Goldman board rejects shareholder demands on pay

[kpete]

Source: Reuters

Goldman board rejects shareholder demands on pay

NEW YORK (Reuters) - Goldman Sachs Group Inc's (GS.N) board has rejected demands from shareholders that the firm investigate recent compensation awards, recoup excessive compensation and reform pay practices.

Wall Street's dominant bank, criticized for paying billions of dollars in bonuses soon after the taxpayer bailout of the banking industry, reported the board's decision in a regulatory filing on Monday.

Goldman reported the shareholder demands last year and said at the time that its board was considering them. The firm did not name the shareholders who made the demands.

Goldman could not be immediately reached for comment.

Goldman reported a record profit in 2009 and was on pace to pay more than $20 billion in compensation heading into the fourth quarter. But facing public ire, it capped compensation expenses at $16.2 billion for the year.



Read more: http://www.reuters.com/article/idUSTRE62028M20100301

[Joanne98]

1. LOL

[Cassandra]

2. It's been years since...

the top management in any public company gave a damn what the shareholders (ostensibly the OWNERS) want.

[earcandle]

3. Dump the stock already.