Goldman Sachs Group Inc. shareholders Friday ratified the compensation of Lloyd C. Blankfein, chairman and CEO, and other executives by a 66% vote, despite opposition from big pension funds and proxy-voting advisory firms.
Shareholders rejected by a 70% vote a shareholder proposal calling for an independent chairman
The C$278.9 billion ($215.5 billion) Canada Pension Plan Investment Board, Toronto; $186.8 billion California State Teachers’ Retirement System, West Sacramento; $178.3 billion Florida State Board of Administration, Tallahassee; C$171.4 billion Ontario Teachers’ Pension Plan, Toronto; and $126.6 billion Texas Teacher Retirement System, Austin, all voted against the executive pay and in support of an independent chairman, according to their proxy-voting disclosures.
Glass Lewis and Institutional Shareholder Services also recommended clients vote against the pay and in favor of an independent chairman.
Mr. Blankfein’s total pay was $22.3 million in 2015, down 2% from 2014. The 2015 total pay of the other four top executives listed in the company’s proxy statement ranged from $20.5 million to $24.6 million.
Shareholders elected all the nominees for directors to the board, in spite of opposition to several of them by some of the pension funds and ISS.
Michael DuVally, Goldman Sachs spokesman, provided the preliminary results from the company’s annual meeting Friday.