Goldman Sachs' Corporate Responsibility

Two years ago the company was reported to employee over 26,000 people across the world. Because the company has been on Fortunes 100 Best Companies to Work For since 1998, the company has a good standing reputation that they must uphold. I really do not think that enough statements were issued on behalf of what Goldman Sach's is exactly doing to gain trust back into the company.

The company website dedicates a link to Corporate Responsibility and states that they want people to, "Learn how the role of corporate citizenship is evolving, and how corporate values are being applied to address some of society's most complex problems." However, the last news release that is posted next to this statement is from 1992, so I think they need to update this section and involve more recent issues. They also have a link that has citizenship as the title and this includes links to their policies involving promoting a healthy environment, community giving, and sponsorships they offer. Goldman Sachs provides a Code of Business Conduct and Ethics that it abides by and promotes strongly.

While searching the web I discovered that Goldman Sach's environmental crusade it was seemed to get the most media attention.
Taken directly from the company's framework, Goldman Sachs will:

1) disclose the greenhouse gas emissions of all its operations;
2) make $1 billion available for investments in renewable energy;
3) set up a think tank to identify other lucrative green markets;
4) work on public policy measures relating to climate change;
5) conduct more rigorous assessments of its new projects' impacts on the environment and on indigenous people;
6) refuse to finance extractive projects in World Heritage sites or any projects that violate the environmental laws of the host country.

Very recently, the company has launched a 10,000 Women program which will increase the number of women getting a business and management related education and which will also improve the "quality and capacity of business and management education around the world."

This campaign shows that Goldman Sachs has a global way of thinking and making a difference in the improving the business education of women who face prejudices and injustices. I think that Goldman Sachs touches on very important public issues and is very involved in their citizenship and corporate responsiblity. Dealing with a scandal as large as the one they had to deal with is hard, perhaps their tactic was to not comment on it as much because they obviously were in the wrong; however, I think more statements regarding their ethical codes and standards could have been made.

To learn more about the new 10,000 Women initiative go to http://www.10000women.org/. While at the site, you can download and watch a video of the launching of the program at Columbia University. Goldman Sach's own CEO gives a speech and addresses the audience. He is dressed professionally and I think does a good speaking job, which is good media relations tactics.

In my opinion, the various ways that Goldman Sachs has worked to increase their corporate responsibilty and take action in making their philanthropy become a reality, outweigh the insider scandal and place Goldman Sachs in a positive light.