11:36 AM EDT, 04/04/2024 (MT Newswires) -- Goldman Sachs ( GS ) shareholders have been urged by proxy-advisory firm Glass Lewis to vote against the company's executive-pay plan, Bloomberg reported Thursday.

The proxy-advisory firm cited a "significant disconnect between pay and performance," Bloomberg reported.

Chief Executive David Solomon's compensation increased 24% to $31 million in 2023, even after the investment bank's profits declined 24%, Bloomberg reported.

"This does not instill a sense of optimism that the ongoing disconnect will see improvement in the near term," Glass Lewis said, according to Bloomberg. "Given these factors, we believe that shareholders may reasonably withhold support from this proposal at this time."

Separately, Reuters reported that Glass Lewis has recommended that Goldman shareholders back an independent chair at the Wall Street firm.

An independent chair would be "better able to oversee the executives" and "set a pro-shareholder agenda," Glass Lewis said, according to Reuters.

MT Newswires couldn't immediately contact Goldman Sachs ( GS ) for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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