If you keep up with our content, you know that we are big supporters of businesses that use their voice for positive social impact.
Well here’s a company that’s been making big waves in the media with policy changes. Perhaps you’ve heard of them… the company is Goldman Sachs...unless you live under a rock (chances are if you are reading this, you do not live under a rock), you’ve certainly heard of this global investment bank. Coined a "Wall Street Giant", they provide a wide range of financial services to corporations, financial institutions, governments and individuals.
By incorporating new policies that support positive social and environmental change, Goldman Sachs is using their voice as a leading global financial institution to inspire other companies to do the same.
Let's jump into the good stuff! We've summarized their new policies below:
More Diverse Corporate Boards:
Goldman Sachs announced a new rule: At least 1 woman on the board or you can’t go public.
That’s right! Goldman Sachs CEO, David Solomon, announced that they, “won’t take companies public anymore unless they have at least one ‘diverse’ board member.” Goldman is pushing for diversity! The initiative will kick off on July 1 in the US and Europe.
Goldman Sachs is moving funding away from coal, arctic oil and increasing funding for sustainable projects. By tightening their policy on fossil fuel financing, they are taking a constructive role in addressing environmental changes. “Their recent updated environmental policy framework includes pledges to decline financing that directly supports new thermal coal mines and upstream Arctic oil exploration and development.” They are shifting their focus on clean energy and transport, sustainable food and agriculture, and education.
“The company says it will not finance any potential transactions where there is credible evidence of child labor, forced labor or human trafficking.”
This is one small step for companies, and one giant leap for corporate responsibility...or something like that. Anyway, hats off to Goldman Sachs. We hope this results in the domino effect! We do love us some positive news.