Shareholders at Goldman Sachs Group Inc. have been making requests that the company rethink several of its compensation policies. The bank has made efforts, which include donating $500 million charity, during 2009, their most successful year in history, likely intended to publicly atone for the employee compensations that have angered both America at large and their shareholders. Despite their efforts; however, their employee payouts are still an issue with the shareholders. Despite their sentiments ; however, Goldman has no plans to change policy according to a filing with the Securities and Exchange Commission on Friday.
The company has elected to ignore several letters from shareholders demanding the compensation matters be discussed and that the board of directors investigate the bonuses; however, Goldman has declined from doing so. Within the letters the shareholders ask that some of he dollars that went toward the billions in bonuses be recouped and paid out, but those requests too will go unaddressed.
In the SEC filing Group Inc wrote: Group Inc.’s board of directors has received several demand letters from shareholders relating to compensation matters, including demands that Group Inc.’s board of directors investigates compensation awards over recent years, take steps to recoup alleged excessive compensation, and adopt certain reforms. After considering the demand letters, Group Inc.’s board of directors rejected the demands.
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