Goldman Sachs 2004 Annual Report Download - page 30

1.฀฀Our clients’ interests always come first.
Our experience 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 shareholders. 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.
the฀test฀of฀time
the฀25th฀anniversary฀of฀the฀goldman฀sachs฀business฀principles
“I didn’t write
the business principles,
I learned them
from my predecessors.
john฀c.฀whitehead
”
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.
8.฀ We stress teamwork in everything we do.
While individual creativity is always encour-
aged, 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 contribute greatly to our success.
11.฀ We constantly strive to anticipate the
rapidly changing needs of our clients and
to develop new services 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 confidence or to use confidential
information improperly or carelessly would
be unthinkable.
13.฀ Our business is highly competitive, and
we aggressively 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.
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