[ by Melanie Gretchen ] Goldman Sachs is opening Pandora's Box at its annual meeting in Jersey City today.  The CEO Lloyd Blankfein may include the following shareholder proposals as it reshapes the way it does business:

• A detailed report on the firm’s lobbying efforts
• Regulatory changes affecting Wall Street and how it will impact Goldman's business plan

Here is Dealbook's feed so far: Goldman Sachs's 2011 executive compensation plan, which awarded Mr. Blankfein $12.4 million, won approval from more than 94 percent of shareholders. All 10 board members at Goldman Sachs, were re-elected. Shareholders voted with the board on all proposals, including the one advocating more disclosure on lobbying. The meeting was fairly uneventful, especially compared with previous years, when Goldman has been attacked for sky-high compensation and putting its own interest ahead of clients. A person representing shareholders connected to the City of Oakland is at the microphone. Oakland entered into an interest-rate swap a few years ago that is now costing the city roughly $4 million a year.  The person said Goldman should rewrite the contract. "It is an issue of morality," he said. Mr. Blankein disagreed, saying it was not in the interest of shareholders to tear it up a valid contract. Mr. Smith of I.S.S. is at the microphone again, this time speaking about the idea of separating the role of chairman and chief executive. Mr. Blankfein currently wears both hats. Mr. Smith says both roles are big jobs and many corporate governance hawks feel it is good practice to separate the positions. Mr. Schiro said the board recently moved to strengthen its corporate governance, tapping him as lead director.  Goldman had a similar position in the past, but this new role is viewed as having more power. Mr. Schiro also said the board of directors often reviewed the wisdom of separating the roles of chairman and chief executive. A shareholder said he was concerned about the effect of the current instability in Europe on American companies. "Do you see a way the company can benefit from a possible collapse in the euro zone?" he asked. Mr. Blankfein said while there may be "short-term opportunities" from the instability, Goldman's best interest lied in in the long-term strength of European countries. The Sisters of Charity of New York previously pushed Goldman for more disclosure on its structured products. This morning, one of the nuns from the group encouraged the firm to do even more. Mr. Blankfein praised her work on this issue, and one of the nuns jokingly suggested that Goldman should hire her. "I don't think we can out bid your current boss," Mr. Blankfein replied, drawing laughter from shareholders. It was a subtle rebuttal to a widely criticized remark Mr. Blankfein once made saying that he did "God's work." Mr. Smith of I.S.S. is at the microphone again, speaking on the shareholder proposal on lobbying expenses. He praised a Goldman policy requiring the firm's board to review all trade association or membership dues valued at more than $30,000, while noting that the firm was not required to disclose its association memberships. This, he said, "is where the curtain of secrecy comes down." He said some firms gave to controversial groups, and Goldman shareholders should know where this money is going. He also said Goldman should provide more detail on the millions spent annually on lobbying. Another shareholder who works at a nonprofit organization that helps people living in low-income neighborhoods also spoke in favor of more disclosure on Goldman's lobbying. He said Goldman was seen as a "primary driver of the financial meltdown" and shareholders should know more about its lobbying against financial services reform. Mr. Smith of I.S.S. also brought up the recent trading loss at JPMorgan Chase, asking whether Goldman had reviewed what might have gone wrong there. James Schiro, the current head of Goldman's audit committee, said Goldman viewed issues like losses at rival firms "very seriously." He said Goldman used the incident to review its own risk-control environment. Timothy Smith of Institutional Shareholder Services, the proxy advisory firm, raised concerns about the appointment of PricewaterhouseCoopers as auditor, saying that the firm had been the subject of regulatory actions. A representative of PricewaterhouseCoopers responded to the question, saying that Mr. Smith's concerns had been discussed with Goldman's audit committee. Several shareholders spoke, objecting to Goldman's decision to have Michele Burns lead the board's audit committee. One shareholder pointed out that she was on Wal-Mart's audit committee in 2005 and 2006, when the retailer is said to have bribed officials in Mexico. He said having her lead Goldman's audit committee "sends the wrong message to shareholders." Mr. Blankfein defended her role, saying she has "the background and experience" to be a "wonderful" audit chief. Ms. Burns spoke, saying she and Wal-Mart were "fully committed" to investigating the allegations. Goldman's chief executive, Lloyd C. Blankfein, has called the meeting to order. More than 200 shareholders are in attendance. They were met by a handful of protesters outside, a change from recent years when throngs of demonstrators had descended on the meeting. Still, security is tight. A sign outside the meeting tells shareholders that "signs or other items that could disrupt meeting" are not welcome. Goldman Sachs's 2011 executive compensation plan, which awarded Mr. Blankfein $12.4 million, won approval from more than 94 percent of shareholders. All 10 board members at Goldman Sachs, were re-elected. Shareholders voted with the board on all proposals, including the one advocating more disclosure on lobbying. The meeting was fairly uneventful, especially compared with previous years, when Goldman has been attacked for sky-high compensation and putting its own interest ahead of clients. A person representing shareholders connected to the City of Oakland is at the microphone. Oakland entered into an interest-rate swap a few years ago that is now costing the city roughly $4 million a year.  The person said Goldman should rewrite the contract. "It is an issue of morality," he said. Mr. Blankein disagreed, saying it was not in the interest of shareholders to tear it up a valid contract. Mr. Smith of I.S.S. is at the microphone again, this time speaking about the idea of separating the role of chairman and chief executive. Mr. Blankfein currently wears both hats. Mr. Smith says both roles are big jobs and many corporate governance hawks feel it is good practice to separate the positions. Mr. Schiro said the board recently moved to strengthen its corporate governance, tapping him as lead director.  Goldman had a similar position in the past, but this new role is viewed as having more power. Mr. Schiro also said the board of directors often reviewed the wisdom of separating the roles of chairman and chief executive. A shareholder said he was concerned about the effect of the current instability in Europe on American companies. "Do you see a way the company can benefit from a possible collapse in the euro zone?" he asked. Mr. Blankfein said while there may be "short-term opportunities" from the instability, Goldman's best interest lied in in the long-term strength of European countries. The Sisters of Charity of New York previously pushed Goldman for more disclosure on its structured products. This morning, one of the nuns from the group encouraged the firm to do even more. Mr. Blankfein praised her work on this issue, and one of the nuns jokingly suggested that Goldman should hire her. "I don't think we can out bid your current boss," Mr. Blankfein replied, drawing laughter from shareholders. It was a subtle rebuttal to a widely criticized remark Mr. Blankfein once made saying that he did "God's work." Mr. Smith of I.S.S. is at the microphone again, speaking on the shareholder proposal on lobbying expenses. He praised a Goldman policy requiring the firm's board to review all trade association or membership dues valued at more than $30,000, while noting that the firm was not required to disclose its association memberships. This, he said, "is where the curtain of secrecy comes down." He said some firms gave to controversial groups, and Goldman shareholders should know where this money is going. He also said Goldman should provide more detail on the millions spent annually on lobbying. Another shareholder who works at a nonprofit organization that helps people living in low-income neighborhoods also spoke in favor of more disclosure on Goldman's lobbying. He said Goldman was seen as a "primary driver of the financial meltdown" and shareholders should know more about its lobbying against financial services reform. Mr. Smith of I.S.S. also brought up the recent trading loss at JPMorgan Chase, asking whether Goldman had reviewed what might have gone wrong there. James Schiro, the current head of Goldman's audit committee, said Goldman viewed issues like losses at rival firms "very seriously." He said Goldman used the incident to review its own risk-control environment. Timothy Smith of Institutional Shareholder Services, the proxy advisory firm, raised concerns about the appointment of PricewaterhouseCoopers as auditor, saying that the firm had been the subject of regulatory actions. A representative of PricewaterhouseCoopers responded to the question, saying that Mr. Smith's concerns had been discussed with Goldman's audit committee. Several shareholders spoke, objecting to Goldman's decision to have Michele Burns lead the board's audit committee. One shareholder pointed out that she was on Wal-Mart's audit committee in 2005 and 2006, when the retailer is said to have bribed officials in Mexico. He said having her lead Goldman's audit committee "sends the wrong message to shareholders." Mr. Blankfein defended her role, saying she has "the background and experience" to be a "wonderful" audit chief. Ms. Burns spoke, saying she and Wal-Mart were "fully committed" to investigating the allegations. Goldman's chief executive, Lloyd C. Blankfein, has called the meeting to order. More than 200 shareholders are in attendance. They were met by a handful of protesters outside, a change from recent years when throngs of demonstrators had descended on the meeting. Still, security is tight. A sign outside the meeting tells shareholders that "signs or other items that could disrupt meeting" are not welcome. For further details, go to [Dealbook, 5/24/12].