06:18 PM EDT, 04/03/2024 (MT Newswires) -- Goldman Sachs Group ( GS ) shareholders are being urged by Institutional Shareholders Services to choose an independent board chair at its annual meeting later this month, Reuters reported Wednesday, citing an ISS memo.

Goldman board, however, is recommending investors vote against the proposal on April 24, saying they already "take very seriously their fiduciary obligation to act in the best interests of our firm and our shareholders," according to proxy statement.

Goldman Sachs ( GS ) shareholders overwhelmingly rejected a similar proposal at the company's 2023 annual meeting, with the proposal for independent chair garnering only 40 million shares out of total outstanding. Shareholders have put forward proposals to select an independent chair at the company since at least 2021.

ISS also recommended a vote in favor of all the director nominees, Reuters reported.

Goldman did not immediately respond to a request for comments by MT Newswires.

(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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