American investment bank Goldman Sachs today said it is holding the board meet in India for the first time as part of the larger series exploring key developing markets.
In an email response to queries sent by Business Standard, Edward Naylor, Asia spokesperson, Goldman Sachs said the meeting completes a series of trips made by the board to key developing markets. “The 12-member board, which typically holds a meeting every year outside the US, will travel to New Delhi and Mumbai this month. Directors have previously convened in China, Russia, the West Asia and Brazil,” Naylor added.
The board led by chairman and chief executive officer Lloyd C Blankfein includes India-born Arcelor Mittal chairman Lakshmi Mittal as one of the directors.
In a dinner to be hosted later in the day, the board will host government officials and heads of the nation’s biggest conglomerates, including Reliance Industries Chairman Mukesh Ambani, Godrej Industries Chairman Adi Godrej, Tata Group Chairman Ratan Tata, Tata Group Deputy Chairman Cyrus Mistry, Aditya Birla Group Chairman Kumar Mangalam Birla, Essar Group CEO Prashant Ruia are expected to attend the dinner.
Goldman Sachs, the fifth-biggest US bank by assets, has climbed 40% in New York Stock Exchange composite trading this year after dropping 46% in 2011, its worst year for profit since 2008.
The 12-member board’s meeting comes two weeks after former derivatives salesman Greg Smith wrote an opinion piece in the New York Times that blamed Blankfein and President Gary D Cohn, both members of the board, for presiding over a deterioration in the firm’s culture. Blankfein and Cohn said most employees disagree with Smith’s assertion that the firm rips off clients in pursuit of profit and said they would investigate his claims.
