88 Sustainability Report 2021 Governance We seek to responsibly manage our business and fulfill our commitments to do what is best for the firm, our people, and the global community. This work is supported by strong governance structures, from our board of directors at the highest level and throughout our management structure. By integrating risk oversight into our centralized governance structures, we’re able to manage a broad spectrum of financial and nonfinancial risks across our businesses. Throughout all levels of the firm, we recognize that responsibly managing our business is paramount, and that our people are critical to that effort. We focus on providing our people with the tools and resources they need to effectively identify and escalate potential risks in their day-to-day activities, which includes training with respect to environmental and social risk. Board of Directors Our board and its committees are responsible for overseeing the management of the firm’s most significant risks, with a strong focus on reputational risk and long-term operations. Oversight of sustainability, climate-related risks, and social risks are interdisciplinary by nature, and as such, the board carries out its oversight directly, at the full board level, as well as through its committees, including its Public Responsibilities and Risk Committees. At Goldman Sachs, the way we do business is informed by our purpose: to advance sustainable economic growth and financial opportunity. This purpose applies to our entire firm — from our work with clients and partners to how we manage environmental and social risk. Governance at Our Firm GOVERNANCE Senior Management Various committees and groups oversee our transaction selection decisions and risk management processes. With respect to risk management, for example, we have a Firmwide Reputational Risk Committee (FRRC), with Management Committee-level representation, which is responsible for assessing reputational risks arising from transactions that have been identified as having potential heightened reputational risk pursuant to the criteria established by the Firmwide Reputational Risk Committee and as determined by committee leadership. Our Physical Commodities Review Group ensures that we maintain a consistent approach to evaluating and managing environmental, health, and safety (EHS) risks associated with engaging in, investing in, or financing physical commodity- related activities. On a larger scale, our Firmwide Climate Steering Group, which convenes key senior stakeholders, including those from the Executive Office, Risk, Controllers, Investment Banking, Asset Management, and Global Markets divisions, provides oversight for key climate-related risk and opportunity decisions, including the interim goal- setting needed to achieve our net zero by 2050 pathway commitment. This Steering Group also reviews progress and provides feedback on climate strategy, risk management, integration, and capabilities on a broad level. This includes oversight of climate-related targets and climate reporting, related commercial engagement and integration strategy, and updates on climate risk management frameworks and capabilities.