Market Overview

Goldman Sachs Under The Nathan Cummings Foundation Scanner for its Executive Pay Structure (GS)

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Goldman Sachs (NYSE: GS) is under attack by the Nathan Cummings Foundation in New York for the salary structure of its top executives. Goldman Sachs told an activist group that it will seek permission to bar a proposed proxy vote that urges detailed disclosure and defense of its pay practices.

This comes at a time when companies are taking the route of austerity. Goldman Sachs itself claimed to be responsive about this and said that it would encourage executives to donate to charity and would pay top managers in stock rather than cash. However this move of Goldman Sachs in seeking a no action letter from SEC is in complete contradiction to its claims regarding compensation.

The foundation has however asked Goldman's compensation committee to produce a report by October that includes an analysis comparing the pay of top executives to median wages at the company and an evaluation of whether the pay is excessive and should be modified.

 

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Posted-In: Nathan Cummings FoundationNews Management Markets

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