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Glass Lewis Hits Out at Goldman Pay Plan

"A prominent investor advisory firm has recommended that Goldman Sachs shareholders vote against the bank’s executive compensation plan, citing a 'disconnect between pay and performance.'"

"Shareholders should also vote against the re-election of James Johnson, head of the board’s compensation committee and former chief executive of US mortgage giant Fannie Mae, Glass Lewis, the advisory firm, said."

"In a report sent to Goldman shareholders on Monday, Glass Lewis reversed the guidance it gave last year when 94 per cent of shareholders voted in favour of the executive pay plan."

"'The company has been deficient in linking executive pay to corporate performance,' Glass Lewis said. 'Shareholders should be concerned with this disconnect particularly as this is the second year in a row the company has paid more than its peers while performing somewhat worse.'"

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Read the full Financial Times article here

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