Re-election of David Solomon, Chair and CEO…………… AGAINST

By downgrading its restrictions on the direct financing of Arctic oil projects, new thermal coal mines, and new coalfired power plants, we believe Goldman Sachs has traded transparency for uncertainty. While it will continue to
conduct due diligence in these areas, the exact borders of its risk appetite are unclear. In the meantime, any step up in the financing of previously restricted activities could lead to significant risks for the bank, communities, and
the environment. The overall result of the bank’s decision is to make an already weak position on fossil fuels even weaker. Indeed, Goldman Sachs lacks any credible plan to reduce its exposure to these sectors—only a target to
reduce the emissions intensity of its energy portfolio. This is despite the fact that burning fossil fuels has to fall dramatically for the economy, society, and planet to stay in a safe operating window. In ShareAction’s view, climate
and environmental issues are a salient risk for Goldman Sachs and, as such, should be overseen rigorously by David Solomon in his capacity as chair and CEO. The downgrading of Arctic and thermal coal restrictions undermines our confidence that this oversight function is being exercised with sufficient effect. On this basis, we believe a vote against Mr Solomon’s re-election is justified.