In May 2010, our Chairman and Chief Executive Officer, Lloyd C. Blankfein, announced the creation of the Business Standards Committee (BSC) to conduct an extensive review of our business standards and practices.
The mandate of the BSC was to ensure that the firm’s business standards and practices are of the highest quality; that they meet or exceed the expectations of our clients, other stakeholders and regulators; and that they contribute to overall financial stability and economic opportunity. The BSC operated with oversight by our Board of Directors, which established a four-member Board Committee to provide additional focus and guidance.
In January 2011, we published the report of the BSC, which was the culmination of an extensive eight-month review of every major business, region and activity of the firm. The report made 39 recommendations for change spanning client service, conflict management and business selection, structured products, transparency and disclosure, committee governance, training and professional development and employee evaluation and incentives.
Throughout 2012, the Board of Directors received regular updates on the implementation of the 39 recommendations. On May 23, 2013, we provided an update on our implementation efforts to demonstrate our continued commitment towards the highest standards of client service, accountability and reputational judgment.