NEW YORK (April 12): Goldman Sachs Group Inc. received an endorsement from Institutional Shareholder Services Inc. for the firm’s executive-pay plan after the proxy-advisory firm urged shareholders to vote against last year’s proposal.

ISS, whose guidance is used by institutional investors casting votes at annual meetings, reversed its recommendation partly because of the bank’s decision to eliminate a long-term cash incentive award, according to a report sent Tuesday to clients.

Goldman Sachs’s compensation plan received just two-thirds support at last year’s meeting, the least since such votes began in 2009. In response, the bank met with investors holding about 40% of its shares. In addition to removing the long-term incentive plan, or LTIP, the board also linked all equity awards given to the chief executive and chief financial officers to the company’s relative performance.

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