Goldman Sachs chief Lloyd Blankfein paid $16.2m last year
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Saturday 14 April 2012
boss Lloyd Blankfein’s take-home pay in 2011 was $16.2m, the investment bank
disclosed yesterday, a 14.5 per cent increase on the year before, despite the
company’s sliding profits and share price.
The figure is the total of Mr Blankfein’s salary, cash bonuses, long-term share awards. plus perks including life insurance and car and chauffeur.
Goldman pointed to an alternative calculation of its chief executive’s pay, which excludes prior year share awards and focuses only on what he was handed for his performance in 2011. Under that measure Mr Blankfein’s remuneration fell 35.5 per cent to $12.0m.
The bank made the declaration in a regulatory filing that also revealed it will face a shareholder vote at its forthcoming annual meeting which aims to force directors to hold their Goldman shares for at least three years after leaving the company - something the proposal’s authors claim will make them less likely to make risky bets.
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