Goldman Sachs board nominates Royal Dutch Shell CFO for director role

Goldman Sachs board nominates Royal Dutch Shell CFO for director role

News: Goldman Sachs board nominates Royal Dutch Shell CFO for director role.

NEW YORK (Reuters) – The Board of Directors of Goldman Sachs Group Inc. named Royal Dutch Shell plc’s Chief Financial Officer as its newest member on Monday.

If her appointment is approved by shareholders, Jessica Uhl will become the fifth director on Goldman’s board of directors and her only member in the fossil fuel industry.

The bank has withdrawn from fossil fuel development in recent years.

In 2019, it announced plans to stop funding certain drilling and coal activities and set a target of US $ 750 billion in loans, insurance, advisory services and investments in projects to combat climate change or support financially disadvantaged people forgive.

Shell, where Uhl has been operating since 2004, recently promised to eliminate net carbon emissions by 2050 as investor pressure on the oil and gas sector to fight climate change has increased its business in renewables Energies and low-carbon products prepared.

Goldman’s wealth management arm has pushed companies into its investment portfolio to include at least one woman on its board of directors since 2019, and the investment bank has required IPOs to have at least one diversified director since 2020.

The group, which will hold its annual general meeting on April 29, is expected to undergo its own investor review for environmental, social and governance compliance, as well as headlines about its chairman’s personal travel and social activities during the quarantine.

“We are excited to have a candidate of Jessica’s caliber who will enhance the variety of skills and experience represented on our board of directors,” said David Solomon, CEO of Goldman, in a statement.

“We believe she is well positioned to provide advice and insight on a wide range of topics from strategic development to climate risk management.”

(This story corrects the date of the bank’s general meeting to April 29 (not April 30) in the seventh paragraph.)

Reporting by Elizabeth Dilts Marshall; Adaptation by Jan Harvey

Original Source © Reuters

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