Goldman Sachs (NYSE: GS) says its top executives will not be receiving cash bonuses in 2009 as the Wall Street giant bows to sharp criticism over its pay practices, according to Associated Press.
The executives will instead receive stock that cannot be sold for at least five years.
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The firm’s entire 30-person management committee, which comprises all global divisional and regional leadership, will receive 100 percent of their discretionary compensation in the form of Shares at Risk, which are subject to restrictions for five years.
In addition, shareholders will have an advisory vote on the firm’s compensation principles and the compensation of its named executive officers at the firm’s Annual Meeting of Shareholders in 2010.
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