Recovery room

23 May 2013 By Antony Currie Follow @AntonyMCurrie

The Wall Street firm has made all the changes business-standards enforcers wanted. An activist investor even dispensed praise at its annual confab. Lloyd Blankfein still has to show the new approach can last. But with results improving, some of the old luster may be returning.

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On May 23 Goldman Sachs held its annual meeting at its offices in Salt Lake City, Utah. Before the meeting the Wall Street firm published its business standards committee impact report. The report details how it has implemented the 39 separate recommendations the committee put forward after being convened in 2010 to help improve the bank’s reputation after the financial crisis.
At the meeting, shareholders elected Goldman’s directors to the board with large majorities, 86 percent approved executive pay and 68 percent approved a new stock incentive plan. Proxy adviser ISS had recommended investors vote against the plan on the grounds it transferred too much wealth to employees from shareholders.

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