Who is John B. Hess and what is his background?

John B. Hess is a prominent figure in the energy industry, currently serving as the Chief Executive Officer (CEO) of Hess Corporation and the Chairman and CEO of Hess Midstream LP. His appointment to the Goldman Sachs Board brings significant leadership and industry experience.

What committees will Mr. Hess serve on?

Mr. Hess has been appointed to three key board committees: the Compensation Committee, the Corporate Governance and Nominating Committee, and the Risk Committee.

Are there any potential conflicts of interest due to Mr. Hess's existing business ties with Goldman Sachs?

The filing acknowledges that affiliates of Goldman Sachs provide ordinary course financial advisory, lending, investment banking, and other financial services to Hess Corporation and Hess Midstream LP. It explicitly states that these transactions are conducted on an arm's length basis. While this is a disclosure of existing relationships, the company emphasizes their routine and independent nature.

What specific business transactions have occurred between Goldman Sachs and Hess entities?

Goldman Sachs has previously acted as a financial advisor to Hess Corporation in connection with its announced sale to Chevron and as an underwriter for a public stock offering by Hess Midstream. The firm also participates in revolving credit facilities for both Hess Corporation and Hess Midstream LP. As of the filing, there were no outstanding loans from Goldman Sachs under these specific facilities.

GOLDMAN SACHS GROUP INC 8-K: Leadership Changes

Summary

Goldman Sachs Group, Inc. announced the appointment of John B. Hess as an independent member of its Board of Directors, effective June 24, 2024. Mr. Hess, who currently serves as CEO of Hess Corporation and Chairman and CEO of Hess Midstream LP, will also join the Compensation, Corporate Governance and Nominating, and Risk Committees of the Board. This appointment brings a seasoned executive with extensive experience in the energy sector to Goldman Sachs' leadership. While Mr. Hess holds significant leadership roles in companies that engage in business with Goldman Sachs, the filing emphasizes that these transactions are conducted on an arm's length basis and are part of ordinary course financial services. Past and current engagements include financial advisory for Hess Corporation, underwriting for Hess Midstream, and participation in revolving credit facilities for both entities. Investors should note that these existing business relationships are disclosed to ensure transparency.

Key Highlights

1John B. Hess appointed as an independent member of the Board of Directors, effective June 24, 2024.
2Mr. Hess will also serve on the Compensation, Corporate Governance and Nominating, and Risk Committees.
3Mr. Hess is the CEO of Hess Corporation and Chairman and CEO of Hess Midstream LP.
4Goldman Sachs has ongoing business relationships with Hess Corporation and Hess Midstream LP.
5These business relationships include financial advisory, lending, and investment banking services.
6Transactions between Goldman Sachs and Hess entities are conducted on an arm's length basis.
7A press release regarding the appointment is furnished as an exhibit.

GOLDMAN SACHS GROUP INC 8-K Report, Executive Changes (Jun 24, 2024)

Summary

Key Highlights

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