Goldman Sachs meets investors for bonus pay talks

3 December 2009

Goldman Sachs is holding a series of meetings with its major investors in an attempt to head off discontent over its planned record bonuses.

Discussions are reported to have begun in October and are set to last for several more weeks, reports the Wall Street Journal.

Goldman Sachs president and chief operating officer Gary Cohn has been in attendance at several of the meetings, along with chief financial officer David Viniar.

The executives have been attempting to explain why the bonus levels are reasonable in light of Goldman Sachs' performance over the year.

In its latest quarterly report, the financial institution reported net earnings for the three months up to September of $3.19 billion, with diluted earnings per share of $5.25.

Five proposals by investors have already been submitted for next year's official shareholder meeting, with one suggesting that shareholders are given a non-binding vote on executive pay at the bank.

By Claire Archer

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