CBIS : CBIS Resolution on Separation of Chair and CEO at Goldman Sachs Receives 19% of Vote

CBIS Resolution on Separation of Chair and CEO at Goldman Sachs Receives 19% of Vote

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CBIS Resolution on Separation of Chair and CEO at Goldman Sachs Receives 19% of Vote

New York -- May 7, 2010 -- At the annual meeting of shareholders held today in New York, approximately one in five shareholders supported CBIS' resolution to separate the positions of Chair and CEO at Goldman Sachs. Currently, both positions are held by Lloyd Blankfein.

CBIS believes that separating the positions would be in the best interest of Goldman Sachs, particularly in light of the financial crisis, SEC investigations, and perceptions of the company circulated broadly in the media. An independent Chair and vigorous Board could improve focus on important ethical and governance matters, and assist in the development of strategies designed to reduce risk, strengthen accountability to shareowners, and help forge long-term business strategies that best serve the interests of shareholders, consumers and the company.

Julie Tanner, Assistant Director of Socially Responsible Investing, said, "While we were disappointed that the resolution did not pass, the result is understandable given the widely varying opinions regarding Mr. Blankfein's performance and the company's actions. We consider the separation of Chairman and CEO to be an important best-practice in corporate governance. An independent Chair provides an important check to the CEO and would be a significant step toward restoring shareholder confidence in the company."

On the morning of the Goldman Sachs Annual Meeting, Ms. Tanner appeared on both CNBC's Squawk Box (view her appearance here) and NPR's Morning Edition (listen to the news story here) to explain CBIS' position on the separation of Chair and CEO. Ms. Tanner was also featured discussing Goldman Sachs in The Wall Street Journal ("What-Ifs for Goldman," May 5, 2010) and Bloomberg News ("Blankfein Meets Shareholders Suffering Goldman Identity Crisis," May 3, 2010), among others.

Read Ms. Tanner's speech at the Goldman Sachs Annual Meeting here. See more information and results for resolutions filed by other members of the Interfaith Center on Corporate Responsibility here.