Sustainability Report 2021 Climate Transition | Driving Transition Active Engagement With Our Clients, Investors, and Portfolio Companies on Climate Transition We strive to support both clients and companies that we invest in with the resources and knowledge they need to make progress on their climate transition journey, and we actively engage with companies to help drive best practices. Goldman Sachs Asset Management Stewardship Our Global Stewardship Team seeks to promote best practices in ESG and corporate governance at portfolio companies through proxy voting, direct engagement, and industry collaboration. Engaging Next-Generation Investors on Climate In Consumer and Wealth Management, our Client Engagement Team hosted an event called the Next Gen Change Makers program, highlighting the many ways clients can make a difference in their local communities and across the globe. This year’s topic was “Accelerating the Climate Transition,” and both industry experts and Goldman Sachs specialists joined to discuss how consumer behavior, impact investing, and philanthropy can help drive change in sectors like clean energy, sustainable food and agriculture, and waste and ecosystem services. For more information on how Goldman Sachs Asset Management engages with hundreds of companies around the world, please review our Stewardship Report . CLIMATE TRANSITION Examples of the Global Stewardship Team’s initiatives on climate transition include: • Using Proxy Voting and Engagement to Improve Disclosure of Material Emissions Data In 2022, we updated our proxy voting policy to vote against directors at companies not disclosing greenhouse gas emissions considered material to their business. Since October 2020, we have engaged either directly or via letter with 271 companies to encourage disclosure of material emissions data, and through these efforts we aim to push for greater transparency at these companies. • Encouraging Targets to Reduce Greenhouse Gas Emissions We have identified companies across our portfolios that have not yet disclosed a target to reduce emissions, and we seek to engage with these companies to set and disclose targets to reduce GHG emissions. • Managing Risks Related to Biodiversity We are engaging with a targeted group of high- impact companies to understand their approach to key issues such as plastics, packaging and waste, and responsible land use while promoting accountability and best practices. 26