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Goldman Sachs Asset Management released highlights of its 2023 proxy season activity. Notably, it voted against approximately 6,300 directors globally primarily based on board diversity, independence, or other governance concerns (31%, 19%, and 45%, respectively)

Among the key takeaways for US companies are these reminders about GSAM’s proxy voting policies:

• All boards are expected to have at least 10% women to avoid a vote against members of the Nominating Committee.
• S&P 500 boards are expected to have at least one diverse director from an ethnic minority group to avoid a vote against members of the Nominating Committee.
• Companies with a classified board or unequal voting rights structures should anticipate a vote against members of the Nominating/Governance Committee.

Access additional resources on our Institutional Investors page.

                           This post first appeared in the weekly Society Alert!