local officials, and prohibit certain top-level employees from donating to such officials. This SEC regulation is an anti-"pay-to-play" measure, intended to avoid the creation of a conflict of interest, or the appearance of a conflict of interest, as Goldman Sachs has business in managing state pension funds and municipal debt. In 2016, Goldman Sachs's compliance department barred the firm's 450 partners (its most senior employees) from making donations to state or local officials, as well as "any federal candidate who is a sitting state or local official". One effect of this rule was to bar Goldman partners from directly donating to Donald Trump's presidential campaign, since Trump's running mate, Mike Pence, was the sitting governor of Indiana. Donations to Hillary Clinton's presidential campaign were not barred by the policy, since neither Clinton nor her running mate Tim Kaine was a sitting state or local official. In the 2016 election cycle, Goldman employees were reported () to have donated $371,245 to the Republican National Committee and $301,119 to the Hillary Clinton presidential campaign. Management Officers and directors Notable current non-employee members of the board of directors of the company are M. Michele Burns, Bill George, James A. Johnson, Ellen J. Kullman, Lakshmi Mittal, Adebayo Ogunlesi, Peter Oppenheimer, Debora Spar, Mark Tucker, and David Viniar. Non-employee directors receive annual compensation of $450,000-$475,000. The company's officers are listed on its website as follows: List of chairmen and CEOs Marcus Goldman (1869–1894) Samuel Sachs (1894–1928) Waddill Catchings (1928–1930) Sidney Weinberg (1930–1969) Gus Levy (1969–1976) John C. Whitehead and John L. Weinberg (1976–1985) John L. Weinberg (1985–1990) Robert Rubin (1990–1992) Stephen Friedman (1992–1994) Jon Corzine (1994–1998) Henry Paulson (1999–2006) Lloyd Blankfein (2006–2018); Senior Chairman (2019–present) David M. Solomon (2018–present) Goldman Sachs research papers The following are notable Goldman Sachs research papers: Global Economics Paper No: 93 (South Africa Growth and Unemployment: A Ten-Year Outlook): Makes economic projections for South Africa for the next 10 years. Published on May 13, 2003. Global Economics Paper No: 99 (Dreaming With BRICs: The Path to 2050): Introduced the BRIC concept, which became highly popularized in the media and in economic research from this point on. It also made economic projections for 2050 for the G7 and South Africa as well. These were the first long-term economic projections covering the GDP of numerous countries. Published on October 1, 2003. Global Economics Paper No: 134 (How Solid are the BRICs): Introduced