Goldman Sachs Shareholders Rebuff Firm’s Board for First Time
By Christine Harper
Goldman Sachs Group Inc. shareholders rebuffed the board of directors for the first time since the firm went public in 1999, voting to back a proposal that would let a simple majority enact changes at the company.
Lloyd Blankfein, Goldman Sachs’s chairman and chief executive officer, faced more than an hour of questioning from shareholders at the company’s annual meeting yesterday after the stock dropped 61 percent last year and the company took $10 billion of U.S. bailout funds.
A shareholder effort to get such a “say on pay” vote included on the proxy last year was opposed by the board and failed to win a majority of votes.
Read the full story- Click here