Goldman Sachs has been facing scrutiny for its consumer business and ongoing personnel issues, and this is reflected in the annual meeting vote on whether to separate the roles of CEO and chairman. The proxy adviser, Institutional Shareholder Services (ISS), is urging Goldman to have separate roles of CEO and chairman, arguing that more independent oversight is necessary. ISS believes that having a separate chairman would provide an objective voice that could potentially challenge the decisions made by CEO David Solomon.

Despite the significant growth seen in Goldman Sachs’ stock under Solomon’s leadership, recent problems faced by the bank have brought him under intense scrutiny. One of these problems was a lack of female leadership, which led to several women leaving the company during his tenure. This resulted in losses for Goldman’s consumer business ventures and further human capital issues. ISS also expressed concern about Solomon’s decisions in the consumer sector, which resulted in losses and further human capital problems.

Goldman’s board of directors has determined that the dual structure of CEO and chairman is effective, but ISS still recommends separate roles. Despite this recommendation, there is skepticism about elevating a former Goldman executive to such a role. However, Goldman stands by its decision and structure, refusing to respond to requests for comment on the matter.

By Samantha Johnson

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