Goldman Shareholder Deal Pares Blankfein's Board Authority

Law360, Los Angeles (April 10, 2013, 10:16 PM EDT) -- Goldman Sachs Group Inc. CEO Lloyd Blankfein lost some of his authority over its board of directors — but retained his chairmanship — after Goldman reached a deal with a union pension fund adviser and agreed to change its governance policies, Goldman announced Wednesday.

CtW Investment Group, which advises unions with a combined $200 billion-plus in assets, began pushing for greater board independence in January. The adviser threatened to put Blankfein's chairman role up for a shareholder vote if Goldman refused to improve oversight on the...
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