Oversight and Management of ESG Responsibility for oversight and management of ESG is defined at multiple levels within the organization. Oversight of ESG matters is an important part of the Board's work in setting the policies and principles that govern our business, including the Firm's governance-related policies and practices, our systems of risk management and controls, our investment in our employees and how we advance sustainability in our business and operations. In the past year, in addition to the work of the committees, all directors participated in full Board discussion regarding the Firm's approach to COVID-19, racial equity and climate change. Additionally, our director education program includes ESG issues. Each of the Board’s standing committees oversees reputational and conduct risks, within its scope of responsibility, and assists the Board in its oversight of various ESG issues. For example: • The Public Responsibility Committee oversees the Firm’s significant policies and practices regarding political contributions, major lobbying priorities and principal trade association memberships that relate to the Firm's public policy objectives. • The Compensation & Management Development Com - mittee, among other things, reviews and approves the Firm’s compensation and qualified benefit pro - grams. It also oversees the Firm’s culture, including reviewing diversity programs, which includes the Accountability Framework as it applies to members of the Operating Committee (see page 27). • The Risk Committee assists the Board in its oversight of management’s responsibility to implement a global risk management framework reasonably designed to identify, assess and manage the Firm’s risks, includ - ing ESG risks. • The Audit Committee helps oversee management’s compliance with the Firm’s ethical standards, policies, plans and procedures, and with laws and regulations. It also reviews the program established by manage- ment that monitors compliance with the Code of Con- duct, and reviews the record of such compliance. • The Corporate Governance & Nominating Committee exercises general oversight with respect to the gov - ernance of the Board, including its composition, nominees and framework for self-assessment. Senior management – including the Operating Committee and leaders within each of our lines of business – is responsible for driving strategy and execution on ESG matters across the Firm. The Chief Risk Officer, the Head of Human Resources, the Global Head of Diversity and Inclusion, the Global Head of Corporate Responsibility, the Global Head of Sustainability and other senior leaders provide periodic updates on ESG initiatives to the Operating Committee and Board of Directors. ESG efforts are spearheaded by several specialist teams across the Firm, with some examples including: • The Office of the Secretary partners with senior man - agement, control groups, lines of business and corpo - rate units to promote effective governance of the Firm. It also works closely with the Board of Directors on ESG matters, including responding to shareholder proposals. • The Office of Diversity, Equity and Inclusion leads the development and implementation of the Firm’s strategy to enhance DEI within our organization and support underserved communities. This includes continuing to advance programs and initiatives that incorporate a diversity lens into how the Firm develops products and services, serves clients, helps communities and sup - ports employees. • Our Corporate Responsibility team works to design, implement and evaluate community and philanthropic programs that open new pathways to economic oppor - tunity for individuals, provide actionable insight to civic and community leaders and protect the environment. It is composed of Government Relations, Public Engage - ment, Sustainability, Global Philanthropy and Research and Policy teams. • Our Corporate Sustainability team, which reports to the Global Head of Corporate Responsibility, provides advice on the Firm’s approach to managing ESG matters, sup - porting the development of sustainability- and climate-fo - cused business strategies and financing opportunities, engaging with stakeholders and facilitating external reporting on these matters. • Our Operational Sustainability team coordinates groups across our Chief Administrative Office – which includes Global Real Estate, Global Supplier Services and Firmwide Business Resiliency – to develop and execute the Firm’s strategy to minimize the environmental impact of our operations and supply chain. This team is responsible for achieving our operational sustainability targets, including our commitment to maintain carbon neutral operations and source renewable energy for 100% of our global power needs annually. • Our Climate Risk and Global Environmental and Social Risk Management ("GESRM") teams are responsible for estab - lishing our internal approach to managing climate risk as well as the Firm’s environmental and social risk standards. 51 INTRODUCTION ENVIRONMENTAL SOCIAL GOVERNANCE Corporate Governance and ESG Oversight Stakeholder Engagement Risk Management Data Privacy and Cybersecurity Business Ethics Political Engagement and Public Policy ESG REPORT APPENDICES