Firm Also to Double Firmwide Matching Gift Program to $20,000 per
NEW YORK, November 21 /CNW/ - The Goldman Sachs Group, Inc. (NYSE: GS)
today announced the establishment of Goldman Sachs Gives, a donor advised
fund. Through Goldman Sachs Gives, the firm's partners have agreed to commit a
part of their overall compensation to charitable organizations.
Individual accounts will be established within Goldman Sachs Gives for
participating partners, who will recommend charitable organizations around the
world as recipients, thereby diversifying the firm's overall philanthropy. In
addition, the firm will be making a separate contribution to Goldman Sachs
Gives; this will not be in lieu of its existing charitable giving, and is not
intended to be a substitute for other giving by our partners.
Over time, the firm plans to invite other members of the Goldman Sachs
community, including alumni, to contribute to Goldman Sachs Gives. We expect
that Goldman Sachs Gives will grow to more than $1 billion over the next few
years and will become a significant source of dedicated charitable funds. The
firm will pay the costs associated with running Goldman Sachs Gives.
This initiative builds on the firm's long tradition of philanthropy and
will harness the collective generosity of our people, providing an important
way for them to increase their support of non-profit organizations around the
"Goldman Sachs Gives marks an innovative step forward in Goldman Sachs'
long tradition of charitable giving," said Lloyd C. Blankfein, Chairman and
CEO of The Goldman Sachs Group, Inc. "Goldman Sachs has been fortunate to
produce strong financial results in recent years and we want to support
non-profit and other charitable organizations in a meaningful way."
We are also pleased to announce that, effective January 1, 2008, we plan
to increase our annual Matching Gift Program from $10,000 to $20,000, for each
eligible employee other than partners. This increase will allow our people to
double the impact of their charitable giving.
Goldman Sachs Gives and the increased Matching Gift Program will be
subject to final approval by the firm's Board of Directors at the end of our
Goldman Sachs' philanthropic initiatives include Public Service and Board
Placement Programs, The Goldman Sachs Foundation, and the Center for
Environmental Markets. In addition, more than 19,000 employees participated
this year in the firm's Community TeamWorks program, which provides employees
a day off to volunteer in team-based projects coordinated with local
non-profit organizations around the world.
Goldman Sachs is a leading global investment banking, securities and
investment management firm that provides a wide range of services worldwide to
a substantial and diversified client base that includes corporations,
financial institutions, governments and high net worth individuals. Founded in
1869, it is one of the oldest and largest investment banking firms. The firm
is headquartered in New York and maintains offices in London, Frankfurt,
Tokyo, Hong Kong and other major financial centers around the world.
For further information:
For further information: The Goldman Sachs Group, Inc. Media:
Christopher Williams, 212-902-5400 or Investors: Dane Holmes, 212-902-3580