Proxy Blog

The Goldman Sachs Group, Inc. 

April 15, 2019

The annual proxy for this financial services company had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Shareholder proposal on written consent 

Magni voted as follows: 

  1. For and against proforma proposals.
    -For directors – The board has a majority of independent directors and some have CEO/CFO experience with other companies. The compensation of directors is disclosed with a meaningful portion in equity where the equity has restrictions to align director incentives with long-term value creation. 
    -For auditors – There appear to be no controversies with the financial statements of the company.
    -Against Say-on-pay” – The company alludes to its peer group and provides charts showing relative performance to that group, yet there is no discussion of the process for determining the peers. It is unclear if the peers listed in the glossary at the back of the document are the peer group used in compensation. 
  2. Against the shareholder proposal on written consent. Per the Magni position paper, Magni routinely votes against written consent proposals.