Meet the new Goldman as shareholders back board
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Friday 24 May 2013
Goldman Sachs unveiled new measures to protect its reputation yesterday, by safeguarding against deals that might harm its standing, as shareholders at the investment bank's annual meeting in Salt Lake City re-elected the Goldman board and endorsed pay packages for top executives.
The bank's executive compensation plan was approved with 86 per cent support, according a preliminary count, despite Glass Lewis, a leading shareholder advisory firm, advising investors to vote against it. Goldman's chief executive, Lloyd Blankfein, was paid $21m (£14m) for 2012, up from $12m in 2011.
As shareholders backed the management, Goldman said that after a three-year review aimed at overhauling its practices in the wake of the financial crisis, it had adopted new policies to ensure it does not undertake inappropriate or risky transactions on behalf of its clients. Proposed deals will have to pass internal tests, and in some cases be approved by senior managers, before they are put into practice by Goldman employees.
- 1 Liam Gallagher brands Kanye West 'utter s**t' during BRIT Awards performance
- 2 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 3 People who sleep more than eight hours are more likely to have a stroke, research shows
- 4 Kanye West climbs on table at Nando's to crowd chants of 'Yeezus' before Brit Awards 2015 performance of 'All Day'
- 5 New theory could prove how life began and disprove God
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£17000 - £25000 per annum: Recruitment Genius: An opportunity to join this new...
£18000 - £21000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£36000 - £44000 per annum: Recruitment Genius: Encouraging more businesses to ...