Goldman Sachs 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.