Goldman Sachs Adopts Proxy Access
NEW YORK, October 28, 2015 – The Goldman Sachs Group, Inc. (the “Company”) today announced that the Board of Directors of the Company has amended the Company’s by-laws, effective October 23, 2015, to adopt proxy access. Proxy access provides shareholders the ability to include their own nominees in a company’s proxy statement.
“Our Board is committed to strong corporate governance,” said Lloyd C. Blankfein, Chairman and CEO of the Company. “We engaged our shareholders, and those discussions were a critical factor in our deliberations. We are pleased to have established this shareholder right.”
Under the by-law amendments, a shareholder or shareholders who own at least 3% of the Company’s outstanding shares continuously for 3 years may nominate the greater of 2 candidates or 20% of the Board, provided the shareholders and nominees satisfy the requirements specified in the by-laws. The group is limited to 15 shareholders.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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