Morgan Stanley shareholders urged to vote against pay proposal by proxy adviser

By Thomson Reuters Apr 29, 2024 | 9:56 AM

NEW YORK (Reuters) – Morgan Stanley shareholders should vote against its proposal for executive pay at the bank’s annual meeting on May 23, according to a recommendation by influential proxy adviser Glass Lewis.

Former CEO James Gorman, who is now executive chairman, was awarded $37 million by the company’s board, while the three candidates to succeed him were given $20 million one-time awards.

The bank did not immediately respond to a request for comment.

Last week, Bank of America and Goldman Sachs shareholders rejected proposals to divide the CEO and chairman roles at both banks, despite recommendations by proxy advisers to separate the positions. BofA CEO Brian Moynihan and Goldman CEO David Solomon both hold the dual titles.

Glass Lewis had also called for an advisory vote against Goldman’s executive pay, saying shareholders “should be wary of the continued disconnect between pay and performance.”

Shareholders voted to approve Goldman’s compensation plan.

(Reporting by Tatiana Bautzer)