{"id":39802,"date":"2021-04-29T11:06:36","date_gmt":"2021-04-29T15:06:36","guid":{"rendered":"https:\/\/nationalcenter.org\/?p=39802"},"modified":"2023-12-13T22:10:31","modified_gmt":"2023-12-14T03:10:31","slug":"goldman-sachs-ceo-accused-of-ignoring-fiduciary-duty-for-insisting-on-meaningless-and-deeply-damaging-climate-policies","status":"publish","type":"post","link":"https:\/\/nationalcenter.org\/ncppr\/2021\/04\/29\/goldman-sachs-ceo-accused-of-ignoring-fiduciary-duty-for-insisting-on-meaningless-and-deeply-damaging-climate-policies\/","title":{"rendered":"Goldman Sachs CEO Accused of “Ignoring Fiduciary Duty” for Insisting on “Meaningless” and “Deeply Damaging” Climate Policies"},"content":{"rendered":"

Washington, D.C.<\/em> \u2013 Goldman Sachs CEO David Solomon made no apologies today for imposing restrictive carbon policies upon other American corporations, claiming these efforts best serve his clients. The Free Enterprise Project<\/a> (FEP) disagreed, telling Solomon that these policies are in fact \u201cill-considered and deeply damaging.\u201d<\/p>\n

\"Davis<\/a>

Davis Soderberg<\/p><\/div>\n

At Goldman Sachs\u2019s annual shareholder meeting, Davis Soderberg<\/a>, FEP Associate at the National Center for Public Policy Research, submitted this question:<\/p>\n

Under the guise of supporting \u201cESG\u201d investing<\/a>, Goldman Sachs is pushing companies to make carbon-reduction decisions that, given carbon-output increases in China and India, can have no effect on the environment while greatly reducing American standards of living; while introducing racist and sexist \u201ccritical race\u201d and \u201cwoke\u201d quotas and doctrines into every aspect of working life. What specific measures is Goldman Sachs taking to make sure that ESG doesn\u2019t just become a front for pushing ill-considered and deeply damaging radical political positions on American corporations?<\/p><\/blockquote>\n

Solomon responded:<\/p>\n

Davis, thank you for your question. For us, sustainability is embedded in the work we do for our clients, increasingly important and relevant to them. Our sustainable finance commitment reflects our ability to respond to what we see as a clear shift toward where our clients are going. Our strategy is integrated with the purpose of our firm to advance sustainable economic growth and financial opportunity to ensure credibility with stakeholders both internal and external. Our people recognize that inclusive growth and climate transition are increasingly drivers of risk and opportunities for our clients. Given the scale of our ambition, our focus has been on how to effectively operationalize this commitment to give our people the tools to best serve our clients.<\/p><\/blockquote>\n

The audio of Soderberg\u2019s question and Solomon\u2019s answer can be heard here<\/a>.<\/p>\n