WEBVTT - Goldman's Asahi Pompey on US Philanthropy Under Trump

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<v Speaker 1>Now all sectors are adjusting to what a Donald Trump

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<v Speaker 1>presidency will mean for them. We want to have a

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<v Speaker 1>conversation next about what it could mean for philanthropy. This

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<v Speaker 1>is Goldman Sacks is holding its investment competition today, where

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<v Speaker 1>it's analysts around the world get to pitch for a

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<v Speaker 1>two hundred and fifty thousand dollars prize tonight to a

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<v Speaker 1>charity of their choice. We have Asahi Pompey with us

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<v Speaker 1>in studio, whose global head of Corporate Engagement and President

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<v Speaker 1>of the Goldman Sachs Foundation. Good morning, Sah. He lovely

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<v Speaker 1>to have you with us in studio. I do wonder

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<v Speaker 1>what the election results, what that means for how you're

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<v Speaker 1>thinking about next year. A lot of the policies espoused

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<v Speaker 1>by the incoming president would be perhaps rolling back areas

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<v Speaker 1>of government where perhaps philanthropy could be stepping in. What

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<v Speaker 1>are you thinking about in terms of what could change

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<v Speaker 1>next year?

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<v Speaker 2>Look, I'd like to start off by just saying that,

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<v Speaker 2>you know, I echo the words of our CEO, David

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<v Speaker 2>Solomon in congratulating President elect Trump on his victory, and

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<v Speaker 2>we look forward to working with the new administration on

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<v Speaker 2>what we hope will be strong policies for economic growth.

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<v Speaker 2>I think, like everybody else, we're going to be sort

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<v Speaker 2>of watching what the impact will be on markets and

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<v Speaker 2>policies so we can best serve our clients. As I

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<v Speaker 2>think about the philanthropic landscape, I'd say a couple of things.

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<v Speaker 2>One is, as we think about cultivating talent, we think

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<v Speaker 2>about what that talent feels about the impact of Goldman,

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<v Speaker 2>Sachs and Frankly companies where they work in communities. We

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<v Speaker 2>know that seventy five percent of gen Z and millennials

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<v Speaker 2>say that an organization's community engagement their social impact is

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<v Speaker 2>absolutely critical to where they choose to work. Secondly, we

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<v Speaker 2>know that the overall job satisfaction, eighty six percent of

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<v Speaker 2>gen Z say that their sense of purpose, whether they

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<v Speaker 2>have a sense of purpose at work, increases not only

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<v Speaker 2>their job satisfaction but their personal well being. So as

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<v Speaker 2>you think about that backdrop of any company, you have

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<v Speaker 2>to make sure that you're engaged in activities that's going

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<v Speaker 2>to feed that. And one of the great things that

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<v Speaker 2>we're doing today is that we're have this competition of

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<v Speaker 2>our analysts and they'll be able to have their hands

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<v Speaker 2>on millions of philanthropic dollars and where those dollars go.

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<v Speaker 2>And this is the ninth year of the competition.

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<v Speaker 3>Yeah, it sounds really interesting. I want to get onto

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<v Speaker 3>that in just a minute, but just a further kind

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<v Speaker 3>of follow up question, given the importance of the Trump

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<v Speaker 3>White House, you know, Goldman Sachs is one Million Black

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<v Speaker 3>Women Initiative, the Black and Business Education Program, and a

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<v Speaker 3>raft of other Golden Sachs and Golden Sachs Foundation programs.

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<v Speaker 3>They are putting literally billions of dollars over many, many

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<v Speaker 3>years into addressing racial and gender inequality, for example. Do

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<v Speaker 3>you lean into that given that the next four years

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<v Speaker 3>is going to be a very conservative administration, how do

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<v Speaker 3>you think about it?

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<v Speaker 2>I mean, when we launched our one Million Black Women Initiative,

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<v Speaker 2>it's two things. It's ten billion of investment capital and

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<v Speaker 2>one hundred million of philanthropic capital. What's important to note,

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<v Speaker 2>I think is one, in terms of our Black and

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<v Speaker 2>Business Program, it is open to all individuals who are

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<v Speaker 2>entrepreneurs that are growth oriented and solopreneurs looking to become entrepreneurs.

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<v Speaker 2>And so there's a wide spectrum of individuals that can

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<v Speaker 2>apply for that program and that can be a part

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<v Speaker 2>of that program. One two. It's really not about DII

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<v Speaker 2>or anything of that nature. It's about who are the

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<v Speaker 2>growth engines. And if you look at who the growth

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<v Speaker 2>engines are in the US economy, and I would argue,

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<v Speaker 2>in the global economy, we know it's small business, it's entrepreneurs.

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<v Speaker 2>So that program is about feeding those small businesses with

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<v Speaker 2>the capital, the know how, the network in order to grow.

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<v Speaker 2>And here's a couple of things I would underscore when

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<v Speaker 2>you look at the data. If you're able to close

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<v Speaker 2>the earningscap for black women in the United States, you're

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<v Speaker 2>able to increase US GDP by anywhere from three hundred

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<v Speaker 2>and fifty to four hundred and fifty billion dollars. You're

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<v Speaker 2>able to create one point three to one point seven

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<v Speaker 2>million jobs. Those aren't jobs for black individuals. Those are

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<v Speaker 2>just jobs in the US economy for whomever chooses to

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<v Speaker 2>take those jobs. And so if you look at the

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<v Speaker 2>overall impact, the blast radius of these types of programs

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<v Speaker 2>catches a very very wide net of individuals that contributes

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<v Speaker 2>to jobs and economic growth.

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<v Speaker 1>And do you think that that economic case then shields

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<v Speaker 1>the organization from criticism if that comes. And that's the

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<v Speaker 1>sense that we're getting from many people who have backed

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<v Speaker 1>Donald Trump of being against ESGDI programs or initiatives.

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<v Speaker 2>I think it does a couple of things. One is,

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<v Speaker 2>I think looking at the eligibility criteria of the programs

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<v Speaker 2>are particularly important. And obviously everything that we do is

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<v Speaker 2>in compliance with laws and regulations, and so I think

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<v Speaker 2>that's one insulator, if you will. But I also think

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<v Speaker 2>that larger economic case is a really important one. We've

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<v Speaker 2>underscored that in our Black Womenomics report, and so yes,

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<v Speaker 2>I think that that trifecta of those things I think

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<v Speaker 2>is particularly important.

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<v Speaker 3>What do you think the young people and the analysts

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<v Speaker 3>who are going to be taking part in the event

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<v Speaker 3>today are going to be looking to do with the money,

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<v Speaker 3>And also how did they actually win that two hundred

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<v Speaker 3>and fifty thousand dollars. I mean, it's interesting that they

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<v Speaker 3>get to pick, you know, what they're going to put

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<v Speaker 3>that money towards. How do they get it? And why

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<v Speaker 3>did you choose to do this kind of a competition.

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<v Speaker 2>You know, it's a great question, Caroline, because if you

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<v Speaker 2>were to look at most corporations, decisions around impact and

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<v Speaker 2>philanthropy are reserved for those in the C suite. And

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<v Speaker 2>what we've done with this program is we've really democratized

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<v Speaker 2>access to those dollars. So we've said we're going to

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<v Speaker 2>put that decision making in the hands of our junior

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<v Speaker 2>talent at the firm and have them drive the bus,

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<v Speaker 2>have them one identify organizations, have them make a pitch,

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<v Speaker 2>and the pitch today is to our CEO, David Solomon

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<v Speaker 2>and other senior leaders Richard not head of our office

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<v Speaker 2>here in the UK, that we'll be making the decision.

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<v Speaker 2>So it is literally a competition on stage where they

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<v Speaker 2>are battling for better the for the for impacts across

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<v Speaker 2>the world and some phenomenal organizations that they've chosen and

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<v Speaker 2>frankly orgs that we don't always know about. And so

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<v Speaker 2>you're getting this pool of talent really surfacing phenomenal organizations

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<v Speaker 2>doing great work around the UK, but more globally as well.

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<v Speaker 1>Can you tell us a bit about some of those

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<v Speaker 1>organizations that the analysts are pitching to be able to

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<v Speaker 1>night this money.

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<v Speaker 2>To sure I want to highlight the UK team in particular,

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<v Speaker 2>they're pitching for an organization called screen Share. It's an

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<v Speaker 2>all female team and screen Share addresses the issue of

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<v Speaker 2>digital exclusion. These are individuals who don't have a device,

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<v Speaker 2>who don't have internet access. We know in the UK

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<v Speaker 2>approximately eleven point nine individuals are in this state where

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<v Speaker 2>they are just not connected. So what's Screen and Share

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<v Speaker 2>does is they provide devices, refurbaged devices to these individuals

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<v Speaker 2>with prepaid internet access so they're able to then really

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<v Speaker 2>access job listings, information, education and for the most part

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<v Speaker 2>they target asylum seekers and refugees.

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<v Speaker 3>Okay, I think that sounds yeah, but really nice to

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<v Speaker 3>highlight that to our London audience. Well worth it in

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<v Speaker 3>terms just of the I suppose what you're hoping to

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<v Speaker 3>build on this long term for Golden Size and the

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<v Speaker 3>Golden six Foundation. What do you think that you hope

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<v Speaker 3>this is going to twigger in those teams that are gonna,

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<v Speaker 3>you know, face the CEO frankly with a pitch, having

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<v Speaker 3>to impress the CEO. What do you hope will be

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<v Speaker 3>developed from this program?

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<v Speaker 2>Three things I would say. One is we want to

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<v Speaker 2>make sure that we're cultivating leaders at the firm and

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<v Speaker 2>so this is a chance for them to sharpen their skills. Two,

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<v Speaker 2>we want to make sure that senior leaders are the

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<v Speaker 2>firm are getting access down the pipeline to our analysts.

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<v Speaker 2>So this is a chance for the analyst to really

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<v Speaker 2>you know, you're one year at Goldman Sachs and you're

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<v Speaker 2>getting a chance to be in front of the CEO

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<v Speaker 2>and the entire leadership team. So they get to interact

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<v Speaker 2>with our most senior leadership. Our senior leadership gets interact

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<v Speaker 2>with them. And then it's about the organizations. It's about

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<v Speaker 2>the hundreds of thousands of dollars that these organizations will

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<v Speaker 2>receive and the impact that it will have on the

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<v Speaker 2>communitating in general. So it's that sort of combination of

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<v Speaker 2>things that cocktail that I think is particularly important to us.

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<v Speaker 2>What's interesting to note is that when we look at

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<v Speaker 2>the data of our analysts who've participated in the program,

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<v Speaker 2>we see that ninety six percent of them say that

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<v Speaker 2>it's improved their leadership and strategic development skills, it's improved

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<v Speaker 2>their communication and frankly, their connectivity with the organization.

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<v Speaker 3>Okay, I think that's great. The other UK issue, though,

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<v Speaker 3>is we've got mandatory gender pay gap reporting in the UK.

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<v Speaker 3>There's a debate about whether that should be extended to

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<v Speaker 3>ethnic pay gap reporting. Also some debate around that issue.

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<v Speaker 3>It does seem to be that with the us where

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<v Speaker 3>it is now, the flow may be very much against that.

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<v Speaker 3>Are you in favor of ethnicity pay gap reporting? You know?

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<v Speaker 2>It's Here's what I would say. I would highlight our

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<v Speaker 2>partner class that was just announced last week. We had

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<v Speaker 2>twenty six percent of the ninety five new partners are women.

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<v Speaker 2>It's the largest number of women promoted to a partnership

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<v Speaker 2>in Goldman Zac's history, almost twenty seven percent of that class.

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<v Speaker 2>I'm actually the global sponsor of the Women's network at

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<v Speaker 2>the firm, and so as I think about sort of

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<v Speaker 2>the efforts that we've undertaken, I think we've made strong

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<v Speaker 2>strides in growing our pipeline and our investment there. Obviously,

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<v Speaker 2>we think that there's more work to do, but I'd

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<v Speaker 2>really focus there because that's about what an organization's doing

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<v Speaker 2>in a very tang way to increase their pipeline and

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<v Speaker 2>cultivate that next generation of leaders.

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<v Speaker 1>Okay Asa, great to have you with us in studio.

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<v Speaker 1>Thank you so much for your time this morning. That's

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<v Speaker 1>Sosai Pompey, Global head of Corporate Engagement and Presents of

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<v Speaker 1>Goldman Sachs Foundation.