INCLUSIVE GROWTH Launch With GS all of our companies we invest in and achieved our 2020 goal to have a diverse director on 100% of controlled Acting on data to expand business opportunities portfolio company boards (those where Asset Management We believe the evidence that diversity is good for business owns 50% or greater of the company). In 2021, we made is clear, yet only a small percentage of US venture capital substantial progress on the private side through our goes to diverse teams. Our $1 billion investment strategy, requirements that any portfolio company that goes public Launch With GS, aims to increase access to capital and and any new controlled portfolio company must have two facilitate connections for women, Black, Latinx, and other diverse board members, and that a substantial majority diverse entrepreneurs and investors. of non-controlled portfolio companies have board-level diversity. Board Diversity Commitment 10,000 Women and 10,000 Small Driving action through our 昀椀rm Businesses In 2020, we committed to ensuring every company we take public in the US or Western Europe includes at least Matching the power of capital with philanthropy to one diverse board member. Last year, we increased the maximize impact requirement to two diverse board members, specifying In 2008, Goldman Sachs launched 10,000 Women — a that one must be a woman. We have also helped facilitate global initiative that provides thousands of underserved more than 50 diverse board placements across our clients. women entrepreneurs around the world with business Additionally, we have welcomed a third cohort of our and management education. To date, 10,000 Women has Spotlight initiative, which provides a platform as well as supported more than 150,000 women from around the exposure and networking opportunities to a select group of world through a network of 100 academic and nonpro昀椀t talented, diverse board candidates who have not yet served partners and coaching with Goldman Sachs employees. on public boards — providing them with ease of entry to corporate board service. In 2014, in partnership with the International Finance Corporation (IFC), 10,000 Women launched the Women We are also focused on board diversity within Asset Entrepreneurs Opportunity Facility (WEOF), a 昀椀rst-of-its-kind Management, where we have in昀氀uence on the companies in global facility dedicated exclusively to expanding access to our portfolios. On the public side, our Global Stewardship 昀椀nance for Small and Medium Enterprises (SMEs) managed team promotes greater levels of board diversity through by women in developing countries. To date, we have reached selected proxy voting rules we have established. On the over 144,000 women entrepreneurs across 42 markets and private side, we have improved board diversity across have mobilized $2.1 billion. Building on the success of 10,000 Women, in 2010, Goldman Sachs launched 10,000 Small Businesses, a program designed to provide entrepreneurs with business education, access capital, and support services. To date, over 12,350 small businesses have graduated from the education program, and over 37,000 have accessed over $1.6 billion in lending capital through our investments in Community Development Financial Institutions (CDFIs). 10,000 Small Businesses expanded to the United Kingdom in 2010 and to France in 2020, serving over 2,000 entrepreneurs across both countries to date. Sustainability Report 2021 Inclusive Growth | Introduction 53