Goldman Shareholders Approve $160M Executive Pay Packages Amid Criticism

Goldman Sachs shareholders approved substantial pay packages, including $80 million retention bonuses each for CEO David Solomon and President John Waldron, despite significant opposition from proxy advisers who criticized the awards as excessive and not sufficiently linked to performance. The bonuses, granted in restricted stock units vesting over five years, are intended to retain the firm's top leadership amid fierce competition for executive talent on Wall Street and from private equity firms. Support for the compensation package dropped to 66% from 86% the previous year, reflecting increased shareholder scrutiny. Advisory firms Glass Lewis and ISS had urged investors to vote against the plan, arguing that the bank failed to align executive pay with performance, even though Goldman cited strong financial results and a rebound in dealmaking. The outcome signals ongoing debate over executive compensation as Goldman emphasizes the need to offer competitive pay to retain leaders, especially with Waldron seen as a possible successor to Solomon. The approval also highlights broader concerns about CEO succession planning across major U.S. banks.