Meet the new Goldman as shareholders back board

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.