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HomeFinanceGoldman Sachs CEO's Private Plane Usage Raises Eyebrows at Shareholder Meeting

Goldman Sachs CEO’s Private Plane Usage Raises Eyebrows at Shareholder Meeting

During Goldman Sachs’ annual shareholder meeting, CEO David Solomon’s personal use of the company’s corporate aircraft was brought into the spotlight. Paul Chesser, the director of the National Legal and Policy Center’s (NLPC) Corporate Integrity Project, raised concerns in support of a shareholder proposal that requested an independent chairman of the board of directors at Goldman Sachs.

Chesser mentioned numerous reports about Solomon’s use of company jets for personal travel, including trips to his side gig as a music DJ. While Goldman Sachs states in its proxy statement that Solomon reimburses the company for the personal use of the planes, the exact amount of these reimbursements and the costs to the company have not been disclosed.

Chesser also highlighted the optics of the CEO’s private plane use in relation to the recent firing of 3,200 employees. He questioned how the use of corporate jets for personal reasons looks when the company has to lay off thousands of employees.

Despite Chesser’s remarks, the NLPC’s proposal received only 16% of shareholder votes, falling short of the majority needed to pass. The issue of Solomon’s plane usage has also drawn criticism from some partners who believe the CEO should be more focused on his role at Goldman Sachs, with some considering taking their concerns directly to the board.