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Investing.com -- Institutional Shareholder Services (ISS) has suggested that investors of Goldman Sachs should not support the board’s decision to give one-time awards to the company’s top two executives.
This makes ISS the second notable proxy advisor to propose such a course of action.
The joint stock awards, totaling $160 million, were proposed for CEO David Solomon and Chief Operating Officer John Waldron in January. Waldron is often seen as the potential successor to Solomon.
The awards were introduced as a means to retain these top executives and maintain stability within the senior management of the company.
However, the ISS, in a report released on Monday, expressed concerns about the "magnitude and structure" of these awards.
The report pointed out that the awards lacked "rigorous, pre-set performance-vesting criteria", which could be a significant factor for some shareholders. Despite the potential appeal of the awards to some, the ISS has advised investors to reject the board’s decision.
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