Jack Ucciferri, Harrington Investments’ Research and Advocacy Director, was asked by Reuters to comment on the recent compensation package awarded to Goldman Sach’s CEO Lloyd Blankfein. According to the SEC, Blankfein’s total compensation for 2011 was $16.5 million, although Goldman Sach’s claims he only received $12 million for his performance last year.

“Whether it’s $12 million or $16 million, it’s excessive,” stated Ucciferri.

To try and curb excess CEO pay, Harrington Investments has put a proposal on Goldman’s proxy ballet that, if passed by shareholders, would require top executives to retain 75 percent of their stock holdings for at least three years after leaving the bank.

Read the full article: Goldman Sachs CEO gets $16.2 million pay package