Goldman Sachs 2009 Annual Report Download - page 179

The Goldman Sachs
Business Principles
1 Our clients’ interests always come  rst. 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 dif cult 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.
Pro tability is critical to achieving superior returns, building our
capital, and attracting and keeping our best people. Signi cant
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  nd 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  rm.
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  nd the limits to the responsibility our
best people are able to assume. For us to be successful, our men
and women must re ect 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 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
 rm and its clients.
9 The dedication of our people to the  rm and the intense
effort they give their jobs are greater than one  nds 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  nance will not stand still and that
complacency can lead to extinction.
12 We regularly receive con dential information as part of our normal
client relationships. To breach a con dence or to use con dential
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  rms.
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  rm and in their personal lives.