Julien Yoo
Goldman Sachs BDCAbout Julien Yoo
Julien Yoo (age 53) is Chief Compliance Officer (CCO) of Goldman Sachs BDC, Inc. (GSBD) and has served in this role since June 2019; she is also Managing Director of GSAM Compliance and Head of the U.S. Regulatory Compliance team at Goldman Sachs Asset Management (GSAM) . She joined Goldman Sachs in 2013 after serving as a Vice President in the legal department at Morgan Stanley Investment Management and earlier as an associate at Shearman & Sterling LLP and Swidler Berlin Shereff Friedman LLP . GSBD discloses that executive officers (including the CCO) are not compensated by the Company, limiting direct pay-for-performance linkage at the GSBD entity level . GSBD has adopted an NYSE Rule 10D-1 clawback policy (effective Dec 1, 2023) but also states it currently neither pays nor plans to pay incentive-based compensation to covered executives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs Asset Management (GSAM) | Managing Director, Head of U.S. Regulatory Compliance team (GSAM Compliance) | 2013–present | Leads U.S. regulatory compliance function supporting GSAM and affiliated entities . |
| Morgan Stanley Investment Management | Vice President, Legal | Prior to 2013 | Senior legal coverage for investment management operations before joining Goldman Sachs in 2013 . |
| Shearman & Sterling LLP | Associate | Prior to Morgan Stanley | Corporate/financial services legal practice experience . |
| Swidler Berlin Shereff Friedman LLP | Associate | Prior to Morgan Stanley | Corporate/financial services legal practice experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed by GSBD | — | — | No public company board or external governance roles disclosed for Ms. Yoo . |
Fixed Compensation
GSBD states it pays no compensation to its executive officers (they are employees of GSAM). Therefore, traditional fixed pay elements (salary, target bonus) are not disclosed at the GSBD level.
| Component | Latest Disclosure | Notes |
|---|---|---|
| Base Salary (Company-paid) | Not paid by GSBD | GSBD pays no compensation to executive officers; compensation, if any, would be at GSAM . |
| Target Bonus % (Company-paid) | Not applicable | No company-paid bonus program for executive officers . |
| Actual Bonus Paid (Company-paid) | Not applicable | No company-paid bonus program for executive officers . |
| Perquisites | Not disclosed | No perquisite disclosure for executive officers at GSBD . |
Performance Compensation
GSBD adopted a clawback policy to comply with NYSE Rule 10D-1, but explicitly states it currently neither pays nor plans to pay incentive-based compensation to covered executives.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Incentive-based compensation tied to financial reporting measures | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Policy context | — | — | — | — | GSBD’s clawback policy allows recovery of erroneously awarded incentive comp, but the Company currently does not pay such comp to covered executives . |
Key policy details:
- Clawback covers incentive-based compensation based on financial reporting measures, including stock price and TSR; recovery required upon accounting restatement with no indemnification for executives .
- Company notes it neither pays nor plans to pay incentive-based compensation to covered executives .
Equity Ownership & Alignment
| Item (as of Record Date) | Detail |
|---|---|
| Beneficial ownership (shares) | 0 shares reported for Julien Yoo in GSBD beneficial ownership table . |
| Ownership as % of shares outstanding | 0.00% (117,297,222 shares outstanding as of March 31, 2025) . |
| Vested vs unvested shares | Not disclosed; no stock awards to executive officers are reported by the Company . |
| Options (exercisable vs unexercisable) | Not disclosed; no option awards to executive officers are reported by the Company . |
| Shares pledged as collateral | Not disclosed. Company maintains Codes of Ethics and an insider trading policy; pledging prohibitions not specifically disclosed in proxy . |
| Stock ownership guidelines | Not disclosed for executive officers (director dollar ranges are disclosed separately) . |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date at GSBD (CCO) | June 2019 . |
| Years in current role | ~6 years as of 2025 . |
| Contract term/expiration | Not disclosed. Officers serve at the pleasure of the Board until next election of officers and until successors qualify . |
| Auto-renewal clause | Not disclosed. |
| Severance provisions | Not disclosed at GSBD level; executives are not compensated by GSBD . |
| Change-of-control provisions | Not disclosed at GSBD level . |
| Clawback provisions | Clawback policy effective Dec 1, 2023; applies to covered executives for erroneously awarded incentive-based compensation tied to financial reporting measures . |
| Non-compete / non-solicit / garden leave | Not disclosed. |
| Insider trading / 10b5-1 | GSBD has an insider trading policy and a repurchase policy designed to comply with Rule 10b5-1 (policies filed as exhibits to the 2024 10-K) . |
| Code of Ethics | GSBD and GSAM Codes of Ethics under 17j-1 and Advisers Act 204A-1 govern personal investments and restrict certain personal transactions . |
Investment Implications
- Alignment and trading signals: With 0 shares reported and no company-paid equity or incentive compensation, direct “skin-in-the-game” and insider selling pressure appear minimal at the GSBD entity level, reducing compensation-alignment trading signals from Ms. Yoo specifically .
- Pay-for-performance linkage: As GSBD pays no executive compensation, traditional pay-versus-performance analysis is not applicable to Ms. Yoo at GSBD; the relevant economic alignment for management is primarily via GSAM’s external advisory fee structure (management and incentive fees paid to GSAM) rather than individual GSBD officer pay .
- Retention risk and execution: Ms. Yoo’s multi-year tenure as CCO and role as GSAM Compliance MD suggest institutional continuity in compliance oversight; absence of disclosed GSBD severance/CoC terms limits visibility into retention economics at the entity level (these would reside with GSAM) .
- Governance and risk: Adoption of an NYSE-compliant clawback and presence of comprehensive Codes of Ethics and insider trading policies indicate a structured control environment, which may mitigate regulatory and operational risk under the CCO’s purview .
All claims and data are sourced from: GSBD 2025 DEF 14A (published Apr 2, 2025) ; GSBD 2024 DEF 14A (published Apr 3, 2024) ; GSBD 2024 10-K (filed Feb 28, 2024) ; GSBD 2025 10-K (filed Feb 27, 2025) .