Goldman Sachs Group Inc.’s executive pay proposal won majority support from shareholders despite criticism the bonuses were excessive, easing concerns over the firm’s push to retain top talent as it competes with buyout firms.

NEW YORK (Reuters) -Goldman Sachs shareholders voted to approve pay packages, including hefty retention bonuses, for top executives CEO David Solomon and president John Waldron. They also voted in favor of other management proposals including the election of the firm's board of directors,

Goldman Sachs Group won support from a majority of shareholders on its controversial pay packages for top executives including David Solomon, the firm’s chairman and chief executive, at its annual shareholder meeting held on Wednesday.