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Bonus Goldman Sachs for executive director David Solomon and President John Waldron, worth $ 80 million per piece, “Increase significant problems” and should be rejected by the bank shareholders, the advisory company Glass Lewis recommended.
In a report published late on Friday, Proxy Advisor told the Duet Awards, which the bank announced in January“They are further exacerbated by their structure, with the supports that deviate from the historical use of the capital -based capital awards.”
Bonuses will be paid in full stock and are not related to the conditions of performance, the company said.
While the “media titles” showed “a high level of piercing” experienced in the bank, the shareholders mostly received the “Kotlovo Ploče language” on the need for a salary, said Glass Lewis.
“The absence of any discovery of these elements is such a significant award is awful, and only on this would justify voting against this proposal this year,” the report said.
Goldman approved a five -year retention bonuse to ensure that their two best executives remain at the bank. The Waldron Award fasted the popular view of the wallo street observers that Solomonov is most likely any heir.
The bonuses were separated from the annual Solomon and Waldron fee, which last year amounted to $ 39 million or $ 38 million. They also broke the recent prizes paid by the main managers of JPMORGAN RIVAL and Morgan Stanley.
Within Goldman, there were concerns for weeks that investors would refuse so -called salaries on the annual institution of the Investment Bank on April 23 in Dallas, according to people who are familiar with the issue.
Goldman, whose best investors include Vanguard, Blakkrock and State Street, said in the statement: “Competition for our talent is fierce. The Committee has taken action to maintain our current leadership team, to maintain the momentum of our company and maintain a powerful plan of succession. 100 % of the grants are fully aligned with the long-term creation of the share of the share in Dioinner.
The advisory vote, adopted as part of the reform of the financial regulation of Dodd-Frank, is not related. But if the shareholders voted no, it would be a public reprimand for the bank.
In US banks, it is rare for investors to vote against the fee plans; In recent years only is JPMORGAN Chase faced with such a rebellion. The shareholders were frustrated with a special award for which it is predicted to be worth around $ 50 million for the Jamie Dimon 2022 CEO. JPMORGAN then said not give Dimon special awards in the future.
In Goldman Sachs, a shareholder support for his 86 percent of the Payment Executive Award in 2024, compared to 94 percent a year before.
Glass Lewis also warned shareholders of the new paid interest plan for executives. The complexity of the plan makes it difficult for shareholders to evaluate the payment arrangements before the bonuses are paid, the company said.
