Goldman Does Deal To Avert Shareholder Spat

Lloyd Fonzie Blankfein

For the second year in a row, Goldman Sachs has fended off a shareholder proposal that could have led to a messy public vote to strip Chief Executive Lloyd Blankfein of his chairman's title.

Reuters reports that by striking a deal for modest changes to the company's governance policies, Blankfein again potentially avoided the kind of embarrassment suffered by Jamie Dimon, CEO and chairman of JPMorgan Chase & Co, who faced substantial opposition on a similar vote last year, or Citigroup then-CEO Vikram Pandit, whose executive pay plan was rejected by shareholders last year.

CtW Investment Group, an adviser to union pension funds with $250bn of assets, said on Wednesday it agreed to withdraw its proxy proposal seeking a split after the company agreed to give Goldman's lead director, James Schiro, new powers such as setting board agendas and writing his own annual letter to shareholders.

Hit the link below to access the complete Reuters article:

Goldman deal with union group lets Blankfein keep dual roles

Deutsche Bank to cut 18,000 small Dutch clients

FBI found KPMG auditor via golf buddy, his lawyer says

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts