Governance Overview

From our early days as a small partnership in New York, we developed a core set of cultural values that have served as the foundation of our corporate governance. Even as we have evolved into a modern public company with a global reach, the shared values cultivated during that partnership era remain essential today to achieving lasting results for our shareholders, clients and the communities that we serve.

Thoughtful governance practices start with our Board and are applied at every level of the firm. Our Board is independent and highly engaged. While individual roles and responsibilities are clear, we understand the value of collaboration and collective decision-making. We run our business with a long-term orientation. We are a flat organization driven by teamwork and mutual accountability. We are a meritocracy. Through our compensation practices, we seek to align our employees’ interests with those of our shareholders, and run the business with a high emphasis on effective risk management. We are committed to public service and making meaningful improvements to society.

These values are a vital and distinguishing ingredient of our success. We rely on them through robust operating environments and challenging ones, on every floor and in every office of Goldman Sachs, and in our collaboration with clients, shareholders and other vital stakeholders.

In this report we relied on the Global Reporting Initiative’s G3 Guidelines to identify the key issues we covered. More information about the Global Reporting Initiative is available on its Web site at www.globalreporting.org.