Whereas, our company’s political and business leadership has resulted in the creation of
enormous individual and corporate wealth, the election and appointment of prosperous and
respected politicians and government officials, including cabinet and U.S Treasury
representatives, regulators and others overseeing multiple regulatory agencies designed to
protect the public interest;

Whereas, our company has earned the title “government Goldman” in the media, because
many Administrations have had so many former Goldman Sachs executives employed at the
highest level of government;

Whereas, our company proudly endeavors to continue to create private wealth for individuals
and corporations, including by assisting numerous corporations to flee U.S. taxes through
“inverting” ownership overseas; therefore be it

Resolved, that shareholders request the board of directors adopt a policy along the lines of the
following principles, to guide our company’s public policy advocacy regarding any laws or
regulations relating to corporate governance and accountability, at reasonable expense and
excluding confidential information:

Policy Principles
While always operating within the limits of the law:
• A corporation should owe no political or financial allegiance to any public jurisdiction or
• A corporation should maximize shareholder value, regardless of the consequences such
conduct may have on natural persons of any local, state or national jurisdictions;
• A corporation should exert maximum influence over the political process to control
government and further the self-interest of the corporation and its shareholders.
Furthermore, within the limits allowed by law:
• The sole purpose of a corporation should be to enrich its managers and shareholders;
• The sole moral obligation of directors should be to maximize shareholder value,
regardless of any unintended economic or social injury to others that may result from
corporate conduct.

Supporting Statement
The Final Report of the National Commission on the Causes of the Financial Crisis in the United
States in January 2011 stated one of the causes of the crisis was “. . . a systemic breakdown in
accountability and ethics.” As companies continue to help write the rules we abide by, they
help to fulfill their destiny for corporate political leadership.
The times have changed. Milton Friedman once said, “The kind of economic organization that
provides economic freedom directly, namely, competitive capitalism, also promotes political
freedom because it separates economic power from political power and in this way enables the
one to offset the other.” Today, companies like ours can proclaim political and economic
power are no longer separate; our company wields both.
Shareholders who vote FOR this proposal are taking the position that profit-seeking behavior
should always be encouraged by law and public policy, even if profitmaking causes damage to
the economy or public welfare. Our company should take this position in public policy forums,
regardless of whether such principles are aligned with how the Company conducts its own
business or political strategy, risk management or corporate responsibility practices.
The Financial Crisis Inquiry Report, January 2011, xvii-xxviii.