Institutional Shareholder Services has advised Goldman Sachs investors to reject the board's decision to grant one-time awards to its top two executives, becoming the second prominent proxy adviser to do so.
The combined $160 million stock awards to CEO David Solomon and Chief Operating Officer John Waldron, who is widely considered Solomon's potential successor, were unveiled in January to retain them and ensure stability in the top ranks.
While the rationale could be compelling for some shareholders, the awards lacked "rigorous, pre-set performance-vesting criteria" and their "magnitude and structure" were concerning, ISS said in a report dated Monday.
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