UPDATE 1-Goldman Sachs shareholders approve pay plan for top execs

Fri May 16, 2014 12:16pm EDT

(Adds vote detail)

IRVING, Texas May 16 (Reuters) - Goldman Sachs shareholders voted on Friday to approve management's executive compensation plan, and also rejected a proposal that would have allowed holders to nominate directors to the Wall Street bank's board.

More than 83 percent of Goldman shares were voted in favor of a non-binding motion supporting the company's executive pay plan, even though a major proxy advisory firm had recommended voting against the plan, saying Goldman Sachs pays its staff too much.

Only 3 percent of shareholders voted in support of proposal that would have allowed shareholders to nominate directors to the board.

Shareholders also handily elected 13 directors to the Goldman board.

The New York-based bank held its annual shareholder meeting in the Dallas suburb of Irving, Texas, where Goldman has its third-largest U.S. corporate presence with operations from 11 divisions, including commercial real estate, company officials said.

Texas Gov. Rick Perry, who has traveled to New York and other states encouraging companies to move jobs to Texas, opened the meeting with comments on the nation's business climate.

In 2013, Goldman's compensation package for Chairman and Chief Executive Lloyd Blankfein was $23 million. (Reporting by Eileen O'Grady; Editing by Chizu Nomiyama and David Gregorio)

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