Corporate Watchdog Pushes For Executive Accountability At Goldman Sachs Shareholders Meeting
Advocates Rally Shareholders in Vote to Separate Role of CEO and Board Chair, Create Independent Board Chair to Increase Accountability
NEW JERSEY — On Friday, May 20th, at Goldman Sachs’ Annual General Meeting of shareholders, Lisa Lindsley, Capital Markets Advisor for SumOfUs, an international corporate watchdog, will present proxy item 6, a shareholder resolution calling for the separation of the role of CEO and chair of the Board, to create an independent Board Chair. Lloyd Blankfein has held both roles since 2006.
View the shareholder proposal here.
The proposal, filed by two Goldman Sachs shareholders and presented by SumOfUs is supported by independent proxy advisory firm ISS, which explained: “In view of the company’s problematic compensation practices and in consideration of historical legal and regulatory concerns, shareholders would benefit from the strongest form of oversight that could be realized by an independent board chairman.”
“For too long, CEO Lloyd Blankfein has answered to no one, acting as both CEO and Chair of the Board. This has created a corporate culture that is toxic for shareholders, clients and the global economy. Only independent oversight of management by the Board of Directors can begin to restore Goldman’s reputation and protect shareholder value.” explained Lisa Lindsley, Capital Markets Advisor for SumOfus. “Plainly put – even if Goldman Sachs shares had not lost over 20% of their value in the last year, investors and shareholders would still be concerned about the impact of Blankfein’s reckless and predatory practices that are endangering both share value and the global economy.”
Individual investors who are members of SumOfUs and investors in Goldman Sachs support the resolution calling for the separation of the roles of CEO and Board Chair, and the creation of an independent chair of the Board.
View the petition here.