Goldman Sachs is set to overhaul its board election policy after demands from its shareholders led by Evelyn Davis, a veteran corporate governance activist, that directors of the US investment bank be held more accountable.

At the annual Goldman shareholder meeting on Wednesday, Davis won the support of a majority of voters for the existing staggered board elections to be dropped in favour of the annual election of directors. The vote could bring to end a four-year battle by Davis to ensure that "all directors will be more accountable to all shareholders each year".