Tuesday, November 9, 2010

Goldman Sachs_CSR Initiatives

The Goldman website does not provide information related to CSR initiatives.

In a 2006 interview, Vice President Sonal Shal said, “We will make money off of [CSR]. We will be a better partner to our clients, but we will also create a better business” (Ferdinand). She expressed interest in focusing CSR initiatives on environmental sustainability, but stated that, unlike competitors’ environmental focuses as defense mechanisms, Goldman is taking a business-oriented approach. The company is investing $1 billion in alternative energy. It also is investing in a research company in hopes of pinpointing important issues to assist in planning for CSR initiatives (Ferdinand).

The company also maintains the Goldman Sachs foundation. The foundation allows partners to set aside money for charities of their choice, and Goldman is setting aside assets to double the fund’s size (Stannard-Friel).

Ferdinand, Andrea. “Goldman Sachs VP Says Corporate Responsibility Part of Strategic Plan”.McCombs School of Business.7 Nov 2006. 9 Nov 2010. http://www.mccombs.utexas.edu/news/pressreleases/SonalShah06.asp

Stannard-Friel, Jessica. “The New York Times on the Goldman Sachs Foundation, or WHY Can’t We Acknowledge that CSR is GOOD for a Company??”. Reimagining CSR. 12 Nov 2009. 9 Nov 2010. http://reimaginingcsr.blogspot.com/2009/11/new-york-times-on-goldman-sachs.html

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