Glass Lewis Urges Investors to Reject CEO Pay at Goldman Sachs

Proxy adviser Glass Lewis has recommended that investors vote against the compensation packages for top executives at Goldman Sachs, citing the bank’s "continued inability to align pay with performance" and what it calls excessive retention grants. Ross Kerber reported for Reuters.

Glass Lewis criticized the $160 million in retention awards granted to CEO David Solomon and President John Waldron in January. I Photo: Glass Lewis Facebook

In a report, Glass Lewis criticized the $160 million in retention awards granted to CEO David Solomon and President John Waldron in January.

"While we will assess the full impact of the additional $160 million on the company's pay and performance alignment over the course of 2025, the rationale provided in the proxy statement thus far is far from robust," the report stated.

Goldman Sachs responded with a statement defending its compensation strategy: “Competition for our talent is fierce. The Board took action to retain our current leadership team, sustain the firm’s momentum, and maintain a strong succession plan. A 100% stock-based grant is fully aligned with long-term shareholder value creation.”