US bank Goldman Sachs has said that its 30 top executives will not receive any cash bonuses in 2009. Their bonuses will be in the form of restricted shares, which cannot be sold for five years. The new policy is aimed at discouraging excessive risk-taking in the wake of the global financial crisis. Goldman said it believed its compensation policy “incentivises behaviour that is in the public’s and our shareholders’ best interests”.
Shareholders will be able to vote on the policy at the bank’s annual meeting next year.
