Goldman's David Solomon survives vote on CEO-chair split

Yahoo Finance04-25

David Solomon defeated a shareholder proposal seeking to separate his roles as CEO and chairman of Goldman Sachs (GS), but the measure received double the support it did in 2023. The preliminary tally...

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Goldman Sachs chairman and CEO David Solomon. REUTERS/Denis Balibouse. Perlot argued that the dual role held by Solomon had shielded him from the accountability of past missteps, including the company's costly push into consumer banking.Shareholders at Bank of America  also rejected a similar proposal Wednesday that would have separated the CEO and chairman roles held by Brian Moynihan","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999002232.USD":"Allianz Global High Payout USD","GS":"高盛","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","WFC":"富国银行","BK4585":"ETF&股票定投概念","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","BK4567":"ESG概念","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","SG9999002224.SGD":"Allianz Global High Payout SGD","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","BK4566":"资本集团","LU1032466523.USD":"高盛全球多资产收益组合Acc","BAC":"美国银行","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","BK4559":"巴菲特持仓","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4550":"红杉资本持仓","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4552":"Archegos爆仓风波概念","LU0731783394.SGD":"Fidelity Global Dividend A-MINCOME(G)-SGD","BK4207":"综合性银行","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","BK4135":"资产管理与托管银行","LU0971096721.USD":"富达环球金融服务 A","BLK":"贝莱德","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","JPM":"摩根大通","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","C":"花旗","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","MS":"摩根士丹利","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD"},"translate_title":"高盛首席执行官——董事长分立投票后，大卫·所罗门幸免于难","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GS":1,"BLK":1,"BAC":1,"WFC":0.9,"JPM":0.9,"C":0.9,"MS":0.9},"content_text":"David Solomon defeated a shareholder proposal seeking to separate his roles as CEO and chairman of Goldman Sachs (GS), but the measure received double the support it did in 2023.\nThe preliminary tally released by the Wall Street giant at its annual meeting Wednesday showed 33% of shareholders in favor of the split, up from 16% last year.\n\"We are pleased that voting in support doubled from last year,\" said Luke Perlot of the National Legal and Policy Center, which sponsored the shareholder proposal. \"We are disappointed that these clear examples of excesses did not convince a majority to support our proposal.\"\n\n\n\n  Goldman Sachs chairman and CEO David Solomon. REUTERS/Denis Balibouse\n \n\n  REUTERS / Reuters\n \n\nPerlot argued that the dual role held by Solomon had shielded him from the accountability of past missteps, including the company's costly push into consumer banking.\nShareholders at Bank of America (BAC) also rejected a similar proposal Wednesday that would have separated the CEO and chairman roles held by Brian Moynihan. There were 31% in favor of it, as compared with 26% last year.\nBoth banks have argued they need the flexibility to determine the best leadership structure for their firms.\nSolomon and Moynihan are among several Wall Street bosses to be tested by such proposals this year.\nIn May, JPMorgan Chase’s (JPM) Jamie Dimon and BlackRock’s (BLK) Larry Fink will also face such tallies. And Citigroup (C) shareholders will vote next week to formalize a CEO-chair split in its bylaws, even though the company has had an independent board chair since 2009.\nOther big banks, including Wells Fargo (WFC), Morgan Stanley (MS), already have separate CEO and chair positions.\nThe pressure to split the CEO and chairman roles in the US ramped up in the aftermath of the 2008 financial crisis. Between 2010 and 2023, 76 companies within the S&P 500 did so, according to ISS-Corporate. \nBy the end of 2023, nearly 60% of S&P 500 companies had those roles split.\nThe Goldman vote was of particular interest to Wall Street observers because Solomon is emerging from his most challenging year ever as boss. \nDealmaking slowed across Wall Street and he grappled with a costly exit from consumer banking as well as a series of high-profile departures from the firm.\nThe firm’s profit declined by 24% and Solomon’s annual compensation still rose by the same percentage — to $31 million.\nISS and Glass Lewis both advised shareholders to cast votes Wednesday in favor of separating Solomon’s roles.\nDavid Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.\nClick here for in-depth analysis of the latest stock market news and events moving stock prices.\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430878465"}