8-KShareholder Matters

GOLDMAN SACHS GROUP INC 8-K Report, Shareholder Vote Results (Apr 27, 2023)

Filed April 27, 2023For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

This 8-K filing from Goldman Sachs Group, Inc. details the results of their Annual Meeting of Shareholders held on April 26, 2023. The primary focus for investors is the outcome of shareholder votes on key governance and executive matters. All 12 nominated directors were elected to serve one-year terms, indicating continued board confidence from shareholders. Furthermore, shareholders provided advisory approval for executive compensation ('Say on Pay') and supported holding this advisory vote on an annual basis. The selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2023 was also ratified. Notably, all shareholder-proposed resolutions, which included topics such as lobbying reports, independent chair policies, climate-related disclosures, and pay equity, failed to gain majority shareholder approval.

Key Highlights

  • 1All 12 nominated directors were successfully elected to serve a one-year term.
  • 2Shareholders provided advisory approval for the company's executive compensation ('Say on Pay' vote).
  • 3Shareholders voted in favor of holding the 'Say on Pay' advisory vote annually.
  • 4The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2023 was ratified.
  • 5All 10 shareholder proposals, covering a range of ESG and governance topics, were not approved by shareholders.
  • 6The company's Board of Directors will continue to hold an annual 'Say on Pay' vote following the shareholder advisory vote on frequency.

Frequently Asked Questions

Yes, all 12 nominated directors were elected by shareholders to serve a one-year term expiring at the 2024 annual meeting of shareholders.

Yes, shareholders provided advisory approval for the executive compensation, often referred to as the 'Say on Pay' vote. They also voted to hold this advisory vote on an annual basis.

No, all 10 shareholder-proposed resolutions, which addressed topics such as lobbying, climate change disclosures, and pay equity, did not receive majority shareholder approval.

Following the shareholder advisory vote on frequency, the Board of Directors has determined that the company will continue to hold an advisory 'Say on Pay' vote annually. The Board will reevaluate this decision after the next shareholder advisory vote on the frequency of such votes.