Goldman Sachs Group, Inc. (GS) Annual Shareholders Meeting Call Transcript

Company and Industry Overview * Company: Goldman Sachs Group, Inc. (NYSE:GS) * Industry: Investment Banking, Financial Services * Event: Annual Shareholders Meeting Conference Call, April 24, 2024 Key Points 1. Company Performance and Strategy * 2023 was a year of execution: Despite a challenging operating environment, Goldman Sachs narrowed its strategic focus and delivered on its strategy, positioning the firm for future growth. * Significant progress: Stock doubled over the last 5 years, dividend tripled, and book value per share grew by 54%. * Long-term focus: Continue to be a trusted advisor, employer of choice, and generate mid-teens returns through the cycle. 2. Culture and People * Investment in culture: Significant focus on reinvigorating the firm's culture, led by CEO David Solomon. * People as a differentiator: Emphasis on the talent and capabilities of Goldman Sachs employees. 3. Board of Directors * Introduction of Board members: Highlighted the roles and contributions of the Board of Directors. * Outgoing members: Recognized the contributions of outgoing Lead Director Bayo Ogunlesi and Jessica Uhl. 4. Shareholder Proposals and Voting Results 4.1 Election of Directors * Unanimous recommendation: Shareholders approved the election of all director nominees. 4.2 Executive Compensation * Say-on-pay vote: Shareholders approved the executive compensation of named executive officers with approximately 86% support. 4.3 Ratification of Independent Auditors * Unanimous recommendation: Shareholders approved the ratification of PricewaterhouseCoopers as independent auditors with approximately 95% support. 4.4 Independent Chair Proposal * Shareholder proposal: Proposed by the National Legal and Policy Center, advocating for the separation of CEO and chair roles. * Voting result: Rejected by approximately 33% of shareholders. 4.5 Transparency and Lobbying Report * Shareholder proposal: Proposed by John Chevedden, requesting disclosure of lobbying expenditures and dark money payments. * Voting result: Rejected by approximately 39% of shareholders. 4.6 Outcome Report on Protected Classes of Employees * Shareholder proposal: Proposed by The Nathan Cummings Foundation, requesting data on efforts to eliminate harassment and discrimination. * Voting result: Rejected by approximately 15% of shareholders. 4.7 Environmental Justice Impact Assessment * Shareholder proposal: Proposed by the Sierra Club Foundation, requesting an assessment of environmental justice risks related to energy and power sector financing. * Voting result: Rejected by approximately 10% of shareholders. 4.8 Clean Energy Supply Financing Ratio * Shareholder proposal: Proposed by the New York City Comptroller, requesting disclosure of the ratio of financing for low-carbon energy supply relative to fossil fuel energy supply. * Voting result: Rejected by approximately 29% of shareholders. 4.9 GSAM Proxy Voting Review * Shareholder proposal: Proposed by the Presbyterian Church (USA), requesting a review of proxy voting policies related to diversity and climate change. * Voting result: Rejected by approximately 8% of shareholders. 4.10 Financial Statement Assumptions Regarding Climate Change * Shareholder proposal: Proposed by the National Center for Public Policy Research, requesting a report on financial statement assumptions regarding climate change. * Voting result: Rejected by approximately 1% of shareholders. 4.11 Pay Equity Reporting * Shareholder proposal: Proposed by Newground Social Investment, requesting transparent disclosure of racial and gender pay gaps. * Voting result: Rejected by approximately 30% of shareholders.