Goldman Sachs 2002 Annual Report Download - page 103

100 GO L D M A N SA CH S 2002 A N N UAL R EPO RT
1. Our clients’ interests always come first. Our experi-
ence shows that if we serve our clients well, our own
success will follow.
2. Our assets are our people, capital and reputation.
If any of these is ever diminished, the last is the most
difficult to restore. We are dedicated to complying fully
with the letter and spirit of the laws, rules and ethical
principles that govern us. Our continued success
depends upon unswerving adherence to this standard.
3. Our goal is to provide superior returns to our share-
holders. Profitability is critical to achieving superior
returns, building our capital, and attracting and keeping
our best people. Significant employee stock ownership
aligns the interests of our employees and our shareholders.
4. We take great pride in the professional quality of
our work. We have an uncompromising determination
to achieve excellence in everything we undertake.
Though we may be involved in a wide variety and heavy
volume of activity, we would, if it came to a choice,
rather be best than biggest.
5. We stress creativity and imagination in everything
we do. While recognizing that the old way may still be
the best way, we constantly strive to find a better solution
to a client’s problems. We pride ourselves on having
pioneered many of the practices and techniques that
have become standard in the industry.
6. We make an unusual effort to identify and recruit
the very best person for every job. Although our activities
are measured in billions of dollars, we select our people
one by one. In a service business, we know that without
the best people, we cannot be the best firm.
7. We offer our people the opportunity to move ahead
more rapidly than is possible at most other places.
Advancement depends on merit and we have yet to find
the limits to the responsibility our best people are able
to assume. For us to be successful, our men and women
must reflect the diversity of the communities and cultures
in which we operate. That means we must attract,
retain and motivate people from many backgrounds
and perspectives. Being diverse is not optional; it is
what we must be.
O ur Business Principles
8. We stress teamwork in everything we do. While
individual creativity is always encouraged, we have
found that team effort often produces the best results.
We have no room for those who put their personal
interests ahead of the interests of the firm and its clients.
9. The dedication of our people to the firm and the
intense effort they give their jobs are greater than one
finds in most other organizations. We think that this is
an important part of our success.
10. We consider our size an asset that we try hard to
preserve. We want to be big enough to undertake the
largest project that any of our clients could contemplate,
yet small enough to maintain the loyalty, the intimacy
and the esprit de corps that we all treasure and that con-
tribute greatly to our success.
11. We constantly strive to anticipate the rapidly
changing needs of our clients and to develop new serv-
ices to meet those needs. We know that the world of
finance will not stand still and that complacency can
lead to extinction.
12. We regularly receive confidential information as
part of our normal client relationships. To breach a confi-
dence or to use confidential information improperly or
carelessly would be unthinkable.
13. Our business is highly competitive, and we aggres-
sively seek to expand our client relationships. However,
we must always be fair competitors and must never
denigrate other firms.
14. Integrity and honesty are at the heart of our business.
We expect our people to maintain high ethical standards
in everything they do, both in their work for the firm
and in their personal lives.