CtW Investment Group withdrew a shareholder proposal calling for the separation of the chairman and CEO positions at Goldman Sachs Group Inc. after the company agreed to bolster the role of its lead director, Dieter Waizenegger, executive director, CtW Investment, said in an interview.
The enhancements “give us enough comfort” to withdraw the proposal, Mr. Waizenegger said.
Under the agreement, James J. Schiro as lead director of Goldman Sachs will help set the agenda for the board of directors, Michael Pryce-Jones, CtW Investment senior analyst, said in an interview.
Mr. Schiro “can put things on the agenda now, and not just approve it,” Mr. Pryce-Jones said, speaking of the agreement.
In addition, the agreement makes clear the lead director will have a role in CEO succession planning, Mr. Pryce-Jones added.
The SEC rejected in January a Goldman Sachs request to exclude the proposal from its proxy statement, according to an SEC filing.
Goldman Sachs media representatives couldn't be reached for comment.
Goldman Sachs hasn't yet issued its proxy statement. Its annual meeting is May 23, according to a Goldman Sachs statement.