLC, on Behalf of Itself and All Others Similarly Situated, Plaintiff, v. 10 Civ. 7497 (VM) GOLDMAN, SACHS & CO., THE GOLDMAN SACHS GROUP, INC., HUDSON MEZZANINE FUNDING 2006- I, LTD., HUDSON MEZZANINE JURY TRIAL DEMANDED FUNDING 2006-1, CORP., HUDSON MEZZANINE FUNDING 2006-2, LTD. HUDSON MEZZANINE FUNDING 2006- 2, CORP., PETER L. OSTREM and DARRYL K. HERRICK, Defendants . -----------------------------------------------------x AMENDED CLASS ACTION COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS AND NEW YORK COMMON LAW .oj" u - I \' __ '.~ ..,'~ Case 1:10-cv-07497-VM Document 40 Filed 02/04/11 Page 2 of 86 “The doctrine of bespeaks caution provides no protection to someone who warns his hiking companion to walk slowly because there might be a ditch ahead when he knows with near certainty that the Grand Canyon lies one foot away.”1 Court appointed lead plaintiff Dodona I, LLC (“Dodona” or “Plaintiff”), on behalf of itself and two proposed classes of similarly situated investors, alleges the following for its amended complaint against the defendants. NATURE OF THE ACTION 1. This is a securities class action on behalf of investors in two offerings of collateralized debt obligations (“CDOs”) led by The Goldman Sachs Group, Inc. (“Goldman”). The first CDO comprised a $837 million offering of securities co-issued by Hudson Mezzanine Funding 2006-1, Ltd. (“Hudson 1 Ltd.”) and Hudson Mezzanine Funding 2006-1, Corp. (“Hudson 1 Corp.”) as to all tranches except the Class E and Income Note tranches, the latter two of which were issued solely by Hudson 1 Ltd., as well as a senior swap transaction with an initial notional amount of $1.2 billion (the “Hudson 1 CDO”).
  • Printmgr File

    Printmgr File

    The Goldman Sachs Group, Inc. Annual Meeting of Shareholders Proxy Statement 2018 The Goldman Sachs Group, Inc. The Goldman Sachs Group, Inc. Notice of 2018 Annual Meeting of Shareholders TIME AND DATE 8:30 a.m., local time, on Wednesday, May 2, 2018 PLACE Goldman Sachs offices located at: 30 Hudson Street, Jersey City, New Jersey 07302 ITEMS OF BUSINESS d Election to our Board of Directors of the 11 director nominees named in the attached Proxy Statement for a one-year term d An advisory vote to approve executive compensation (Say on Pay) d Approval of The Goldman Sachs Amended and Restated Stock Incentive Plan (2018) d Ratification of the appointment of PwC as our independent registered public accounting firm for 2018 d Consideration of shareholder proposals, if properly presented by the relevant shareholder proponents d Transaction of such other business as may properly come before our 2018 Annual Meeting of Shareholders RECORD DATE The record date for the determination of the shareholders entitled to vote at our 2018 Annual Meeting of Shareholders, or any adjournments or postponements thereof, was the close of business on March 5, 2018 Important Notice Regarding the Availability of Proxy Materials for our Annual Meeting to be held on May 2, 2018. Our Proxy Statement, 2017 Annual Report to Shareholders and other materials are available on our website at www.gs.com/proxymaterials. By Order of the Board of Directors, Beverly L. O’Toole Assistant Secretary March 23, 2018 Your vote is important to us. Please exercise your shareholder right to vote. By March 23, 2018, we will have sent to certain of our shareholders a Notice of Internet Availability of Proxy Materials (Notice).
  • Printmgr File

    Printmgr File

    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K/A (Amendment No. 1) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 28, 2008 Commission File Number: 001-14965 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-4019460 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 85 Broad Street New York, N.Y. 10004 (Address of principal executive offices) (Zip Code) (212) 902-1000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class: Name of each exchange on which registered: Common stock, par value $.01 per share, and attached Shareholder Protection Rights New York Stock Exchange Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate New York Stock Exchange Non-Cumulative Preferred Stock, Series A Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.20% Non-Cumulative New York Stock Exchange Preferred Stock, Series B Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate New York Stock Exchange Non-Cumulative Preferred Stock, Series C Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate New York Stock Exchange Non-Cumulative Preferred Stock, Series D 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of New York Stock Exchange Goldman
  • Actual Vote Report

    Actual Vote Report

    Amec Foster Wheeler plc AGM 3 April 2014 10:30 GB0000282623 - Ordinary GBP 0.50 Mgmt Actual No. Type Resolution Recom Vote 1Ordinary To adopt the report & accounts for the year ended 31 December 2013 For For 2Ordinary To declare a dividend For For 3Ordinary To approve the report on the implementation of the remuneration policy For Against for the year ended 31 December 2013 4Ordinary To approve the remuneration policy For For 5Ordinary To re-elect as a director, John Connolly For For 6Ordinary To re-elect as a director, Samir Brikho For For 7Ordinary To re-elect as a director, Ian McHoul For For 8Ordinary To re-elect as a director, Linda Adamany For For 9Ordinary To re-elect as a director, Neil Carson For For 10Ordinary To re-elect as a director, Colin Day For For 11Ordinary To re-elect as a director, Simon Thompson For For 12Ordinary To re-appoint as auditors, Ernst & Young LLP For For 13Ordinary To authorise the directors to determine the auditor's remuneration For For 14Ordinary To approve a general authority to the directors to issue shares For For 15Special To approve a general authority to the directors to dis-apply pre-emption For For rights on the issue of shares for cash 16Special To allow the Company to make market purchases of its own shares For For 17Special To approve that the notice period for ordinary general meetings, other For For than AGMs, shall be 14 days Warwickshire County Council Page 1 of 277 01 Apr 2014 to 30 Jun 2015 Delphi Automotive plc AGM 3 April 2014 12:00 JE00B783TY65 - Ordinary USD 0.01 Mgmt Actual No.
  • Fellow Shareholders

    Fellow Shareholders

    Fellow Shareholders: When we wrote to you last, the global economy was experiencing macroeconomic strains, punctuated by concerns over potential sovereign defaults in Europe and struggling labor and housing markets in the U.S. These concerns weighed on markets and hindered a broad-based recovery. While 2012 presented its own challenges amidst rapidly shifting investor sentiment, we are pleased to report that Goldman Sachs performed relatively well, posting solid results. This performance was the result of a competitive position defined by our deep and global client franchise, a mix of core businesses to which we have demonstrated a longstanding commitment, a healthy and strong balance sheet and the focus and enduring commitment of our people to our client-centered culture. For 2012, the firm produced net revenues of $34.2 billion, The Operating Environment in 2012 a 19 percent increase from $28.8 billion in the prior year. While the sovereign debt crisis in Europe and a weak Net earnings of $7.5 billion increased by 68 percent from recovery in the U.S. continued to persist throughout much of $4.4 billion in 2011. Diluted earnings per common share 2012, the deep uncertainty that permeated the recent past were $14.13, up more than three times from $4.51 in 2011. began to show signs of abating in the second half of the year. Our return on average common shareholders’ equity was Despite ongoing political ambiguity both in the U.S. and 10.7 percent. Book value per common share increased by Europe, generally improving economic data coupled with 11 percent during 2012, and has grown from $20.94 at the continued strong central bank actions helped stabilize end of our first year as a public company in 1999 to $144.67, corporate and investor sentiment.
  • Successful Businesses. Stronger Economies

    Successful Businesses. Stronger Economies

    Successful businesses. Stronger economies. Expanded opportunities. Sustainable communities. What will it take to succeed? A commitment to apply what we do best — not just today, but every day, everywhere we do business. Goldman Sachs 2011 Environmental, Social and Governance Report Table of Contents Letter to Shareholders 2 In this report we relied on the Global Reporting Our Firm 3 Initiative’s G3 Guidelines to identify the key 2011: Highlights at a Glance 4 issues we covered. More information about the Global Reporting Initiative is available on Environmental 6 its website at www.globalreporting.org. Governance 16 Social 26 This report covers January 1, 2011 through December 31, 2011 unless otherwise noted. Metrics 36 More detailed and up-to-date information Awards and Rankings 38 related to this report is available on our website Contact Information 40 at www.goldmansachs.com/esgreport. At Goldman Sachs, we are actively engaged in addressing environmental, social and governance issues every day, throughout our businesses. Sound governance and a responsible approach to social and environmental risks begin with our people. Our commitment to these values extends to the communities where we live and work. We strive to amplify our effectiveness by leveraging our core capabilities and through close collaboration with our stakeholders around the world, including shareholders, clients, employees, regulators and the broader public. Fellow Shareholders We are pleased to present our annual As a responsible employer of choice, we people to act and make decisions with a greater Environmental, Social and Governance Report, promote a highly diverse workforce and and broader degree of accountability in all that an overview of the many ways in which Goldman encourage our people to give back to society they do, and to serve as our ambassadors of this Sachs impacts our clients, investors and the through intellectual capital, volunteer work commitment.
  • What Happened to Goldman Sachs: an Insider’S Story of Organizational Drift and Its

    What Happened to Goldman Sachs: an Insider’S Story of Organizational Drift and Its

    What Happened to Goldman Sachs: An Insider’s Story of Organizational Drift and its Unintended Consequences Steven G. Mandis Submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Graduate School of Arts and Science COLUMBIA UNIVERSITY 2014 ©2013 Steven G. Mandis All Rights Reserved Abstract What Happened to Goldman Sachs: An Insider’s Story of Organizational Drift and its Unintended Consequences Steven G. Mandis This is the story of the slow evolution of Goldman Sachs – addressing why and how the firm changed from an ethical standard to a legal one as it grew to be a leading global corporation. In What Happened to Goldman Sachs, Steven G. Mandis uncovers the forces behind what he calls Goldman’s “organizational drift.” Drawing from his firsthand experience; sociological research; analysis of SEC, congressional, and other filings; and a wide array of interviews with former clients, detractors, and current and former partners, Mandis uncovers the pressures that forced Goldman to slowly drift away form the very principles on which its reputation was built. Mandis evaluates what made Goldman Sachs so successful in the first place, how it responded to pressures to grow, why it moved away from the values and partnership culture that sustained it for so many years, what forces accelerated this drift, and why insiders can’t – or won’t – recognize this crucial change. Combining insightful analysis with engaging storytelling, Mandis has written an insider’s history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.