Goldman Sachs to hold annual meeting in Utah
Goldman Sachs (NYSE:GS) has held its annual meeting in interesting locales lately. Last year, for example, it held its meeting in India, where the bank has a large presence. This year the bank will hold the meeting in Salt lake City, Utah according to Reuters.
Shareholders will gather on May 23 at the Goldman's Salt Lake City headquarters to vote on an array of issues, none of which appear now as a looming problem. Unlike last year, shareholders this year will vote on whether to split the CEO and chairman jobs, which are currently held by Lloyd Blankfein. The resolution has only a small chance of passing, but it will be interesting to see how many vote in favor of it. If the percentage is large, it might prompt the board to take some action to enhance of the role of outside directors, perhaps creating a lead outside director-like position.
The event overall will likely prove to be a feel-good occasion, allowing the bank and local leaders to celebrate what has become a mutually beneficial relationship.
Blankfein and Utah Governor Gary Herbert are scheduled to attend a ceremony for small-business owners who completed an education course sponsored by the bank. Goldman Sachs gave $500 million in 2009 to the program, which appears to offer a terrific value, including free tuition, to companies that have survived the start-up phase.
"Last year, Herbert pledged to create 100,000 new jobs in Utah in 1,000 days, and Goldman is one of his key partners in that effort. Utah agreed to give Goldman up to $47.3 million worth of tax rebates over 20 years in exchange for meeting certain job and wage benchmarks," Reuters notes.
And what about next year? I'll venture a guess that the bank might hold the meeting in Dallas, another city in which the bank has built up operations.
- here's the article
Goldman Sachs to face CEO/chairman split vote