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US investment giant Goldman Sachs said all 2009 bonuses for top executives would be in the form of restricted stock instead of cash under a new policy aimed at discouraging excessive risk-taking.
The firm's 30-member management committee will receive bonuses in the form of shares that cannot be sold for five years, Goldman Sachs said in a statement.
The holding period includes a provision that will permit the firm to recover the shares "in cases where the employee engaged in materially improper risk analysis or failed sufficiently to raise concerns about risks," the company said.
The move "is intended to ensure that our employees are accountable for the future impact of their decisions, to reinforce the importance of risk controls to the firm and to make clear that our compensation practices do not reward taking excessive risk," Goldman Sachs said.
The action comes amid a public outcry in the United States and elsewhere over bonuses and perks for executives at banks, viewed by many as responsible for the global financial crisis.
