Overview

• Goldman Sachs has announced $80 million in retention bonuses for CEO David Solomon and COO John Waldron, structured as restricted stock awards contingent on their service through 2030.
• Institutional Shareholder Services (ISS) and Glass Lewis, two major proxy advisers, have recommended shareholders vote against the bonuses, calling them excessive and poorly structured.
• ISS criticized the bonuses for lacking rigorous, pre-set performance criteria and for overlapping with an unresolved 2021 incentive program.
• Goldman Sachs defends the bonuses, pointing to strong financial performance, including a 140% stock price increase since 2018, and the need to retain top leadership amid competitive pressures.
• The shareholder advisory vote on the bonuses is scheduled for April 23, 2025, with the outcome expected to reflect broader concerns over corporate governance and executive compensation on Wall Street.