(Adds details of CEO's pay structure, reelection of directors,
By Olivia Oran
April 28 Goldman Sachs Group Inc's
compensation plan received the approval of 93 percent of
shareholders at the bank's annual meeting on Friday after the
pay structure for Chief Executive Officer Lloyd Blankfein was
The vote was a turnaround from last year, when Goldman's
"say on pay" resolution received only 66 percent support. Among
Russell 3000 companies, approval for executive pay averaged 91
percent in 2016, according to consulting firm Semler Brossy.
Goldman's annual meeting in the bank's Jersey City, New
Jersey, office was a quiet affair, with no shareholder proposals
up for a vote.
That was not the case for some other large banks. Wells
Fargo & Co's annual meeting this week was interrupted
repeatedly by angry shareholders, while environmental protesters
concerned about damage from the Dakota pipeline briefly
disrupted Citigroup Inc's meeting.
Goldman awarded Blankfein $22 million in 2016, a 4 percent
decline from the prior year to reflect lower revenue in the
first half of the year..
The bank revamped Blankfein's compensation structure by
tying all of his equity awards to performance. It also
eliminated a long-term incentive award.
The changes came after some shareholders raised concerns
that the pay structure was too complex.
Proxy firm Institutional Shareholder Services Inc endorsed
Goldman's pay plan for 2016 after urging shareholders to vote
against last year's proposal.
Goldman shareholders also backed the reelection of the board
(Reporting by Olivia Oran; Editing by Chizu Nomiyama and Lisa