Goldman CEO Calls for Internal Review; ICCR Derivatives Resolution Garnered 33.7% of Shareholder Vote!
May 9th, 2010
The head of Goldman Sachs, Lloyd Blankfein, at the company’s Annual Meeting last Friday, promised to conduct an internal review of the company’s business practices to make sure it was serving its customers and the public interest. The government has accused the bank of defrauding some clients in a derivatives deal.
The Missionary Oblates, along with other faith-based shareholders, filed a Resolution calling for greater transparency on derivatives trading, which captured 33.7% of the shareholder vote, a significant amount. Similar resolutions filed with Citigroup and Bank of America have won 30% and 39% of the shareholder vote, respectively, despite company opposition.