In a Friday announcement, the Goldman Sachs Group, said that its new business standards committee - announced at its annual shareholders meeting last week - will include Arthur Levitt, the ex-chairman of Securities and Exchange Commission (SEC).

Noting that the new committee will not only assess the company's business standards but will also put forth suggestions to the board and senior management, Goldman CEO Lloyd Blankfein said in a statement: "We recognize that there is a disconnect between how we view the firm and how the broader public perceives our roles and activities."

The prominent figures leading the standards include E. Gerald Corrigan and J. Michael Evans. While the former is the chairman of Goldman Sachs Bank USA; the latter is the vice chairman of Goldman Sachs and chairman of Goldman Sachs Asia.

Along with Levitt, Corrigan and Evans, there are 12 other executives are on the committee, whose chief operating officer will be Jeffrey Schroeder, the chief administrative officer at Goldman Sachs; and its legal counsel will be David Greenwald, the general counsel of Goldman Sachs International.

The committee, which will seek contributions from outside experts, regulators, and clients, will have five working groups. The key focus of two of these groups will respectively be client relationships, and disclosure and transparency.

The committee will submit its final report, which will be made public, to the board of directors after its meeting scheduled in mid-December.