Goldman’s Special CEO Bonus Is Rebuked by Shareholder Adviser
- Adviser advocates rejecting $50 million incentive for CEO, COO
- Stock worst among peers after rising costs, banking slowdown
David Solomon
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
A prominent adviser to shareholders is taking umbrage at the special bonus grants to Goldman Sachs Group Inc.’s chief executive officer and a top deputy -- a rebuke that comes at an awkward time for the bank as its stock turns in the worst showing among peers this year.
Glass Lewis, a major voice on annual shareholder votes, is recommending Goldman investors vote against a pay package that puts CEO David Solomon and John Waldron, the bank’s president, in line for about $50 million in one-time bonuses. The adviser questioned whether the board’s rationale for the grants -- guaranteeing leadership continuity and talent retention -- warranted such large payouts.