Hey there! Sign in to join this conversationNew here? Join for free
x Turn on thread page Beta

Nuns challenge Goldman Sachs over pay watch

    • Thread Starter

    The Sisters of Saint Joseph of Boston, Sisters of Notre Dame de Namur, the Sisters of St Francis of Philadelphia and the Benedictine Sisters of Mt Angel – all investors in the bank – have put their name to a proposal to review its remuneration policies, after it emerged its five most senior employees were collectively awarded $69.5m (£43m) in pay last year.

    The securities and exchange commission disclosed the challenge in a filing ahead of Goldman Sachs' annual meeting next month.

    The nuns asked that "shareholders request that the board's compensation committee initiate a review of our company's senior executive compensation policies and make available a summary report of that review by 1 October, 2011 (omitting confidential information and processed at a reasonable cost). We request that the report include:

    1. An evaluation of whether our senior executive compensation packages (including, but not limited to, options, benefits, perks, loans and retirement agreements) are 'excessive' and should be modified.

    2. An exploration of how sizeable layoffs and the level of pay of our lowest paid workers impact senior executive pay.

    3. An analysis of the way in which fluctuations in revenues impact: a) the company's compensation pool; b) the compensation of the company's top 25 senior executives; and c) the company's shareholders."

    The nuns have made their feelings on Goldman's pay levels clear in previous years, with about as much success as the coalition government in its attempts to limit UK bank bonuses. Chief executive Lloyd Blankfein, who has claimed to be doing "God's work" at Goldman, saw his pay reach $14m in 2010, with four other senior executives receiving a similar amount.

    Goldman said it would resist the request.
Submit reply
Turn on thread page Beta
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Updated: April 4, 2011
Have you ever experienced racism/sexism at uni?
Useful resources


Guide to investment bankingGuide to consultancy

Featured recruiter profiles:

Deutsche Bank logo

Deutsche Bank is recruiting

"Thrive in an international banking environment"

Quick link:

Unanswered investment banking and consultancy threads

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.