Goldman Sachs

New York
Diversified Financials

Risk Level:

Rating - Danger
High Risk

Summary:

Goldman Sachs was banned in Texas from doing business with the state for violating Texas' law against boycotting industries, such as energy companies or gun manufacturers. Goldman Sachs vets suppliers for LGBTQ protections and some clients for their diversity quotas as well. Goldman does not match employee donations to churches but has donated corporate funds to Planned Parenthood and the Human Rights Campaign (HRC). The firm advocates for the Equality Act but does not have viewpoint protections to prevent potential discrimination. Goldman Sachs also opposes state efforts to reform their own elections. 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 Sachs¬†received a score of 100 on the Corporate Equality Index from the HRC. Among other requirements, this means the company has pledged to vet vendors based on LGBTQ policies (1). Goldman will also only work with American companies on their IPO if they have “at least one diverse board member” (2). Goldman Sachs was banned under Texas law from doing business with the state due to violating its energy boycott law (3)(4).

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 tolerate any type of discrimination prohibited by law,” but there are no explicit protections from religious or viewpoint discrimination in the workplace (1)(2).

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,” at least in some countries (3).

Criteria

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

Risk Level
Rationale

Goldman Sachs is a Silver Partner of the HRC (1). Goldman Sachs gave to Planned Parenthood through its charitable foundation (2). Furthermore, Goldman Sachs provides employee travel reimbursements for abortions (3).

Criteria

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

Risk Level
Rationale

Goldman Sachs has donated in a bipartisan manner (1)(2).

All links were last accessed and all information was updated on:
March 23, 2023

Company reports are intended for educational use only. Full Disclaimer

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