Only 19% of shareholders want Goldman to separate its chairman and CEO positions.
Corporate governance gadflies have been pushing Goldman (GS) to separate the jobs, in hopes that the board would select a strong, independent chairman who would act as a check on management.
But so much for that. Fewer than one in five Goldman shareholders voted for the proposal, which should remove some of the perceived pressure on Blankfein as Goldman deals with legal and regulatory challenges.
None of the other shareholder-backed proposals, which would have changed Goldman’s voting rules and forced additional disclosure, among other things, got more than a third of the vote.
While governance advocates say a 30% vote can be enough to send a message to the board, it’s fairly clear that Goldman’s shareholders haven’t forgotten the good years and are standing behind CEO Lloyd Blankfein and his crew.