Rebecca Ungarino

Goldman Sachs Group won support from a majority of shareholders on its controversial pay packages for top executives including David Solomon, the firm's chairman and chief executive, at its annual shareholder meeting held on Wednesday.

Far fewer shareholders supported the item than in 2024, however, following pushback from prominent investor advisory firms over bonuses awarded to Solomon and John Waldron, the firm's president and chief operating officer who recently joined Goldman's board.

The bank said at its annual meeting, held in Dallas and broadcast in an audio-only format online, that 66% of shareholders voted to approve executive compensation. That fell from support of 86% last year.

The vote is an advisory one -- in other words, nonbinding, as it is at other banks such as JPMorgan Chase and Wells Fargo. Still, the votes send public signals to banks' compensation committees and investors over whether pay for top executives is viewed as appropriate.

Goldman didn't immediately return a request for comment on Wednesday. Earlier this month, a spokeswoman told Barron's that competition for the firm's talent is "fierce," and that Goldman's board "took action to retain our current leadership team, to sustain our firm's momentum and maintain a strong succession plan."

The spokeswoman added that a 100% stock-based grant is "fully aligned with long-term shareholder value creation."

This story is developing. Please check back for updates.

Write to Rebecca Ungarino at rebecca.ungarino@barrons.com

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April 23, 2025 10:59 ET (14:59 GMT)

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