Goldman CEO Outlines Industry Compensation Proposals
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Speaking at a Council of Institutional Investors conference, Blankfein said: 'All equity awards should be subject to future delivery and / or deferred exercise over at least a three-year period'. He also said that the percentage of compensation awarded in equity should increase significantly as an employee's total comp increases, that comp for senior employees should be in the form of deferred equity, and that senior employees should be required to retain the bulk of their earnings in equity until they retire.
Blankfein also had a pop at the lack of sound risk management undertaken by the industry in recent years: 'Too many financial institutions (and investors) simply outsourced their risk management. Rather than undertake their own analysis, they relied on the rating agencies to do the essential work of risk analysis for them'.
Admitting that the financial crisis has been 'deeply humbling' for financial firms, Goldman's boss also criticised the recent 'Employ America' legislation enacted by US lawmakers. He said: 'The US has always been a magnet for many of the most talented, hungry and qualified people in the world. Do we really want to tell individuals who will help companies to grow and innovate - ultimately creating more jobs - that they should go work elsewhere ?'.
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