Goldman Sachs Corporate Social Responsibility

Cesar A. Segura Gonzalez

IMS 3310.006
Hubert Zydorek
12/07/2015
Goldman Sachs Corporate Social Responsibility

Goldman Sachs Corporate Social Responsibility

Introduction:
Many organizations believe that the most important thing for having a successful
business is to always maximize a companys profit. This is certainly an important goal, but in
reality the most important goal for a company is to gain sustainability. Sustainability helps
companies have a successful business in the long-run. Companies learn to utilize their profit for
the good of the world. Whether investing on small businesses or funding money for education.
These social responsibilities help companies have an impact in the world. As Goldman Sachs
Gary D. Cohn, President and COE, noted We believe that responsible stewardship extends
beyond just generating returns for shareholders Our business depends on a healthy, growing
economy (PDF). Goldman Sachs, as many other companies, report their Corporate Social
Responsibility (CSR) annually to demonstrate the business practices that they are involve. They
take initiatives to help communities, cities or even countries for the benefit of society and
environment.
Corporate Social Responsibility:
The Corporate Social Responsibility at Goldman Sachs is one of their most important
values and they hold it at a high standard, as they titled their CSR report as, Our Impact Drives
Global Progress (PDF). Goldman Sachs fully is aware of their impact and they strive to expand
their influence around the world. We will be examining and discussing Goldman Sachs CSR
approach to demonstrate the impact in society, environment and governments. Goldman Sachs is
a global financial institution with different locations around the world. Separate it into three
regions Goldman Sachs makes a difference in the Americas, Europe, Middle East, Africa and
Asian Pacific. Each country, state and city have different needs and problems. Despite have

Goldman Sachs Corporate Social Responsibility

many offices around the world where Goldman Sachs operates, they still manage to make social,
governmental and environmental impact.
Goldman Sachs Donations in Education:
In Los Angeles, California, neighborhoods face major social challenges such as poverty
and education. Many neighborhoods are left to live a life of gang violence and crime. In hope of
improving, organizations like Alliance College-Ready Public Schools helped many communities
in LA by providing education and career opportunities for minoritys students to rise from the
ground. With the collaboration and a donation over 10 million dollars from Goldman Sachs, they
helped build a 45,000 square-foot campus for approximately 1,000 middle and high school
students (Investing in LA). This donation has helped both Alliance College-Ready Public
School and students to achieve more than 95% of Alliance graduates have gone on to college
(La Alliance). Noble causes are what define Goldman Sachs as a leading company because they
make a difference for the better of our country.
Leket Farm Initiatives in Israel:
Goldman Sachs with no doubt has made a big impact in the America region; however,
they have also accomplished a similar or if not greater impact in other parts of the world. Israel,
for example, a beautiful country known for their famous capital city of Jerusalem, also known as
the old city, but also known for the many obstacles the country faces. Historically, a vast
majority of Israel cities and communities suffer daily from hunger. These circumstances captured
Goldman Sachs attention and took the advantage of this opportunity to help the people of Israel.
Goldman Sachs took initiative to form a new program to help the people of Israel fight hunger.
They built a partnership with the Leket Farm Initiative to help the country of Israel grow and
harvest their own fields in Israel to better serve the 60,000 needy Israelis (Leket.org). Since

Goldman Sachs Corporate Social Responsibility

2011, Goldman Sachs has donated more $1 million to help the people of Israel, but they also
acknowledge and thank all volunteers that have made this program successful. According to
Goldman Sachs Gives, over 30,000 volunteers have helped harvest 7.7 million pounds of
vegetables and distributed to those in need with a crucial and healthy addition to their diets
(GS). With the help of Goldman Sachs and its volunteers the Leket farms have become Israels
leading food bank and food rescuers.
Clean Solar Energy in Singapore:
From fighting hunger in the Middle East to preserving the earths environment. Goldman
Sachs goes above beyond their corporate responsibility to not only help countries socially, but
also environmentally. In Singapore, Asias business leader and most touristic place has captivated
the eyes of many companies and industries. Singapore is leaning towards preserving the worlds
environment by running one of the largest clean solar energy, and with collaboration of Goldman
Sachs. The Sunseap Group has manage to become the largest clean energy provider in Singapore.
Goldman Sachs partnership with Sunseap has allow the organization to avoid paying up-front
installation costs, while accessing clean energy at a lower price than standard utility payments
and without the need for government subsidies (GS). A thoughtful donation for a company with
a vision has pushed for innovation and using renewal resources like energy. Today, Sunseap has
over 200 solar rooftops installed and another 800 to go over the next 12 months (Sunseap).
Goldman Sachs fund to Sunseap has help the growth of installing solar rooftops in Singapore.
More importantly, helping reduce fuel prices volatility and the usage of non-renewable resources.

Supporting the LGBT Community:

Goldman Sachs Corporate Social Responsibility

From Singapore to New York City, where Goldman Sachs headquarters is located, we
have completed a full journey around the globe. New York City is known as the city that never
sleeps and engine of the worlds market. Previously, the United States Supreme Court encounter
a period of turmoil about approving the Marriage Equality Act. The Supreme Court had to make
a hard decision, and with many protesting for or against it. Many organization made it public that
they were supporting the same sex marriage. Goldman Sachs was one of those organization who
supported for this political dispute. In fact, Lloyd C. Blankfei, Goldmans Chairman and CEO,
joined 24 other business leaders to sign an open letter that said, We strongly urge New York
State to enact marriage equality to help maintain our competitive advantage in attracting the best
and brightest people in the world (GS). On June 26, 2015, the Supreme made its final decision
and passed the Marriage Equality Act. Within hour of ruling Goldman Sachs tweeted, We
strongly support the Courts affirmation today of marriage equality and hung a rainbow flag
outside their headquarters to show their support the LGBT community.
Conclusion:
With all this examples Goldman Sachs has managed to become one of the strongest and
sustainable organization in the financial industry. In fact, they hold themselves a high corporate
responsibility and they make an impact around the world. From helping underserved families in
Los Angeles to donating money to help create farms for the people in Israel. After a thorough
evaluation of Goldman Sachs Corporate Social Report, I learned and realized the big impact a
financial firm can have in the world. These are just a few of cities they have made an impact.
Goldman Sachs cares about his people and would take any initiatives to alleviate those
circumstances. They keep moving forward and growing their impact to drive global progress. No
matter where or who the kindness and support will equally distributed to better this world.

Goldman Sachs Corporate Social Responsibility

Works Cited
ESG Reporting [PDF]. (n.d.). http://www.goldmansachs.com/citizenship/esg-reporting/esghighlights-2014.pdf

Goldman Sachs Corporate Social Responsibility

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT. (n.d.). Retrieved November
21, 2016, from http://www.goldmansachs.com/s/esg-report/
La Alliance. (n.d.). Retrieved from http://www.laalliance.org/apps/pages/index.jsp?
uREC_ID=46278&type=d&pREC_ID=214223
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT. (n.d.). Retrieved November
21, 2016, from http://www.goldmansachs.com/s/esg-report/?view=mobile
(n.d.). Retrieved from http://leket.org.il/english/text/457.aspx