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AmextaFinance > News > Investor support for Goldman bosses’ pay sinks to 9-year low
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Investor support for Goldman bosses’ pay sinks to 9-year low

News Room
Last updated: 2025/04/23 at 11:49 AM
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Goldman Sachs received the lowest level of shareholder support for its executives’ pay packages in almost a decade, following criticism over bonuses for chief executive David Solomon and president John Waldron worth $80mn each. 

In a so-called say on pay vote at Goldman’s annual general meeting on Wednesday, 66 per cent of votes backed the investment bank’s pay plans, the lowest level of support since 2016. 

The vote also marks the lowest support for a big US bank’s pay proposals since 2022, when JPMorgan Chase shareholders rebelled over chief executive Jamie Dimon’s remuneration package.

That year, only one-third of JPMorgan shareholders supported Dimon’s pay, which included a special award worth about $50mn at the time. JPMorgan subsequently said it would not give its CEO special awards in future. 

While the Goldman vote is nonbinding, the muted level of support reflects investor unease with the bank’s plans to pay its top two executives retention bonuses more akin to a private capital group.

Proxy advisers Glass Lewis and Institutional Shareholder Services had recommended that shareholders vote against the pay plans. 

Goldman, whose biggest shareholders include Vanguard, BlackRock and State Street, awarded the five-year retention bonuses to Solomon and Waldron in January. 

The awards for Solomon and Waldron, which came on top of their annual pay of $39mn and $38mn respectively, have added to speculation that Waldron is most likely to succeed Solomon as chief executive. 

Glass Lewis criticised the bank for not tying the awards to performance metrics. Goldman had defended the awards, saying they were needed to retain its top talent and that paying them 100 per cent in stock meant they were aligned with shareholders’ interests.

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

“The [company’s] board should provide transparency on total remuneration to avoid unacceptable outcomes,” Norges Bank Investment Management said. “The board should ensure that all benefits have a clear business rationale.”

Calstrs, a large Californian pension fund, also said it voted against Goldman’s pay.

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News Room April 23, 2025 April 23, 2025
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