By AnnaMaria Andriotis
A Goldman Sachs shareholder proposal that sought to separate the bank's chairman and CEO positions failed to pass on Wednesday -- even as it won more support among shareholders than last year.
Of Goldman shares that were voted, 33% were in favor of splitting the positions held by David Solomon. Thats up from 16% at last year's annual shareholder meeting.
A similar vote on Brian Moynihans dual roles at Bank of America won support from 31% of votes on Wednesday. That was up from about 26% of those who voted on the proposal last year.
Those behind the efforts believe that separating these positions will improve banks' governance. The banks say nonsense. The issue isn't new. Back in 2016, before Solomon, the measure won 30% at Goldman.
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(END) Dow Jones Newswires
April 24, 2024 12:10 ET (16:10 GMT)
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