Goldman Sachs' $80M Bonuses for Execs Draws Shareholder Backlash

Goldman Sachs is facing significant backlash regarding $160 million in retention bonuses for CEO David Solomon and President John Waldron, as proxy advisers ISS and Glass Lewis encourage shareholders to reject the plan. Both advisers criticize the bonuses for lacking performance criteria and for being excessive compared to the executives' annual compensation. The board argues that these bonuses are necessary to retain leadership amid fierce talent competition, despite the bank's stock performing well under Solomon's tenure. Critics contend that granting off-cycle awards while another bonus program is still active reflects poor governance practices. The controversy underscores a broader trend in corporate governance, where investor activism is pressing for greater accountability and alignment of executive pay with company performance. Goldman Sachs is set to discuss these incentives at its annual meeting on April 23, amidst growing scrutiny over executive compensation practices.