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Goldman also announced on Thursday that, for the first time, it would give its shareholders a say in determining compensation.
But in his Senate testimony last week, Mr. Stumpf seemed to back away from a role in determining compensation.
Gray said he had reviewed the terms of the scheme and it "provides a fair, effective and speedy means for determining compensation".
A.I.G. has sought his advice in determining compensation for employees in its Financial Products unit, whose trading of high-octane derivatives brought the company to its knees.
Moving to quell the uproar over the return of big paydays on Wall Street, Goldman Sachs announced on Thursday that its top executives would forgo cash bonuses this year and that it would give shareholders a say in determining compensation.
Cost-benefit analysis -- unfortunately missing from most debates over water purification or military spending, for that matter -- figures prominently in determining compensation for the families of those killed in the Sept. 11 terrorist attacks.
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If the latter course is chosen, then the designer must establish both a rule for aggregating the results of the different reviews and a rule for determining compensations.
A further hearing will determine compensation against the Church of England diocese.
Lawyers said cases regarding emotional suffering are some of the hardest in which to determine compensation.
It's a largely merit-based system, where results determine compensation.
"Appointing a non-independent body to determine compensation is open to abuse," said DA spokeswoman Lindiwe Mazibuko.
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