Victories for David Solomon and Brian Moynihan
- Shareholders at Goldman Sachs and Bank of America reject proposals to separate chair and CEO roles
- David Solomon and Brian Moynihan secure victories
- 33% favorable vote at Goldman Sachs, 31% approval at Bank of America
- Shareholders brush aside recommendations from proxy advisers
- ISS cites Solomon’s decision to move Goldman Sachs into consumer-banking business
- Bank of America shareholders affirm board’s flexibility in determining leadership structure
Shareholders at the annual meetings of Goldman Sachs and Bank of America have rejected proposals to separate the roles of chair and chief executive. David Solomon and Brian Moynihan, who hold both titles, secured victories as the shareholder resolutions fell short of a majority vote. Despite recommendations from proxy advisers, shareholders at Goldman Sachs and Bank of America brushed aside the calls for separation. ISS cited Solomon’s decision to move Goldman Sachs into the consumer-banking business as evidence for the need to change the governance structure. However, both banks emphasized the importance of a combined chair-CEO structure for accountability and effective leadership. Bank of America shareholders have repeatedly affirmed the board’s flexibility in determining the leadership structure based on circumstances and needs.
Factuality Level: 3
Factuality Justification: The article provides a factual account of the shareholder votes at the annual meetings of Goldman Sachs and Bank of America regarding the separation of chair and chief executive roles. It includes quotes from relevant individuals and statements from the companies involved. However, the article lacks depth and context, and it does not provide a comprehensive analysis of the situation. It also contains some unnecessary details and repetitive information.
Noise Level: 3
Noise Justification: The article provides a detailed account of the shareholder votes at annual meetings of Goldman Sachs and Bank of America regarding the separation of chair and chief executive roles. It includes statements from both companies and highlights the arguments for and against the separation. The article stays on topic and provides relevant information supported by examples and data. However, it lacks in-depth analysis, antifragility considerations, and actionable insights, hence the lower noise level rating.
Financial Relevance: Yes
Financial Markets Impacted: Goldman Sachs Group Inc., Bank of America Corp.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses shareholder proposals to separate the roles of chair and chief executive at Goldman Sachs and Bank of America. However, there is no mention of any extreme event or its impact.
Public Companies: Goldman Sachs Group Inc. (GS), Bank of America Corp. (BAC), Wells Fargo & Co. (WFC), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM), Morgan Stanley (MS)
Key People: David Solomon (Chair and Chief Executive of Goldman Sachs Group Inc.), Brian Moynihan (Chair and Chief Executive of Bank of America Corp.), Luke Perlot (National Legal and Policy Center), Lionel Newell III (Lead Independent Director at Bank of America Corp.)
Reported publicly:
www.marketwatch.com 
