The 'A' men get a 'D' grade ?
Goldman Sachs shareholders should vote against the bank’s executive-pay plan, proxy-advisory firm Glass Lewis said, while ISS Proxy Advisory Services USA supported the program.
Bloomberg reports that Goldman Sachs has been 'deficient' in linking compensation to company performance, Glass Lewis said Tuesday in a report, which also opposed the re-election of compensation committee Chairman James A. Johnson. ISS said in a May 8 report that shareholders should vote for Johnson at the New York-based bank’s May 23 annual meeting.
CEO Lloyd Blankfein, 58, received $21m for last year, his highest annual compensation package since 2007. Goldman Sachs shares climbed 41% in 2012, leaving them 24% below the level at which they ended 2010.
Goldman Sachs doesn’t have specific measures to help set annual pay for top executives, Glass Lewis said in the report, which gave the firm a 'D' grade in linking pay to performance.
ISS said the increase in executive pay for 2012 reflected stronger company performance.
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