Goldman Top Execs to Forgo Cash Bonuses - TheStreet

Updated from Thursday, Dec. 10

NEW YORK (

TheStreet

) --

Goldman Sachs

(GS) - Get Report

said members of its management committee will get restricted stock instead of cash bonuses in 2009.

The 30-person management committee will receive so-called shares at risk, meaning the holdings are subject to sales restrictions for five years.

The move comes after unusually vocal criticism from some Goldman shareholders, who argued executives were compensating themselves too richly. Though the critics did not go public, a report by

The Wall Street Journal

several days ago said some shareholders had expressed their concerns to Goldman management.

While most of the nation is dealing with record unemployment, Goldman is expected to pay out record bonuses, a discrepancy that has angered many legislators and members of the public.

Financial firms' bonuses are also expected to be an increasing target of regulators. The U.K. imposed heavy taxes on bonuses on Wednesday, and U.S. "pay czar" Ken Feinberg is expected to follow suit with tough new restrictions of his own,

The Wall Street Journal

reported on its front page Thursday.

Goldman shares closed Thursday up 29 cents, or 0.17%, to $166.73.

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Written by Dan Freed in New York

.

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