Goldman Sachs

New York
Diversified Financials

Corprate Bias Ratings

Risk Level:

Rating - Danger
High Risk

Goldman Sachs vets vendors according to LGBTQ policies, is part of the Global Alliance for Responsible Media, and does not provide its employees with protections against viewpoint discrimination, but has not publicly terminated business relationships based on views or beliefs. The company covers the cost of "medically necessary transition-related care" for its employees and their children. The company was banned in Texas from doing business with the state for violating Texas' law against boycotting the energy and gun manufacturing industries. Goldman Sachs has funded Planned Parenthood and the Human Rights Campaign (HRC). Goldman Sachs pledged $10 million to BLM and related causes and supports and funds LGBTQ causes and organizations. It also opposes state efforts to reform their own elections and is a signatory of the Business Roundtable's 2019 Statement on the Purpose of Corporation, which promotes stakeholder capitalism. Goldman Sachs is part of Glasgow's Net Zero Alliance and a signatory of Climate Action 100+, committed to carbon neutrality by 2050. For these reasons, Goldman Sachs receives a "High Risk" rating.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level
Rationale

Goldman will also only work with American companies on their IPO if they have “at least one diverse board member” (1). Goldman Sachs was banned under Texas law from doing business with the state due to violating its energy boycott law (2)(3). Goldman Sachs is a member of the Global Alliance for Responsible Media, which aims to demonetize advertisements and suppress content that “vilifies” individuals based on sexual orientation and gender identity, discusses “debated social issues in a negative or partisan context” or spreads “hate speech” (4)(5)(6). The company received a score of 100 on the Corporate Equality Index. Among other requirements, this means the company has pledged to vet vendors based on LGBTQ policies (7).

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

Goldman Sachs will not match employee donations to religious organizations “except when the activities being sponsored by a religious organization are nonsectarian, such as soup kitchens or shelters” (1).

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

Goldman Sachs does not provide viewpoint protections for its employees (1).

Corporate Governance and Public Policy
Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

Goldman Sachs signed open letters in support of the Equality Act and opposing the Georgia voting reform law (1)(2). The investment bank also implemented a diversity rule whereby it would only take companies public that had “at least one diverse board candidate,” (3). Goldman Sachs is part of the Net Zero Banking Alliance, committed to carbon neutrality by 2050 (4). Goldman Sachs is a signatory of Climate 100+ (5). Goldman Sachs CEO David Solomon is a member of the Business Roundtable and signed its 2019 Statement on the Purpose of Corporation, which promotes stakeholder capitalism over traditional obligations to shareholders and customers (6)(7).

Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

Goldman Sachs has a perfect score on the HRC’s 2022 Corporate Equality Index. This score indicates the company covers the cost of “medically necessary transition-related care” for its employees and their children (1)(2). Goldman Sachs provides employee travel reimbursements for abortions and gave to Planned Parenthood through its charitable foundation (3)(4). Goldman Sachs is a member of the Global Alliance for Responsible Media and a silver partner of the HRC (5)(6)(7)(8). Goldman Sachs also pledged $10 million to the Black Lives Matter movement and related causes (9)(10). Goldman Sachs is a brass sponsor of Out & Equal and a corporate partner of the National LGBT Chamber of Commerce (11)(12).

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

Goldman Sachs has not used its PAC donations for ideological purposes (1)(2).

All links were last accessed and all information was updated on:
November 29, 2023

Company reports are intended for educational use only. Full Disclaimer

Voting History

Date
ESG Category
Proponent
Summary of ResolutionMgmt RecTotal Vote % in Favor
4/26/23GovernanceJohn CheveddenLobbying ReportAgainst35.30%
4/26/23SocialJames McRitchieReport on Pay EquityAgainst30.10%
4/26/23EnvironmentalMack Street 2016 Trust, care of As You Sow, together with co-filer Debriana Berlin Rev Tr and co-filer United Church FundsReport on Climate Transition PlanningAgainst29.90%
4/26/23GovernanceNational Legal and Policy CenterIndependent Board ChairAgainst16.20%
4/26/23EnvironmentalNew York City ComptrollerDisclosure of 2030 GHG Reduction GoalsAgainst12.90%
4/26/23SocialService Employees International Union Master TrustRacial Equity AuditAgainst11.50%
4/26/23EnvironmentalSierra Club FoundationPolicy to Phase Out Fossil Fuel-Related Lending and UnderwritingAgainst6.80%
4/26/23SocialNational Center for Public Policy ResearchReport on Whether the Company's ETF's in China Align with Human Rights CommitmentsAgainst2.40%
4/28/22GovernanceJohn CheveddenSpecial Meetings - Reduce Ownership Req. to 10%Against39.28%
4/28/22GovernanceNational Legal and Policy CenterRequire Independent Board ChairAgainst15.50%
4/28/22EnvironmentalSierra Club FoundationAdopt a Financing Policy Consistant with IEA's Net-zero Emmissions by 2050Against11.19%
4/28/22SocialNational Center for Public Policy ResearchReport on Charitable ContributionsAgainst3.10%

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