New York: Goldman Sachs’ pay package for senior executives got a thumbs-down from a third of the investment bank’s shareholders at yesterday’s annual meeting.
Of Goldman’s shareholders, 34 per cent voted against the compensation package, according to preliminary results announced at the meeting in New Jersey.
Goldman chief executive Lloyd Blankfein in 2015 received compensation
totalling $30 million.
But the packages had been criticised as excessive by many shareholders for not reflecting the hit from multi-billion legal settlements to resolve charges Goldman misled investors on mortgage-backed securities ahead of the housing bust in the US.
“Say on pay” was mandated by US legislation in 2010, which calls for shareholder votes on executive remuneration at least once every
three years.