Peter Oppenheimer
GOLDMAN SACHS GROUPAbout Peter Oppenheimer
Independent director (age 62) of The Goldman Sachs Group, Inc. since March 2014; Audit Committee Chair, and member of Governance, Risk, and the Technology Risk Subcommittee (TRiS). Former Apple CFO and senior finance leader with >20 years as CFO/Controller; holds degrees from California Polytechnic State University and Santa Clara University’s Leavey School of Business . Identified by the Board as an audit committee financial expert; also Chairs the Goldman Sachs Bank USA subsidiary board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Apple, Inc. | SVP & CFO | 2004–2014 | Financial management, capital and risk oversight |
| Apple, Inc. | SVP & Corporate Controller | 2002–2004 | Financial reporting, controls |
| Apple, Inc. | VP & Corporate Controller; VP Finance & Controller, Worldwide Sales; Sr. Director Finance | 1997–2002 | Oversight of information systems; global finance roles |
| Automatic Data Processing (ADP) | Divisional CFO (Finance, MIS, Admin & Equipment Leasing Portfolio) | 1992–1996 | Capital allocation, MIS oversight |
| Coopers & Lybrand LLP | Consultant, Information Technology Practice | 1988–1992 | Technology risk/process expertise |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Constellation Energy Corp (CEG) | Director | Current U.S.-listed board service |
| Goldman Sachs Bank USA (subsidiary) | Board Chair | GS subsidiary board service; compensated per program |
Board Governance
- Independence: Board determined Oppenheimer (and 12 of 14 nominees) independent under NYSE and firm policy; audit committee members meet heightened independence standards .
- Committee assignments: Audit (Chair); Governance; Risk; TRiS member. Audit responsibilities include oversight of financial statements, internal controls, compliance, and auditor performance; TRiS assists Risk Committee in overseeing technology-related risk (execution, operational, integration, metrics/thresholds) .
- Attendance & engagement: In 2024, the Board/Committees held 86 meetings; directors as a group had ~97% attendance and each current director attended >75% of meetings; 19 director-only sessions without management; committee chairs and lead director held >300 engagements beyond boardroom .
- Lead Director/structure: Strong independent Lead Director role with expansive duties and year‑round evaluation; annual review supports combined Chair-CEO with strong independent oversight .
- Director ownership/holding requirements: Directors must own ≥5,000 shares or vested RSUs and must hold all RSUs through tenure; hedging/pledging of RSUs or Common Stock prohibited for non-employee directors .
- Overboarding: Formal limit of four public company directorships (including GS); Oppenheimer currently at two (GS, CEG) .
Fixed Compensation
| Component | Policy Terms (2024 program) | 2024 Actual for Oppenheimer |
|---|---|---|
| Annual RSU Grant | $350,000 RSUs, granted annually in arrears | $380,197 RSUs granted Jan-2024 for 2023 service (fair value) |
| Annual Retainer | $100,000 (cash or RSUs per director election; paid quarterly arrears) | $94,304 RSUs for first three 2024 quarters per election (grant-date values) |
| Committee Chair Fee | $25,000 (cash or RSUs; paid quarterly arrears) | Included within RSU elections/quarterly grants; reflected in stock award totals |
| Subsidiary Board Retainer | $50,000 member / $100,000 chair (cash or RSUs; prorated) | $120,858 (GS Bank USA board retainer; form per election) |
| Total | Base $450,000 + chair fees per roles | $595,359 total (cash + stock awards + other comp) |
- Program features: ≥70% director pay in vested RSUs, hold‑through‑retirement, no meeting fees; independent consultant FW Cook reviewed and found program competitive/aligned .
Performance Compensation
| Instrument | Performance Metrics | Vesting/Settlement |
|---|---|---|
| Director RSUs | None (director equity grants are vested RSUs; no PSUs/targets) | RSUs vest on grant; shares deliver after retirement; RSUs must be held during tenure; hedging/pledging prohibited |
Other Directorships & Interlocks
| Company | Relationship to GS | Potential Interlock Consideration |
|---|---|---|
| Constellation Energy (CEG) | External board | Board independence process reviews immaterial relationships and revenues/payments to entities affiliated with directors; Oppenheimer deemed independent . |
| GS Bank USA (subsidiary) | Internal (Chair) | Subsidiary board retainer disclosed; governance enhances oversight connectivity; not a related-party transaction requiring independence exception |
Expertise & Qualifications
- Capital and risk management expertise from CFO/controller roles; deep financial reporting and internal control experience relevant to Audit Chair duties .
- Technology oversight perspective from prior information systems oversight at Apple; member of TRiS focused on cybersecurity/technology risk .
- Identified as an audit committee financial expert by the Board .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial ownership (incl. vested RSUs) | 26,137 shares |
| Shares outstanding (12/31/2024) | 310.7 million |
| Ownership % of outstanding | ~0.008% (26,137 / 310,700,000) |
| Pledged shares | None permitted; directors prohibited from pledging RSUs/Common Stock |
| Hedging | Prohibited for non-employee directors |
| Director ownership guideline | ≥5,000 shares or vested RSUs; Oppenheimer exceeds guideline |
Governance Assessment
- Strengths: Independent Audit Chair with CFO/controllership pedigree; sits on Risk and TRiS enhancing oversight of financial and technology risks; meets strict director ownership and hold-through-tenure requirements; strong attendance and year‑round engagement signals board effectiveness .
- Compensation alignment: Majority equity in vested RSUs, hold-through-retirement, no meeting fees; subsidiary board compensation disclosed transparently; program reviewed by independent consultant .
- Independence/conflicts: Board’s robust independence review covers revenues and payments to affiliated entities; no pledging/hedging; overboarding limit observed (2 of 4 allowed) .
- RED FLAGS: None specifically disclosed for Oppenheimer in proxy (no related-party transaction flag or attendance shortfall noted); monitor dual roles across Audit/Risk/TRiS for potential concentration risk, and any future transactional ties of CEG with GS (independence process mitigates) .