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Glass Lewis Advises Investors to Oppose Goldman Sachs Executive Pay
Concerns Over Pay and Performance Alignment
Proxy advisory firm Glass Lewis has recommended that investors vote against the executive compensation packages at Goldman Sachs. The firm cited concerns over the bank’s inability to align executive pay with performance.
Retention Awards Under Scrutiny
Glass Lewis highlighted the $160 million in retention awards granted to CEO David Solomon and President John Waldron in January. The firm called these grants excessive and noted that the justification provided in Goldman Sachs’ proxy statement lacked sufficient detail.
Future Assessment of Pay Structure
While Glass Lewis stated that a full evaluation of the impact of these awards will take place in 2025, it expressed immediate concerns over the transparency and rationale behind the compensation decisions.
Goldman Sachs’ Response Pending
As of Saturday, Goldman Sachs representatives had not responded to requests for comment on the advisory firm’s recommendations.