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April 11, 2013

Blankfein avoids vote but Dimon on the hook

Lloyd Blankfein will avoid a vote on his future as chairman of Goldman Sachs after cutting a deal with investors but Jamie Dimon, his counterpart at JPMorgan Chase, will not get off so easily.

At Goldman’s annual meeting in Salt Lake City next month, there will be no referendum on whether to strip Mr Blankfein of one of his combined chief executive and chairman role.

The Change to Win Investment Group, which advises union pension funds, has agreed to withdraw its motion after Goldman agreed to bolster the role of James Schiro, its lead director.

 

“‘We felt like Goldman Sachs made a very good-faith effort in enhancing the role of lead director,’ said Dieter Waizenegger, executive director of CtW. ‘We gained really enough comfort that at this point the lead director can be a check to the chief executive’s role on the board.'”

 

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Read full Financial Times article here

 
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