Letter to Goldman Sachs' Board on the Issue of Forced Arbitration
October 18, 2021
Dear Goldman Sachs' Board Members,
We hope this finds you well during these times. We, the undersigned, have a vested interest in Goldman Sachs as stakeholders, clients, and investors.
We are writing to follow up on our April letter regarding the spring shareholder resolution where Goldman investors voted asking that the Board oversee the preparation of a public report on the impact of the use of mandatory arbitration on its employees and workplace culture.
We were disappointed to see that the Board opposed the requested study and that it has not yet responded. We are expressing concern about this lack of action on an important operational and societal issue, showing a lack of responsiveness to investor concerns, and rising to a corporate governance issue.
The resistance to seriously considering arbitration’s implications for workplace culture strongly conflicts with the statements the company has made about the importance of diversity, equity and inclusion to the firm and to the success of its investment holdings.
We have not yet heard of any actions taken by the board to address this issue. Given the vote from shareholders, we encourage the Goldman Board to take these concerns seriously and formally investigate whether holding employees in arbitration clauses is in the best interest of the company, its employees, or its investors.
Adrian Dominican Sisters, Portfolio Advisory Board
Barbara Meyer, Meyer Family Enterprises, Trustee, Current Goldman Client
Bonwood Social Investments
Congregation of St. Joseph
Craig Harwood, Invetor
Daughters of Charity, Province of St. Louise
Dez Capital LLC
Emerald Starr, Investor
Felipe Fernandez Sanchez-Navarro, Investor
Harold Erdman, Investor
Harrington Investments, Inc.
Jacki Zehner, Investor
Jodie Evans, Investor
John Hunting, Investor
Kristin Hull, PhD., former owner Hull Trading, LLC
Lisa Renstrom, Investor
M. Blair Hull, Jr. Founder Hull Trading LLC
Mercy Investment Services, Inc.
The People's Foundation