The independence of banks’ leadership has been a hot issue since the 2008 global financial crisis
Proxy advisors Institutional Shareholder Services and Glass Lewis have recommended that investors back a shareholder resolution urging the bank to split the two positions, currently held by David Solomon, at Goldman’s annual meeting on April 24.Norges Bank Investment Management , which operates the Norwegian fund, is the 12th biggest investor in Goldman Sachs according to LSEG data, with a 0.84 per cent stake in the Wall Street bank at the end of 2023, valued at the time at $1.09-billion.
“The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management,” NBIM said in a statement explaining its vote rationale.“This issue has repeatedly come up for vote at firms across our industry,” a Goldman Sachs spokesperson said on Friday.
“Our Governance Committee needs the flexibility to determine the best structure for our firm,” they added. “They made clear that a strong lead independent director, alongside the Chairman CEO role, is the most effective at this time.”NBIM also said it would vote in favour of Goldman’s pay package for top executives.Study and track financial data on any traded entity: click to open the full quote page.
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