GOLDMAN SACHS has avoided a shareholder bid to remove chief executive Lloyd Blankfein from his position as chairman after offering concessions.
The bank has appeased Change to Win Investment Group, an adviser to pension funds, by handing Goldman’s lead director James Schiro powers such as setting the agenda for board meetings.
It is the second year in a row that Goldman has had to fend off investors uneasy about Blankfein’s dual role. Last year, former PwC boss Schiro was handed the lead director role in order to give the board greater independence.
“We’ve had a constructive engagement with our shareholders, and believe that the enhancements we have made further solidify the independence of the board,” Goldman said.