INCLUSIVE GROWTH 5 Goldman Sachs Asset Management Stewardship Our Global Stewardship Team seeks to promote best Commitment and Leadership practices in ESG and corporate governance at portfolio companies through proxy voting, direct engagement, and Within our 昀椀rm and across our broader industry collaboration. ecosystem of partners, we have a range of For more information on how Goldman Sachs Asset Management tools designed to advance inclusive growth. engages with hundreds of companies around the world, please review our However, mobilizing these resources begins Stewardship Report. with leadership and commitment, which allow Promoting Board Diversity us to drive progress in key areas with an aim We use our voice as shareholders through proxy voting — toward long-term impact. encouraging greater levels of board diversity at our portfolio companies. Since 2019, we voted against directors at all-male boards in the US, and we are pleased to see that 68% of the 250 companies we voted against in 2019 have since added at least one woman director¹. In 2020, we made our approach Driving Diversity global and voted against 898 companies for not having at least one woman director. Twenty-seven percent of these companies We identify opportunities with our clients, partners, now have at least one woman director². and companies in which we invest to prioritize In 2021, we updated our US proxy voting policy to consider diversity among teams, brokers, and boards. the composition of boards across race, ethnicity, and sexual orientation, as well as gender, while globally we continued to Board Diversity Initiative push for gender representation. We voted against directors at In 2020, we announced that we would take a company 1,172 companies in 2021 due to lack of board diversity. public in the US or Western Europe only if it had at Trader Interactive least one diverse board member, founded on the belief In 2017, Goldman Sachs Private Equity group saw an opportunity that diverse leadership at companies leads to stronger to support Virginia-based Trader Interactive in its mission to performance and better governance. Building on that digitalize the search and purchase of non-automobile motor commitment, we increased this requirement last year to two vehicles through its online marketplaces. At this time, Trader diverse board members, one of whom must be a woman. Interactive — led by CEO Lori Stacy — was already a diverse We have helped facilitate more than 50 diverse board company, with 43% of leadership positions held by women placements across our clients. (compared to the average 11% in senior leadership roles within 3 technology and media ). Aligned on the importance of diversity As part of this initiative, we continue to elevate diverse talent in ideas and perspectives, Goldman Sachs has, over the years, through our networks in the 昀椀rm, including individuals with advised on recruiting candidates with diverse backgrounds at relationships across Investment Banking, Private Wealth the executive level, while Trader Interactive prioritized diversity, Management, and Ayco as potential candidates, in addition equity, and inclusion to di昀昀erentiate their company as the to external networks. employer of choice and as an innovator in the traditionally male-dominated vehicle and technology sector. By creating an inclusive workplace with 83% diversity at the executive level, Trader Interactive bene昀椀ts from an engaged employee base — resulting in more stimulating discussions, increased innovation, and less turnover. 1, 2—Figures as of December 31, 2021. 3—McKinsey & Company: “Closing the tech gender gap through philanthropy and corporate social responsibility.” September 2018. Sustainability Report 2021 Inclusive Growth | De昀椀ning and Executing on Our Strategy 70