Support investors for paid sinks Goldman Bosses up to 9-year minimum

Unlock Digest Editor free

Halef’s roller, FT editor chooses his favorite stories in this weekly newsletter.

Goldman Sachs has received the lowest level of shareholders’ support for the payment of executives for almost ten years, after criticizing the Bonus for Executive Director David Solomon and President John Waldron worth $ 80 million in each.

In the so -called voting on payments at the Goldman’s annual general meeting, 66 percent of the vote supported investment plans, the lowest support level since 2016.

Voting also means the lowest support for the Big Bank’s payment since 2022, when JPMorgan Chase shareholders have emerged on the remuneration package Jamie Dimon.

In that year, only a third of JPMorgan shareholders supported Dimon payment, which included a special award worth about $ 50 million at the time. Jpmorgan after that said would not hand over to his CEOs special awards In the future.

As Golden The vote does not contain, the muted support level reflects the investor’s concern with the bank’s plans to pay the two best bonuses for the maintenance of executives more like a private capital group.

Glass Lewis and institutional shareholders recommended to shareholders to vote against pay plans.

Goldman, which includes Vanguard, BlackRock and State Street, rewarded five -year bonuses for the maintenance of Solomon and Waldron in January.

Awards for Solomon and Waldron, who have reached the annual payment of $ 39 million and $ 38 million, respectively, added to the assumption that Waldron is Most likely to succeed Solomon As the executive director.

Glass Lewis criticized the bank for not tying rewards to performance indicators. Goldman defended the awards, saying they needed to keep their talent, and that the payment of 100 percent in the warehouse meant that they were agreed with the interests of shareholders.

Norway’s sovereign fund, the 15th largest shareholder Goldman, said he voted against pay packages.

“Council (company) must ensure transparency in full reward to avoid invalid results,” said Norges Bank Investment Management. “The advice must ensure that all benefits have a clear justification for the business.”

Calstrs, a major California Pension Fund, also said he had voted against Goldman’s salaries.