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Glass Lewis Recommends Voting Against Goldman Sachs Sale

Glass Lewis, however, did not support all of Goldman's recommendations in its annual proxy.

The advisory firm recommended shareholders vote against Goldman's proposed pay package for top executives, citing a disconnect between pay and performance at the investment bank.

Glass Lewis also noted the variable and discretionary nature of bonuses and a lack of limits on incentives as reason for investors to vote against executive pay packages.

In its April proxy filing, Goldman disclosed that chief executive Lloyd Blankfein earned a total of $21 million for 2013, split between a salary of $2 million, a $5.7 million cash bonus and $13.3 million in restricted stock awards.

Equity compensation as a percentage of variable compensation was 70% for Blankfein, COO Gary Cohn, CFO David Viniar, Vice Chairman J. Michael Evans and Vice Chairman John Weinberg, who earned between $17 million and $19 million in total compensation for 2012.

Glass Lewis also recommended shareholders vote against the election of board member James A. Johnson, citing his tenure as CEO of Fannie Mae and his time as a director of KB Homes and United Health.

Last year, Glass Lewis recommended Goldman shareholders vote against Johnson's board nomination, but for the firm's executive pay plan.

Goldman's executive compensation plan was approved by 94% of investors in its 2011 shareholder vote.

-- Written by Antoine Gara in New York

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