PURPOSE & PROGRESS
2017 ENVIRONMENTAL, SOCIAL
AND GOVERNANCE REPORT
Goldman Sachs 2017 ESG Report
2
TABLE OF CONTENTS
03 Introductory Letter
04 Taking Action to Drive Long-term Value
Five Priorities at Goldman Sachs
30 Metrics
33 Recognition
Lead
with
Ideas
Advance
ESG and Impact
Investing
Bridge
the
Gaps
Foster
Our Inclusive,
Service-oriented
Culture
09 14 19 23 27
11 Wind Power Purchase
Agreement Delivering
on Clean Energy
Commitments
12 Capital Deployment
to Unlock Clean
Energy
12 Financing Sustainable
Infrastructure and
Resiliency
13 Environmental
and Social Risk
Management
16 Post–Hurricane
Harvey, Financing
Recovery
17 Opening Access
to Healthcare
18 Investing in
Urban Vitality
21 Growing AUS in
ESG and Impact
Investing
22 Mapping ESG
Alpha Signals
22 Stewarding Our
Investments
25 Harnessing
Valued Skills and
a Willingness
to Serve
26 Analyst Impact
Fund
28 Focusing the
Big Power of
Small Business
28 Shaping
Sustainable
Finance
29 Talks at GS
29 Sharing
Our Insights:
GS SUSTAIN
Combat
Climate
Change
Goldman Sachs 2017 ESG Report
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INTRODUCTORY LETTER
Our firm sits at the center of the global capital markets. While we have many different roles in
serving our clients — as an advisor, an asset manager, a market-maker and an investor — our
responsibility across each of our businesses is to conduct our work with integrity and to focus
on achieving superior results for our stakeholders.
As a global financial institution, our businesses benefit from a growing and stable economy. When companies are hiring and
investors are putting capital to work, it is better for our clients and, ultimately, our shareholders. As such, we strive to do our part
to contribute to a healthy, expanding economy and to manage our firm in a responsible way. To put it simply, running our firm
sustainably is good business, and it’s a key ingredient to us delivering long-term value to our shareholders.
We emphasize a long-term orientation in every aspect of our work. Certainly that’s apparent with our clients, many of whom
we’ve worked with over many decades, and also with our employees. Two-thirds of our latest class of managing directors began
their careers with us as analysts or associates. We take the same long-term approach with our investors.
Our position at the crossroads of the global capital markets affords us a unique opportunity to be an influential, positive force
in the world. We strive to provide leadership on environmental and societal challenges suited to our skills and reach, where we
can make a difference. This means an emphasis on supporting the communities where we work and live, and, fostering a vibrant,
inclusive culture of service among our people.
Our ability to succeed in the years to come will depend on seeing clearly today’s challenges to sustainable growth and addressing
them. In our 2017 Environmental, Social and Governance Report, we demonstrate many of the ways we are executing on
this mission.
We look forward to engaging with you on these topics in the months and years ahead.
Lloyd C. Blankfein David M. Solomon
Chairman and President and
Chief Executive Officer Chief Operating Officer
FELLOW GOLDMAN SACHS
STAKEHOLDERS
Left:
Lloyd C. Blankfein
Chairman and Chief Executive Officer
Right:
David M. Solomon
President and
Chief Operating Officer
Goldman Sachs 2017 ESG Report
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At Goldman Sachs, we view the consideration of
Environmental, Social and Governance (ESG) factors as
an important driver of the way we advise clients and
conduct our business. Whether we are managing ESG-related
risks or working collaboratively to effect positive change within
our communities, we seek to run our firm responsibly for the
benefit of all of our stakeholders. We focus our efforts on the
areas where we can have the biggest impact over the long
term; where possible, we hold ourselves accountable with
ambitious targets and goals.
In this report, we highlight several key priorities, including
combating climate change, fostering an inclusive and service-
oriented workforce and strengthening the communities in
which we work and live. Our focus on managing the firm
responsibly for all stakeholders guides how we work with
our clients, manage our operations and conduct our
philanthropic efforts.
Goldman Sachs 2017 ESG Report
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TAKING ACTION TO
DRIVE LONG-TERM
VALUE
Goldman Sachs 2017 ESG Report
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Goldman Sachs 2017 ESG Report
INTEGRATING ESG
5
HOW WE WORK WITH CLIENTS
Our business involves working with a wide variety of clients including companies, governments,
investors and individuals. We help connect consumers of capital with providers of capital, so they
can gain stronger financial footing, grow their businesses and create jobs. Our advisory and risk
management services and ability to access the capital markets play critical roles in contributing to
economic growth and community building around the world. Integrating ESG into this work enables
us to better serve our clients and drive long-term value creation for the firm and our stakeholders.
HOW WE CONDUCT
PHILANTHROPY WITH PURPOSE
We take action where our skills and leadership can
make a clear difference. In some cases, this means
supporting entrepreneurs through programs such as
10,000 Women and 10,000 Small Businesses. In other
cases, such as our Goldman Sachs Gives program, it
includes a financial commitment to foster innovative
ideas, solve economic and social challenges, and enable
progress in underserved communities worldwide.
We look to combine our philanthropic efforts with
direct engagement by our people to support economic
development where it’s needed most.
HOW WE MANAGE OUR
PEOPLE AND OPERATIONS
A key to corporate accountability is responsible
management of our people and operations. To do so,
we instill a strong risk management culture, pursue an
inclusive, service-oriented workplace, and build robust
infrastructure and processes to govern our approach.
We work collaboratively across the firm to minimize our
environmental impact and develop innovative solutions
that enhance the productivity of our employees.
PHILANTHROPY
CLIENTS
PEOPLE AND
OPERATIONS
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Goldman Sachs 2017 ESG Report
OUR APPROACH
We take an active approach to managing ESG-related
risks and tackling environmental and social challenges.
We harness the dedication of our people and mobilize
capital to build thriving, sustainable economies and to
facilitate the transition to a low carbon future, and we
acknowledge the importance of effective governance
at the management and Board of Directors level.
THE ENVIRONMENT
A healthy environment is fundamental to a strong and sustainable economy and
therefore critical to our firm. Today, climate change threatens the well-being of society,
and, by extension, the work we do at Goldman Sachs.
For us, addressing climate change requires an integrated, long-term approach including
significant capital provisioning, prudent risk management and strategic vision.
Energy is the largest greenhouse gas contributor globally but remains critical for
economic growth, especially in developing markets. As a result, we are committed to
catalyzing innovative financial solutions to help clean energy achieve scale. Since 2012,
we have financed and invested more than $71billion into clean energy, almost half of
our target of $150 billion by 2025. In addition, we are consistently innovating across
our businesses to unlock sustainable capital flows, from green bonds and climate risk
solutions to ESG and impact investments.
OUR PEOPLE AND OPERATIONS
Our most important long-term competitive advantage is our people. Our success as a
firm and that of our clients depends on the determination and dedication of our people
to generate long-term value for our shareholders and meet the unique needs of our
Key Highlights
across Our
Businesses
$
27B
green, social and
sustainability bonds
underwritten since 2014
$
17B
weather-related
catastrophe bonds
structured since 2006
$
11.3 B
assets under supervision
in ESG strategies within
Investment Management
4,000
companies covered
by GS SUSTAIN’s ESG
investment research
framework
0
net carbon emissions
since 2015
Clean Energy
Investments
and Financings
Since 2012:
$
71B
Target by 2025:
$
150B
6
Goldman Sachs 2017 ESG Report
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Many of the environmental commitments set out in our updated 2015 Environmental Policy Framework
have been achieved. We have achieved our target to reduce our energy use by 10 percent from our 2013
baseline through the rightsizing of our real estate portfolio and migration into newer, certified green
building spaces. In 2017, more than 95 percent of our global electricity needs were met by renewable
energy, and we are on track to achieve 100 percent by 2020.
Progress toward 2020 Goals for Our Operations
diverse client base and the communities in which we operate. As a result, we invest heavily
to attract, develop and retain the best people from diverse backgrounds, and to create and
sustain an inclusive workplace where their diversity and talents can thrive.
Within our workplace, we take great strides to strengthen our commitment to sustainability.
We maintain net carbon neutrality and deploy renewable energy for our operations, and we
continue to make progress toward green building certifications, responsibly sourced products,
sustainable supply chain management and reduced water use and waste generation.
7
Goldman Sachs 2017 ESG Report
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Through 2017 year-end.
2
2020 goals are from a 2013 baseline except for our Green Operational Investments, which includes capital invested since 2015.
Category Progress to Date
1
2020 Goal
2
Renewable Energy
Sourcing renewable power to meet
our global electricity needs
95% 100%
Energy Efficiency
Reducing absolute energy use across
our operationally controlled facilities
12% 10%
Green Buildings
Achieving LEED Gold or equivalent
green building certifications
55% 70%
Business Waste
Diverting business waste from landfill
93% 100%
Paper
Reducing our consumption per capita
26% 20%
Water
Reducing our absolute consumption
in operationally controlled facilities
5% 5%
Certified Management Systems
Environmental Management Systems across
our operationally controlled facilities
79% 100%
Green Operational Investments
Dedicated budget for investing in green buildings and
innovative green technologies
$701M $2B
Surpassed goal
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EFFECTIVE GOVERNANCE
While an acknowledgment of ESG risk factors is important, it is not enough. Appropriate
oversight at the management and Board level, as well as effective policies and practices, are
key contributors to our ability to effectively manage a wide variety of risk factors.
Our Board and each of its committees are focused on the oversight of reputational risk. In
addition, our Board’s Public Responsibilities Committee has primary oversight of the firm’s
approach to ESG, which includes reviewing key ESG-related policies. These policies and
procedures provide transparency of our practices and are generally developed with the
consultation of stakeholders, including regulators and investors.
At the management level, our focus on business standards and reputational risk is
fundamental to running our business. We have two management-level committees that are
dedicated to these critical issues. Our Firmwide Reputational Risk Committee has developed
formalized processes for analyzing reputational risk and reviews certain transactions that
may present the potential for heightened reputational risk. In addition, our Firmwide Client
and Business Standards Committee assesses and makes determinations regarding business
standards and practices, reputational risk management, client relationships and client service.
While the tone at the top is set by our Board and embodied by our senior management, we
reinforce this focus throughout our organization. We ensure that our people are trained on our
business standards and culture, underscoring the importance we place on each employee
playing his or her part in serving our clients and managing the firm responsibly for all
stakeholders. For example, our partners and managing directors worldwide participate in the
Chairman’s Forum, a mandatory, in-person 2.5-hour training session focused on reputational
risk management, conduct and the critical responsibility of every employee — particularly our
leaders — to strengthen our culture and protect our reputation.
Goldman Sachs 2017 ESG Report
Advancing clean energy as part of our
long-standing commitment to environmental progress
CLIMATE CHANGE
COMBAT
9
As a firm, our approach to addressing climate change is multifaceted.
Our goal of deploying $150 billion to clean energy through our financing
and investment activity by 2025 is purposefully ambitious and builds
on our commitment to scaling up low carbon solutions. We are also
helping clients manage climate-related risks and harness innovative
green solutions. At the same time, we are actively mitigating our own
operational impact on the environment and strengthening resiliency.
We believe that the business case for
renewables remains compelling, despite
policy uncertainty in some regions. Technology
innovation, significant cost reductions and
market dynamics will continue to drive growth
in the low carbon economy. These drivers make
an ever more compelling business case for us, as we
work with our clients and stakeholders toward
a cleaner future.
Our breadth of financial capabilities, market-making capacity
and best-in-class advisory services enable us to be innovative
in helping our clients more effectively manage their risk. We
are focused on reducing our clients’ risk to climate change,
from reducing financial exposure to climate extremes through
weather-related catastrophe bonds to adapting to the potential
climate impacts with resilient infrastructure.
We continue to research and invest in innovative ways to reduce our
global footprint, including procuring renewable energy and undertaking climate
vulnerability assessments to improve resilience for our global operations. We
have conducted a global hot spot analysis of the long-term impact of climate-
related risks on our facilities, and in India we completed flood risk assessments
for our Bengaluru facilities.
COMBAT CLIMATE CHANGE
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WIND POWER PURCHASE
AGREEMENT DELIVERING ON
CLEAN ENERGY COMMITMENTS
As part of Goldman Sachs’ commitment to clean energy,
the firm entered into a 15-year power purchase agreement
(PPA) in 2017 with NextEra Energy Resources that will enable
the development of a new 68-megawatt wind project in
Pennsylvania, adding renewable capacity onto the grid.
This is the first PPA executed by a U.S. bank for the entire
output of a new wind power project, thereby enabling the project’s
development. The transaction, executed through our commodities-
focused subsidiary J. Aron, required innovative thinking and the
development of new processes to meet market regulations.
Corporates’ commitment to leveraging their operational footprint to become
long-term creditworthy off-takers of renewable energy resources is catalyzing
the market for clean energy beyond traditional investment and financing activities.
We are applying lessons learned from our own PPA and are now helping other
companies more efficiently meet their renewable energy goals.
The PPA is a continuation of our long and productive business relationship with
NextEra Energy, which has involved numerous transactions, including helping
take NextEra Energy Partners public.
COMBAT CLIMATE CHANGE
“We are committed to being a leader in the development of
renewable energy. By enabling this new wind project to come
online, the agreement will help grow the renewable grid and
contribute to the momentum behind a lower carbon economy.
Leveraging the firm’s intellectual capital and J. Aron’s expertise in
power markets, we were able to structure the agreement in a way
that allowed us to meet our operational and sustainability goals
through a creative market-based solution.”
Lloyd C. Blankfein
Chairman and Chief Executive Officer
Wind Power
Project Will Enable
150
new construction jobs
200,000
tons
greenhouse gas
emissions avoided
per annum
PPA for 68-MW
Wind Project
55
%
of our global
electricity load
35
turbines
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COMBAT CLIMATE CHANGE
Financing Sustainable
Infrastructure and Resiliency
We have worked with clients to fund a wide variety of sustainable
infrastructure, helping to reduce emissions, conserve resources, and
build a stronger and more sustainable economy. This includes helping
government-owned entities to fund their needs through green bonds
and public–private partnerships, as well as risk management solutions
for climate-related impacts through catastrophe bonds.
Public transportation in particular plays a critical role in a well-functioning
economy. Following Superstorm Sandy, we acted as joint structuring agent and
co-manager on the first catastrophe bond to solely cover storm surge, for the
New York Metropolitan Transportation Authority (NY MTA), and in 2017, we led
a second catastrophe bond for the NY MTA as a joint bookrunner.
In Colombia, we structured more than $2 billion in financing, including
$489 million in 2017, to fund the modernization of the country’s highway system
through the development of a series of key toll roads. This will reduce congestion,
connect rural regions with major cities and create thousands of new job
opportunities. The projects adhere to international best practices — including
the International Finance Corporation Performance Standards on Environmental
and Social Sustainability — and incorporate innovative engineering in their design,
such as the use of top-down construction to build a bridge while avoiding impacts
to a sensitive mangrove wetland, the Ciénaga de la Virgen.
CAPITAL
DEPLOYMENT
TO UNLOCK
CLEAN ENERGY
SNCF
Réseau
2 green bonds totaling
€
1.75B
$
17B
to upgrade and expand
rail lines and protect
biodiversity
in weather-related
catastrophe bonds
structured since
2006
inaugural green bond
to upgrade efficiency
and reduce emissions
through the modal shift
to rail transport
€
600M
Ferrovie dello
Stato Italiane
The core of what we do in clean energy is
serving the capital and financial advisory
needs of our clients; we also partner with
them as co-investors. Through these activities,
we help our clients grow and scale clean
energy solutions around the world, while
supporting long-term sustainable economic
growth and the transition to a low carbon
economy. We continue to make progress
toward our target to deploy $150 billion to
clean energy by 2025, with a number of
landmark transactions in 2017 bringing our
total progress to $71 billion.
Innovative
Financing
Investing in
Competitive
Technology
Broadening
Capital Sources
Sole arranger of
JPY5.4billion
(U.S.$47.0 million)
dual-tenor green
project bond to finance
Canadian Solar’s
19-MW Gunma
Aramaki Solar Power
Plant in Japan. The
innovative tenor
mechanism provided
options to maximize
the value of the
investment while
preserving long-term
financing support.
Approximately
$500million invested
directly into multiple
large-scale solar
projects in the U.S.
(California) and Japan,
a reflection of how
solar has continued
to come down
the cost curve
and is increasingly
competitive with other
power sources in a
growing number of
locations.
Advised Enel Green
Power on the sale
of an 80 percent
stake in its 1.7 GW of
renewables plants in
Mexico to Caisse de
dépôt et placement
du Québec. With an
enterprise value of
$2.6 billion, this was
the largest transaction
in the region in
terms of renewable
power capacity and
unlocked capital flow
for developers while
providing sustainable
long-term yield to
institutional investors.
Goldman Sachs 2017 ESG Report
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COMBAT CLIMATE CHANGE
We manage environmental and social risks, including those related to climate
change, with the same care and discipline we apply to any other business risk.
Business teams conduct environmental and social risk reviews for relevant
opportunities prior to commitment.
The Environmental Markets Group, which sits within the Executive Office,
works with other experts at the firm to conduct independent reviews and,
where appropriate, collectively identify positive engagement opportunities to
reduce material environmental or social risks.
For example, in 2017, we explored an investment opportunity in a port network
with operations in South America. Given the business had potentially sensitive
environmental, health, and safety (EHS) and security considerations, we worked
with experts to identify steps that could be implemented toward best-in-class
EHS performance as well as safeguards against security concerns. With the
successful close of our investment, we intend to continue working with other
shareholders and the company to address any pending gaps and implement
a comprehensive EHS audit. Through our involvement, we are demonstrating
continued prudent EHS risk management for the firm while supporting the
company’s growth and the goals of our investors.
We also recognize that environmental and social issues are often linked. Our
respect for human rights is fundamental to our business; it guides us in how
we educate our people, our business selection decisions, and how we work
with our clients and vendors. To foster responsible ESG practices within our
supply chain, in 2017, we published our Vendor Code of Conduct, which sets
forth our expectations for how our vendors will conduct business.
Transaction Reviews
In 2017, our Environmental Markets
Group reviewed 1,032 deals across
the following sectors.
ENVIRONMENTAL AND
SOCIAL RISK MANAGEMENT
Transaction Approved Subject to Conditions
Prior to a new public listing for an extractives company, we worked with the
potential client and a third-party consultant for a year conducting in-depth
due diligence to understand the environmental and social impacts of the
company’s operations. The assessment included review of the company’s
stakeholder engagement process, particularly with local tribes, and the
formalization of benefit agreements, as well as commitments to remediate
the environmental impacts of historical extractive activities. These factors
were key conditions for us proceeding with the transaction.
Transaction Declined
A team considered a potential financing
related to an oilfield in sub-Saharan Africa.
Upon initial review, the team noted patterns
of legal disputes and EHS-related issues
associated with the asset. With additional
due diligence, we were unable to develop
sufficient mitigants to address these concerns
and declined the opportunity.
As one of the first global investment
banks to adopt a comprehensive
environmental policy and acknowledge
climate change as one of the most
significant challenges of the 21st century,
Goldman Sachs has had a long-standing
commitment to harnessing markets to
help address climate change.
With climate change-related impacts
becoming increasingly tangible, there
has been growing investor-led demand
for increased transparency on material
climate-related risks and opportunities,
most prominently led by the Financial
Stability Board’s Task Force on Climate-
related Financial Disclosures. We
support the overall goal of providing
material and decision-useful climate-
related information and we are looking
at ways to enhance our existing
disclosure. For our latest climate-related
disclosures, please visit our website
and latest CDP submission.
ENGAGEMENT
ON CLIMATE-
RELATED RISK
478
210
205
40
35
64
Oil and gas
Power generation
Metals and mining
Chemicals
Transportation
Other
14
Goldman Sachs 2017 ESG Report
Strengthening communities by harnessing the
firm’s unique skillsets to meet unmet needs
We believe it is incumbent upon successful businesses to
improve the communities in which they thrive. We look to
harness the firm’s capabilities as a global financial services
company and the unique skillsets of our people to help drive
economic and social progress where we work and live, as
well as in the larger, global community around us.
THE GAPS
BRIDGE
15
Goldman Sachs 2017 ESG Report
BRIDGE THE GAPS
We put this belief into action in two ways.
First, we find innovative commercial solutions —
investment strategies that produce both strong
financial and social returns. Second, we
focus our philanthropic efforts on practical
initiatives designed to foster community and
economic growth.
Clients count on our ability to raise and
provide capital. We meet community needs
through focused investment strategies, the
shepherding of client capital and purpose-
driven philanthropic initiatives that make use
of our unique array of talent and capabilities.
In all our endeavors, we bring a rigorous,
measured approach.
Our efforts include helping a client improve global access
to healthcare through innovative financing and investment
strategies, such as vaccine bonds that support vital
immunization programs in the developing world. On
the local front, our community efforts and impact span
many types of initiatives and incidences, ranging from
microfinancing local small businesses in the wake of
a natural disaster to financing a state-of-the-art cancer
treatment center in New York City to revitalizing urban
centers with affordable housing.
As evidenced by
our ESG efforts
across the firm,
Goldman Sachs
supports, in
principle and
action, the UN’s
2030 Sustainable
Development
Goals.
Our investment in Oncoclínicas
will enable larger-scale projects
such as this 100,000-square-foot
integrated cancer center in Belo
Horizonte, Brazil, scheduled to
open later this year.
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BRIDGE THE GAPS
Post–Hurricane
Harvey, Financing
Recovery
In the aftermath of Hurricane Harvey, many small
businesses along the Texas Gulf Coast were devastated.
The firm’s 10,000 Small Businesses program and
Urban Investment Group responded, teaming with
local partners to offer zero percent microfinance
loans to get local businesses back on their feet and
serving customers.
Partners from business, government, nonprofit and
philanthropy came together to create the $7 million
loan program. Goldman Sachs funded $5 million, and
$2 million was provided by Rebuild Texas, a collaboration
between the Michael & Susan Dell Foundation and the
Office of the Texas Governor’s OneStar Foundation. The
loans are administered through LiftFund, a nonprofit
organization we have worked with for many years.
The rapid response was enabled by the active presence
of 10,000 Small Businesses in the community. The
program has been operating in the greater Houston area
since 2010 and has helped nearly 600 local business
owners grow their companies.
The people
of Goldman
Sachs, Goldman
Sachs Gives and
our Matching
Gift Program
contributed more
than $620,000
to the Hurricane
Harvey recovery
efforts.
Texas Small
Business Rebuild
Initiative
$
7M
loan program
0
%
loans
up to
$25,000
per business
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BRIDGE THE GAPS
Precision Cancer Treatment
The first of its kind in New York State, the New York Proton Center
will offer highly targeted radiation therapy that is effective for pediatric
cancer, as well as cancers in sensitive areas of the body such as the
brain, spine or eyes. The center will begin accepting patients in 2019,
and is expected to treat roughly 1,400 patients annually.
Proton therapy destroys cancer cells while minimizing damage to
surrounding healthy tissues and organs by delivering a thin beam of
protons directly to the tumor. This is especially important for children,
whose bodies are still growing and developing. Given that treatment
requires daily sessions over a four- to six-week period, a convenient
location is essential.
The $300 million center began construction in 2015. As one of the
largest capital providers to develop the property, we worked with a
consortium of leading hospital systems — Memorial Sloan Kettering
Cancer Center, Montefiore, and Mount Sinai Health System — and in
collaboration with the developer Murphy & McManus, facility manager
ProHEALTH, equipment provider Varian and New York City’s Economic
Development Corporation to get the project off the ground.
Healthcare is a basic human need and value, but often inaccessible in areas
across the world. We take a market-based approach to meet this challenge.
OPENING ACCESS
TO HEALTHCARE
We support the immunization of children in the
developing world through the International Finance
Facility for Immunization (IFFIm). IFFIm raises
funds for immunization programs disbursed by
Gavi, the Vaccine Alliance, by issuing vaccine
bonds in the capital markets and repaying these
bonds with long-term donor pledges — offering a
market-rate return while demonstrably saving lives.
In 2017, we helped bring to market a $300 million floating rate vaccine bond. This
was IFFIm’s fourth access to the USD market in syndicated format. This is de facto
the longest-standing social bond issuer — beginning before “social bonds” existed
as a discrete concept. IFFIm was established in 2006, and Goldman Sachs led
IFFIm’s inaugural bond, a $1billion 5-year benchmark issuance.
The New York Proton
Center, located in
East Harlem, began
construction in
2015 and will begin
accepting patients
in 2019.
Oncoclínicas do Brasil Serviços Médicos
SA (Oncoclínicas) is the largest private
provider of cancer treatment in Latin
America. We have been an investor in
Oncoclínicas since 2015, supporting its
growth into 22 cities across Brazil. The
organization provides individualized
treatment to more than 35,000 patients
a year based on the best clinical practice
and latest technologies in oncology,
radiation therapy and hematology,
including precision medicine supported
by genetic testing.
In March of 2018, Goldman Sachs led
a new round of capital investment
for Oncoclínicas, making our firm the
organization’s largest shareholder. With
the capital provided by the investment,
Oncoclínicas will be able to build larger-
scale projects, further expand into new
markets and continue investing in the
most advanced technologies in cancer
treatment, including bolstering its
research and clinical trial capabilities,
which will enhance the organization’s
ability to contribute to the global fight
against cancer. Oncoclínicas has a
scientific collaboration with the Dana-
Farber/Harvard Cancer Center.
Later this year, Oncoclínicas will open
the first facility financed by our latest
investment, a 100,000-square-foot
integrated cancer center in the city of
Belo Horizonte. The center will provide
radiotherapy and chemotherapy
treatment facilities, with specialized
wings for pediatric oncology and bone
marrow transplantation.
Investing to Win
the Fight Against
Cancer in Brazil
Pediatric Immunization
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BRIDGE THE GAPS
Our Urban Investment Group partners with local leaders
and nonprofits to transform urban neighborhoods and
cityscapes across the U.S. The group focuses on community
development through innovative public–private partnerships
and financing for small business through the Goldman Sachs
10,000 Small Businesses program.
INVESTING IN
URBAN VITALITY
Sixup is a committed lender that
puts academically gifted but low-
income youth on track for advanced
degrees and future success. Sixup
provides college loans for students
or their families who would not
normally qualify. As the cost of
college has skyrocketed, financial
aid resources have not kept pace.
This has created a new generation
of “could but can’t” young scholars.
To help Sixup turn this around, we
are providing the organization with
a $10 million loan facility.
Essex Crossing represents the culmination of a half century of community
redevelopment — a project that began with moving tenants out of
substandard housing in Manhattan’s Lower East Side in 1967. The buildings
were razed immediately…and then the lots stood empty for decades as
plans to redevelop the empty lot repeatedly fell through.
In 2012, city leaders took a new tack: bottom-up development. The local
community board and disparate community groups collaborated on
development objectives that included affordable housing, office space and
parks, and emphasized local retailers and entrepreneurs. In a competitive
process, the city in 2013 selected the development team that included our
Urban Investment Group.
A Rebirth
50 Years in
the Making
The first building in the $1.5 billion Essex Crossing project is now open
to tenants. The project eventually will include over 1,000 apartments,
more than half permanently designated for low- to middle-income families,
as well as a movie theater, a Trader Joe’s, the International Center for
Photography and a new home for the historic Essex Street Market.
Urban Investment
Group’s Largest
Investment Ever:
in equity loan
~$
400M
~$
100M
loans made to date
Aspiration:
10,000 loans
1,000
Sixup
Since 2001 through today,
our Urban Investment
Group has committed to
underserved American
communities
nearly
$
7B
Helping
Sixup Give
Low-income
Students
a Leg Up
19
Goldman Sachs 2017 ESG Report
19
Embracing rigorous, data-driven
approaches to drive value
ESG and impact investing is one of the fastest-growing areas of our
Investment Management Division. This growth is propelled by the rapid
increase of investor interest in this space, combined with our ability
to deliver differentiated, innovative investment strategies with distinct
environmental and social impact. In addition to dedicated ESG and impact
strategies, we incorporate the consideration of ESG factors in our active
and passive investment strategies across our business.
ESG AND IMPACT
INVESTING
ADVANCE
Goldman Sachs 2017 ESG Report
20
ADVANCE ESG AND IMPACT INVESTING
Fundamental to the growth of ESG and impact investing is an increased
understanding that a disciplined approach can potentially generate competitive
risk-adjusted returns while also driving measurable social and environmental
alignment. An additional growth driver is greater understanding of the tools
available to investors — from risk-managed, ESG-aligned passive strategies,
to ESG-integrated fundamental strategies, to private-market impact
investments seeking sustained alpha alongside measurable
social and environmental impacts. This clarity of approaches
and their corresponding portfolio applications has also helped
spur rapid growth in assets under supervision (AUS).
We believe that ESG factors are among the variables that
have the potential to drive return and manage risk in active
investment strategies. For example, our Private Real Estate
team has implemented initiatives such as energy efficiency
upgrades in properties they have purchased. These ESG upgrades
seek to reduce costs and enhance brand value, which are fundamental to
how the team thinks about material value creation.
We have also harnessed the firm’s big data and technology capabilities to help
identify specific ESG data that may be tied to alpha signals in our quantitative
alpha strategies. This is an important area of research and focus for our
Quantitative Investment Strategies team.
Increasingly, a wide variety of our clients are also choosing to integrate more
specialized ESG and impact objectives or views into their investment portfolios.
We have built dedicated ESG and impact investing strategies and capabilities in
order to address these investment objectives.
Goldman Sachs 2017 ESG Report
21
ADVANCE ESG AND IMPACT INVESTING
Assets under supervision in this
vital arena continue to grow at a brisk
pace. ESG and impact investing allows
clients to achieve a range of objectives,
from aligning their investments with
certain ESG priorities or views, to
integrating ESG factors as a means to
manage risk and long-term value, to
pursuing measurable environmental
and social impact.
Our ESG alignment strategies seek to
help investors optimize their investment
portfolios for specific ESG factors,
such as portfolios that weight stocks
with a focus on carbon efficiency. For
example, our Risk Aware, Low Emissions
investment strategy was created
three years ago in partnership with
New York State Common Retirement
Fund. That strategy has reduced the
portfolio’s carbon emissions intensity by
approximately 70 percent relative to their
benchmark, while maintaining broad-
based equity market exposure similar to
that of the benchmark. In 2017, New York
State committed an additional $2 billion
to the strategy, bringing their total
commitment to more than $4 billion.
With holistic ESG integration, we
recognize that ESG factors can affect
investment performance, expose
potential investment risks, and provide
an indication of management excellence
and leadership. We integrate ESG
factors into fundamental management
strategies — across both public and
private markets — where material from
a risk and return standpoint.
GROWING AUS IN ESG
AND IMPACT INVESTING
2015
$
3.8B
2016
$
6.5B
2017
$
11.3B
Growth of ESG AUS at Year-End
We recently started working with the University of Portsmouth, which is at the forefront of
research, teaching and engagement on environmental sustainability. To align their investments
with the university’s sustainability agenda, we created a bond portfolio that has materially
lower carbon emissions than the overall market and avoids investing in specific sectors,
companies or practices that run counter to the university’s ESG objectives.
Designing Low Carbon
Fixed Income Portfolios
We look to improve
competitive position and
property value and to
mitigate long-term risks
by making ESG-driven
improvements to real
estate we and our clients
invest in. For example,
we invested in an office
tower in Charlotte, North
Carolina, and initiated a
nearly half-million-dollar
environmental efficiency
capital improvement
project that is expected to
result in estimated annual
savings of $160,000.
Driving Real
Estate Value
Through ESG
2.9 yrs
estimated payback on
environmental efficiency
improvements
Goldman Sachs 2017 ESG Report
22
ADVANCE ESG AND IMPACT INVESTING
MAPPING ESG
ALPHA SIGNALS
Our Quantitative Investment Strategies
team within Goldman Sachs Asset
Management manages a suite of active
equity products, known as Equity
Insights, which seek to find data-driven
characteristics of companies that may be
useful in predicting future returns. ESG
data are starting to play an increasingly
significant role in our ongoing research.
For example, we’ve seen that more
efficient companies, and those that
minimize negative impacts to the
environment per dollar of revenue, tend
to trade at a premium. We are now
employing ESG as a data-driven, alpha-
additive investment signal in our equity
insights process — helping us to identify
strong investments going forward.
Stewarding Our
Investments
Stewardship is an integral part of our
fiduciary duty across the full spectrum
of our investment activities. We fulfill our
stewardship responsibilities by continually
evaluating companies’ corporate strategy,
investment and financing activities,
management incentives, regulatory policies,
and environmental and social impacts. As
active managers of our equity investments,
engagement with company boards and
management teams gives us insights
into management quality, business model,
financial strategy and future business
prospects — as our investment teams work
closely with the companies to grow their
shareholder value over the long term.
Key 2017 Voting
Statistics
Meetings voted:
11,000
Proposals voted:
109 ,000
Markets voted:
69
Number of shareholder
proposals voted:
2,500
Engagements:
2,600
Goldman Sachs 2017 ESG Report
23
Goldman Sachs 2017 ESG Report
OUR INCLUSIVE, SERVICE-
ORIENTED CULTURE
23
Tackling complex challenges demands a workforce
that reflects the world’s diversity
Fostering an inclusive, service-oriented culture is fundamental to attracting and
retaining the people we need to better serve our clients, generate long-term value
for our shareholders and make lasting contributions to society. As such, diversity is a
business imperative. While we have made progress in recent years with respect to
representation of diverse professionals at the firm, there is still significant progress
to be made. We aspire to have a workforce representative, at every level, of the
diversity of the world we live in, where inclusiveness and pay equity are givens.
FOSTER
Goldman Sachs 2017 ESG Report
2424
Goldman Sachs 2017 ESG Report
FOSTER OUR INCLUSIVE, SERVICE-ORIENTED CULTURE
24
GENDER PAY EQUITY
With respect to gender pay, we believe men and women in similar
roles with similar performance should be paid equally, and each
year we review pay equity across the firm to ensure that happens.
We have conducted an analysis that shows women at the firm on
average make 99 percent of what men earn. However, the more
fundamental issue is a lack of adequate representation of women
across the firm and particularly at the most senior levels of our firm.
We remain committed to being vigilant to ensure that women and men who
have the same roles and perform at the same level are paid equally. In terms
of increasing our female population overall and particularly at senior levels,
we know that effecting change takes time, focus and accountability and, to
that end, we have announced our commitment to having women
represent 50 percent of our global talent over time, starting
with our goal of 50 percent representation of women in
our incoming analyst class by 2021.
SERVICE ORIENTATION
We encourage our people to lend their unique skills to contribute to
society. Service is embedded in our culture, and our people are eager to
use their skills to make meaningful contributions, whether that is through
skills-based volunteering or service projects initiated by our employees to
lend their expertise to a worthy organization. We target service opportunities
where our people can make an outsized impact. This enables us to maximize the power of
our people, helps us attract and retain the best employees, and amplifies the impact we can
have on the communities where we work and live.
Senior women
leaders at the firm
shared advice and
perspectives during
a moderated panel
discussion hosted
by the GS Women’s
Network.
Goldman Sachs 2017 ESG Report
25
FOSTER OUR INCLUSIVE, SERVICE-ORIENTED CULTURE
Skills-based volunteering leverages the
individual strengths of our people, channeling
their desire to do good in the world in ways that
maximize their impact. From coaching small
business owners to delivering career readiness
and financial literacy workshops, Community
TeamWorks (CTW), the firm’s signature
employee community engagement program,
has evolved to place a greater emphasis on
skill-based volunteering.
CTW creates unique, high-impact opportunities
for the people of Goldman Sachs to contribute
their time and talent to their local communities
through team-based service projects completed
over the course of a day. The global program, now
in its 22nd season, is open to all employees, from
the executive suite to support staff. Participants
reflect the full range of the firm. The vast majority
of projects are curated by the firm, coordinating
with hundreds of nonprofit partner organizations
around the world. CTW also supports employee-
initiated projects, which allows our people to create
opportunities for volunteerism with nonprofits
that are personally meaningful to them.
The Goldman Sachs Social Impact Advisory (SIA)
program, an Investment Banking Division (IBD)
program launched in partnership with the Office
of Corporate Engagement and Human Capital
Management, provides nonprofit organizations
with access to financial management and strategic
planning resources, matching teams of high-
performing analysts and associates from IBD with
nonprofits for engagements of up to 16 weeks.
The program was created with two objectives in
mind: to bring needed expertise to community
organizations, and to accelerate the personal and
professional development of our junior bankers.
In helping nonprofits improve their organizational
effectiveness, our SIA bankers get to take the lead
on critical challenges, applying and strengthening
technical, strategic and project management
skills in a new environment. They lead external
relationships, develop their professional network
and engage with Goldman Sachs senior bankers
who oversee and advise the project teams. This
optional program is always oversubscribed.
In addition to the two programs above, the firm
conducts a six-month leadership development
program for high-potential vice presidents that
culminates in a capstone project focused on a
specific, community-based social challenge. We
also bring together 40 high-performing college
students with Goldman Sachs employees to
develop leadership, career readiness, business
management, analytical, teamwork, networking
and presentation skills through the Goldman Sachs
Local College Collaborative.
HARNESSING VALUED SKILLS
AND A WILLINGNESS TO SERVE
CTW skills-based volunteer
opportunities deployed globally
in 2017
500
+
The Posse Foundation partnered
with the Goldman Sachs Social
Impact Advisory program to
conduct a feasibility study to test
the idea of building a targeted
endowment to expand and
support its existing college
partnerships. A team of five
analysts and associates, led by
two managing directors, worked
over four months with Posse to
estimate the endowment size
needed to reach Posse’s goal and
determine fundraising strategies
aimed at major donors. The
nonprofit has identified, recruited
and trained more than 8,400
public-high-school students with
extraordinary academic and
leadership potential, with its
college and university partners
providing full-tuition scholarships
worth $1.2 billion to date. Susie
Scher, co-head of the Americas
Financing Group in our Investment
Banking Division, sits on the
foundation’s board.
Supporting
Posse Scholars
Posse Scholars
graduate at a rate of
90
%
Final presentations for the GS Local
College Collaborative, a leadership
program for 40 high-performing college
students, were hosted at GS global
headquarters, 200 West Street.
Goldman Sachs 2017 ESG Report
26
FOSTER OUR INCLUSIVE, SERVICE-ORIENTED CULTURE
The Analyst Impact Fund provides our
analysts with the opportunity to collaborate
with peers across the firm to compete to
win a grant from Goldman Sachs Gives, the
firm’s donor-advised fund, for a nonprofit
organization of their choice. The initiative
is sponsored by the Partnership Committee, whose mission is to
steward the firm’s culture and cultivate our current and future leaders.
In 2017, teams made up of nearly 300 analysts from Goldman Sachs offices around the
world participated. The top six teams presented to Chairman and CEO Lloyd Blankfein,
President and COO David Solomon, and the firm’s Partnership Committee, and the
sessions were broadcast to all employees.
Each of the finalist teams had identified interesting nonprofits that
are offering creative solutions to pressing social challenges in
underserved communities around the world. The grand prize
of $150,000 went to Kiron Open Higher Education, pitched
by a group of London-based analysts. Kiron is a Berlin-based
nonprofit with the mission to provide access to higher education
and successful learning for refugees through digital solutions.
Second place was awarded to Educate Girls, presented by a
team from our Bengaluru and London offices, and third place went
to The Bronx Freedom Fund, pitched by a team from New York.
Applications were judged across a number of criteria, including the nonprofit’s
leadership, reach and potential for impact, the uniqueness of the proposed project
or work of the nonprofit, the team’s analysis of the project goals, and the scalability of
the organization’s work.
Analyst
Impact Fund
Goldman Sachs 2017 ESG Report
27
WITH IDEAS
LEAD
27
Goldman Sachs 2017 ESG Report
Using the convening power and thought
leadership of the firm to spur progress
At Goldman Sachs, we harness our thought leadership and use our
convening power to further public dialogue and progress on critical
economic issues and societal challenges. Recent events include
the 2017 Sustainable Finance Innovation Forum and the inaugural
Goldman Sachs 10,000 Small Businesses Summit in Washington, D.C.,
that gave voice to small business owners who collectively represent
a vital driver of job creation and economic growth.
Goldman Sachs 2017 ESG Report
28
LEAD WITH IDEAS
FOCUSING THE
BIG POWER OF
SMALL BUSINESS
Our 10,000 Small Businesses program held its first national
summit in Washington, D.C., convening small business owners
with a select group of business leaders, industry experts and
policymakers to discuss the important role that small businesses
play in the economy. It was the largest-ever gathering of small
business owners from across the U.S., coming together to share
ideas, discuss common challenges and elevate their collective
voice to inform key issues on Capitol Hill.
Alumni from more than 2,000 businesses comprising a diverse
range of industries, representing every state, participated in
breakout sessions on hiring, leadership, accessing capital and
more. An additional 1,000 alumni attended remotely, and over
6,000 people tuned into the webcast. Participants also met with
policymakers to advocate for policies that support the continued
ability of small businesses to grow and compete, meeting with
members of Congress representing all 50 states.
The growing economic thesis around low carbon solutions and sustainable
business models is reshaping industries and markets. To help focus the
conversation around key themes shaping environmental markets and
sustainability, Goldman Sachs hosted the 2017 Sustainable Finance Innovation
(SFI) Forum, convening more than 300 corporates, investors, public sector
representatives and nonprofit organizations from around the world, who are at
the forefront of catalyzing sustainable finance.
The forum was held against the backdrop of shifting U.S. policy, including the
pullback from the Paris Climate Agreement. The forum underscored the increasing
investor focus on ESG integration across asset classes and rapid ongoing technology
innovation, which is making the economic case increasingly compelling. Together, the
fundamental market drivers are continually strengthening the case for sustainability
and clean energy. Topics ranged from the future of utilities and the transportation
revolution to green bonds and impact investing. Leaders from each of our business
divisions moderated the discussions, underscoring how sustainable finance has
become core to how we serve our clients.
Shaping Sustainable Finance
Goldman Sachs 10,000 Small Businesses is a program to
help entrepreneurs create jobs and economic opportunity.
The program provides greater access to education, capital
and business support services in the U.S. and U.K. 10,000
Small Businesses has graduated more than 6,700 business
owners in the U.S., who collectively employ more than
130,000 employees and represent annual revenues of
more than $9 billion. The program has served over 1,300
business owners in the U.K., who boost employment
an average of 31 percent and revenues an average of
81percent annually.
gs.com/sfi
View the SFI Forum highlights
video and recap paper.
Goldman Sachs 2017 ESG Report
29
LEAD WITH IDEAS
TALKS AT GS
Talks at GS features conversations with some of the world’s most dynamic leaders across industries, helping to inform our
people on issues of broad relevance and drive innovative thinking throughout the firm. In 2017, these included: documentary
filmmaker Jeff Orlowski addressing the devastating impacts of climate change; Virgin Money’s Jayne-Anne Gadhia, the
longest-serving CEO of a European bank, on gender equity; and Bozoma Saint John, Uber’s first chief brand officer, on diversity.
Other leading thinkers and influencers included Microsoft CEO Satya Nadella, entrepreneur and journalist Arianna Huffington,
professor and author James Forman, Jr., author Ron Chernow, and philanthropist and former professional athlete David
Beckham. We recently began streaming episodes of Talks at GS on Hulu, Amazon Prime, Yahoo Finance and Spotify, making
them accessible to an even wider audience, and signaling our firm’s commitment to fostering dialogue on critical topics.
GS SUSTAIN, our global, long-term investment research team now entering its second
decade, has placed Goldman Sachs at the forefront of integrating ESG criteria into
the fundamental analysis of companies to find those that are best placed to manage
21st-century business risks.
In 2017 our GS SUSTAIN group, part of the firm’s Global Investment Research division,
published The PM’s Guide to the ESG Revolution, a how-to guide for ESG integration focusing
on the metrics that matter most for investors. The analysis suggests that, by focusing on a select
suite of metrics, ESG integration offers a differentiated and alpha-additive complement of risk
analysis for mainstream investors, while tapping into a growing asset pool.
The group has developed a screening framework that we believe offers a simpler, more
transparent and more “materiality-focused” alternative to commonly used third-party ESG ratings
solutions. The selected metrics lie at the intersection of: 1. material links to operations and franchise
value; 2. data availability; and 3. best relationship with historical stock performance. The framework
sorts through the noise and narrows the number of data points from hundreds to about a dozen
for each sector, which are used to score companies against global sector peers.
Sharing Our Insights: GS SUSTAIN
80
+
conversations
Key theme:
Leadership/
Overcoming
Adversity
Talks
at GS
in 2017
The GS SUSTAIN
50 List from
inception in 2007
to year-end 2017
has outperformed
its global
benchmark by
40
%
Goldman Sachs 2017 ESG Report
30
KEY METRICS
AND INDICATORS
GOLDMAN SACHS U.S. WORKFORCE DEMOGRAPHICS
White Asian
Black or
African
American
American
Indian/
Alaskan
Native
Hispanic or
Latino
Two or More
Races
Native
Hawaiian
or Other
Pacific
Islander Females
Exec/Sr. Officials & Managers 80.4% 11.4% 2.9% 0.1% 4.3% 0.8% 0.0% 21.6%
Officials & Managers 59.5% 29.6% 4.4% 0.2% 4.7% 1.5% 0.1% 28.8%
Professionals 57.0% 26.8% 5.2% 0.1% 8.5% 2.2% 0.2% 37.2%
All Others 63.3% 12.6% 8.5% 0.2% 13.1% 2.1% 0.3% 56.6%
Total 59.7% 24.1% 5.4% 0.1% 8.5% 2.1% 0.2% 37.8%
Source: Goldman Sachs 2017 Equal Employment Opportunity (EEO-1) reports. “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. Data as of 11/30/2017 (U.S. Only)
ENVIRONMENTAL INDICATORS
Trend
2016–2017 2017 2016 2015
Organization
Global Facilities Reported 178 186 187
Revenues ($M) $32,073 $30,608 $33,820
Operational Rentable Square Feet (million ft
2
) 9.4 9.5 9.8
Full-time Occupants (FTO = FTE + FTC) 36,600 34,400 36,800
Certification
◊LEED-Certified Buildings (% of sq. ft.)
1, 2
55% 55% 55%
◊ISO 14001 Certified Operations (% of sq. ft.)
2
79% 70% 36%
METRICS
Below we provide an overview of selected key metrics. For a complete list of our ESG-related
resources and disclosures, please visit our Resource Guide.
Goldman Sachs 2017 ESG Report
31
METRICS
Trend
2016–2017 2017 2016 2015
Energy
Global Direct Energy Consumption (MWh) 41,207 42,283 43,623
Natural Gas 90% 88% 87%
Fuel Oil 10% 12% 13%
Global Intermediate Energy Consumption (MWh) 493,163 502,837 515,779
Purchased Electricity 97% 97% 97%
Purchased Steam & Chilled Water 3% 3% 3%
Global Direct and Intermediate Energy Consumption (MWh) 534,370 545,120 559,401
◊Reduction in Global Energy Consumption from Baseline (%) -12% -10% -8%
Global Renewable Energy Consumption (MWh) 453,518 440,902 429,924
◊Percent Green Power 95% 90% 86%
Greenhouse Gas (GHG) Emissions
Scope 1 — Direct (metric tons CO
2
equivalent [tCO
2
e]) 11,147 11,520 11,900
Natural Gas 67% 66% 65%
Fuel Oil 9% 11 % 12%
HFC Refrigerants 23% 24% 24%
Scope 2 (location) — Indirect (tCO
2
e) 186,991 210,054 221,964
Purchased Electricity 99% 99% 99%
Purchased Steam & Chilled Water 1% 1% 1%
Scope 2 (market) — Indirect (tCO
2
e) 15,802 34,179 51,690
Purchased Electricity 85% 93% 95%
Purchased Steam & Chilled Water 15% 7% 5%
Scope 3: Category 6 — Business Travel (tCO
2
e) 120,001 102,266 148,918
Commercial Air 88% 88% 90%
Other Transport
3
12% 12% 10%
Total Emissions: Scope 1 & 2 (location) (tCO
2
e) 198,138 221,573 233,865
Office Scope 1 & 2 53% 54% 58%
Data Center Scope 1 & 2 47% 46% 42%
Total Emissions: Scope 1, 2 (market) (tCO
2
e) 26,949 45,699 63,590
Total Emissions: Scope 1, 2 (market), and 3 Category 6 (tCO
2
e) 146,950 147,965 212,508
◊Net Emissions: Scope 1, 2 (market), and 3 Category 6 (tCO
2
e)
0 0 0
Verified Carbon Offset Emissions Reductions (tCO
2
e) 146,950 147,965 212,508
Revenues (tCO
2
e/$M)
4
6.2 7. 2 6.9
Rentable Square Feet (kgCO
2
e/ft
2
)
4
21.1 23.3 23.9
Goldman Sachs 2017 ESG Report
32
Trend
2016–2017 2017 2016 2015
Full-time Occupants (tCO
2
e/FTO)
4
5.4 6.4 6.4
Water
Global Water Withdrawal (m
3
) 979,323 981,060 1,037,061
◊Reduction in Global Water Withdrawal from Baseline (%) -5% -5% 0%
Waste
Global Business Waste (metric tons) 5,979 6,083 6,502
Recycled/Composted Material 57% 51% 47%
◊Landfilled Material 7% 9% 10%
Waste to Energy 36% 40% 43%
Global e-Waste (metric tons) 265 138 144
Global Construction Waste (metric tons) 4,171 56,639 78,915
Recycled Material 99% 99% 46%
Landfilled/Waste to Energy Material 1% 1% 54%
Paper
Paper Consumption (million sheets) 233 258 262
New Fibers (FSC/SFI) 69% 71% 71%
Post-Consumer Recycled 22% 20% 20%
New Fibers 9% 9% 9%
◊Paper Consumption/FTO (sheets) 6,375 7,513 7,120
CDP
Climate Change Survey: Score
5
A A A-/100
Climate Change Survey: Leadership Recognition A List A List CDLI
Supply Chain
◊Vendor Code of Conduct
6
100% – –
CDP Supply Chain Engagement
6
– 148/83% 111/86%
Notes:
Note 1: This symbol ◊ before an indicator denotes an environmental commitment through Goldman Sachs’ 2015 EPF; reductions are from a 2013 baseline.
Note 2: The total for LEED square footage is based on total RSF where Goldman Sachs has certified as the project owner. The total for ISO 14001 square footage is based
on RSF where Goldman Sachs maintains operational control.
Note 3: This includes charter air, rail/bus, ferry and car.
Note 4: Metrics are normalized using Scope 1 & Scope 2 (location) emissions.
Note 5: CDP made an adjustment to climate change scoring methodology and leadership designations starting in 2016.
Note 6: The Vendor Code of Conduct was launched to all suppliers in 2017. Prior to this, the CDP Supply Chain program
was used to engage suppliers on climate, with number of vendors and response rate indicated.
METRICS
Goldman Sachs 2017 ESG Report
33
FEATURED AWARDS
AND RECOGNITION
Each year, Goldman Sachs receives awards across categories including business, employer of choice,
and environmental, social and governance (ESG). Selected awards are shown below. For a complete
list, please visit our Awards page.
RECOGNITION
ENVIRONMENTAL AWARDS AND RANKINGS:
Climate Leadership Awards
May 2017
Innovative Partnership Certificate
Just100
December 2017
#2 in Industry
#65 Overall
#1 on Environment in Industry
#11 on Environment Overall
CDP Climate Change
September 2017
Climate “A List”
EPA Top 100
January 2018
Ranked #29
Dow Jones Sustainability Index North America
September 2017
Listed
Green Power Partnership
January 2018
Fortune 500
®
Partners List: #14 in 2018
BUSINESS AWARDS AND RANKINGS:
Euromoney Awards for Excellence
July 2017
World’s Best Bank for Financial Institutions
World’s Best Bank for Global Financing
Western Europe’s Best Investment Bank
IFR Awards
December 2017
Bank of the Year for Financial Sponsors
EMEA Loan House of the Year
Risk Awards 2018
November 2017
Credit Derivatives House of the Year
Goldman Sachs 2017 ESG Report
34
RECOGNITION
EMPLOYER OF CHOICE AWARDS AND RANKINGS:
CR Magazine: 100 Best Corporate Citizens
April 2017
Ranked #59
Working Mother
October 2017
100 Best Companies
Hall of Fame Award, marking 15 years of inclusion on
this list
The Times: Top 50 Employers for Women 2017
April 2017
Ranked
Fortune World’s Most Admired
January 2018
Ranked #27
Vault Banking 50
October 2017
#1 Best Banking Firm
#1 Most Prestigious Banking Firm
Fortune 100 Best Companies to Work For
February 2018
Ranked #89
DIVERSITY AWARDS AND RANKINGS:
Community Business Awards: LGBT Workplace
Inclusiveness Index
May 2017
Ranked #1
Fortune: Best Workplaces for Diversity
December 2017
Ranked #61
Human Rights Campaign’s Corporate Equality Index
November 2017
Rating of 100%
Named a “Best Place to Work for LGBT Equality”
