Goldman Sachs has been lambasted by some of its investors for being overly interested in saving the environment. But the bank says its green credentials are worth it, partly because they're a big draw on campus.
Activist shareholders the Free Enterprise Action Fund and the National Legal and Policy Centre (NLPC) lashed out last week at Goldman's new green credentials, claiming they were not in the shareholders' interest. Last year, Goldman donated 680,000 acres of land in Chile to the Wildlife Conservation Society (WCS). The bank is also committed to reducing its impact on the environment and to supporting laws cutting greenhouse gas emissions.
According to The Independent, chief executive Hank Paulson defended the bank's environmental policy by pointing to students' enthusiasm for the stance. He is reported as saying: "There has been a huge outswell of support from college campuses. I was at the Harvard Business School recently, and I know that this is an advantage when it comes to hiring the best and brightest."
What do you think? Would you work for Goldman because it wants to save the environment, or does the fact that it paid its average employee $500,000 last year weigh a little more heavily in your consideration? Let us know what you think.
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