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    Global Stewardship

    STEWARDSHIP REPORT 2021

    At Goldman Sachs Asset Management, we are strongly committed to our stewardship responsibilities: proxy voting, direct engagement with company management and industry participation. It has been another busy year for our team and we have continued to see increasing interest in our stewardship activities from our clients.

    Overview

    At Goldman Sachs Asset Management, we are committed to promoting and exercising effective stewardship among the companies represented in the portfolios we manage on behalf of our investing clients. We believe stewardship, active engagement, and integration of Environmental, Social, and Governance (ESG) factors play an important role in active investment management. Please see Our Approach to Stewardship for more information on the main elements of our stewardship program and how we seek to apply them. 

     

    We demonstrate responsible ownership through our global proxy voting policy, which is updated annually to incorporate current beliefs on key governance and ESG topics. We regularly engage company management teams throughout the year. We disclose our votes publicly to comply with various regulations and global stewardship codes.

     

    We are active participants in various ESG industry efforts, and strive to balance the depth and quality of our contributions, as well as to be transparent and collaborative in our approach. This page outlines how we evidence our commitments to various industry collaborations around the globe.

     

     

    Our 2021 Stewardship Report highlights our proxy voting and engagement efforts.

     

    11,273

    Meetings voted in 2021

    110,129

    Proposals voted in 2021

    2,655

    Directors voted against for lack of diversity in 2021

    511

    Engagements in 2021

    472

    Companies engaged in 2021

    30

    Markets engaged in 2021 

    Our Focus List


     

    Accelerating the Climate Transition 

     

    We aim to promote company disclosure of material climate risks through established frameworks as well as focus on targets and net zero strategy. We also seek to identify and address companies’ impacts on biodiversity.


     

    Driving Inclusive Growth   

     

    We seek to increase diversity on corporate boards globally and promote best practices in diversity and inclusion across all levels of the workforce. We also aim to encourage strong company commitment to workforce health and safety, particularly in response to Covid-19.


     

    Promoting Strong Corporate Governance   

     

    We look to engage with companies on capital allocation, executive compensation, shareholder rights, and potential violations of the United Nations Global Compact (UNGC). We also aim to gather information to make informed proxy voting decisions. 

    As a component of our ESG integration, Goldman Sachs Asset Management has published our inaugural Fixed Income Engagement Report, highlighting the firm’s ESG commitment within the fixed income investment landscape. Over the course of 2021, our corporate credit research analyst teams engaged with approximately 827 corporate issuers1 on ESG related topics. We hope this report helps you to understand our ESG commitment and provides valuable insights into the work we have done.
    Download Full Report

    Stewardship Reporting and Policies

    Global

    Our Approach to Stewardship

    Stewardship Report 2021

    Stewardship Summary CY2020

    Stewardship Report 2019

    Stewardship Report 2018

    1Q22 Voting Records

    2Q22 Voting Records

    3Q22 Voting Records

    4Q22 Voting Records

     

    US

    Investor Stewardship Group

    Annual GSAM US 1940Act voting Disclosure

     

    UK

    UK Stewardship Code

    Our UK Stewardship Code Report 

     

    Japan

    Japan's Stewardship Code

    GSAM's Japan's Stewardship Code Statement 

     

    Singapore

    The Singapore Stewardship Principles for Responsible Investors

    GSAM’s Singapore Stewardship Principles for Responsible Investors Statement 

     

     

    EU Shareholder Rights Directive II

    Annual Disclosure of Voting Activities

    Annual Reporting to Fund Investors Disclosure

    Institutional Investors Disclosure

    Our Global Approach to Stewardship

     

     

     

    Proxy Documents

    Global Approach to Proxy Voting

    Proxy Season Highlights and a Look Ahead

     

    1 We also engage with other bond issuers including sovereigns, municipalities and supra-nationals.

    Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this page and may be subject to change, they should not be construed as investment advice.

    THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

    Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

    This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

    This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

    The engagement/proxy voting highlights presented here outline examples of Goldman Sachs Asset Management initiatives, there is no assurance that Goldman Sachs' engagement/proxy voting directly caused the outcome described herein.

    Environmental, Social, and Governance (“ESG”) strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments’ asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted or may develop more slowly than anticipated.

    Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

    United Kingdom: In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority.

    European Economic Area (EEA): This material is a financial promotion disseminated by Goldman Sachs Bank Europe SE, including through its authorised branches ("GSBE"). GSBE is a credit institution incorporated in Germany and, within the Single Supervisory Mechanism established between those Member States of the European Union whose official currency is the Euro, subject to direct prudential supervision by the European Central Bank and in other respects supervised by German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufischt, BaFin) and Deutsche Bundesbank.

    Switzerland: For Qualified Investor use only – Not for distribution to general public. This is marketing material. This document is provided to you by Goldman Sachs Bank AG, Zürich. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Bank AG, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law.

    Asia excluding Japan: Please note that neither Goldman Sachs Asset Management (Hong Kong) Limited (“GSAMHK”) or Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H ) (“GSAMS”) nor any other entities involved in the Goldman Sachs Asset Management business that provide this material and information maintain any licenses, authorizations or registrations in Asia (other than Japan), except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, Malaysia, India and China. This material has been issued for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited, in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H) and in or from Malaysia by Goldman Sachs (Malaysia) Sdn Berhad (880767W).

    Australia: This material is distributed by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). This document may not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced or distributed to any person without the prior consent of GSAMA. To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), Goldman Sachs Asset Management, LP (GSAMLP) or Goldman Sachs & Co. LLC (GSCo). Both GSCo and GSAMLP are regulated by the US Securities and Exchange Commission under US laws, which differ from Australian laws. Both GSI and GSAMI are regulated by the Financial Conduct Authority and GSI is authorized by the Prudential Regulation Authority under UK laws, which differ from Australian laws. GSI, GSAMI, GSCo, and GSAMLP are all exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences. Any financial services given to any person by GSI, GSAMI, GSCo or GSAMLP by distributing this document in Australia are provided to such persons pursuant to ASIC Class Orders 03/1099 and 03/1100. No offer to acquire any interest in a fund or a financial product is being made to you in this document. If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act. GSAMA holds Australian Financial Services Licence No. 228948. Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).

    Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Goldman Sachs Asset Management Co., Ltd.

    Malaysia: This material is issued in or from Malaysia by Goldman Sachs (Malaysia) Sdn Bhd (880767W)

    Hong Kong: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited.

    Singapore: This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).

    Confidentiality
    No part of this material may, without Goldman Sachs Asset Management’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. 

    Compliance code: 275883-OTU-1591653

    © 2023 Goldman Sachs. All rights reserved.

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