Vikram Pandit, Chief Executive Officer, Citi, USA; Co-Chair of the World Economic Forum on Latin America, captured during the World Economic Forum on Latin America in Rio de Janeiro, Brazil, April 29, 2011. (Photo credit: Wikipedia)Shareholders rebuked Citigroup’s board on Tuesday, voting against a pay plan that promised tens of millions of dollars for Vikram Pandit, chief executive, and his fellow directors.
Some 55 per cent of shareholders either went against the plan or abstained at Citi’s annual meeting in Dallas in a non-binding vote, the company said. It became the first major US bank to suffer majority dissent in a “say on pay” vote and only the 12th S&P 500 company to lose such a ballot.
Richard Parsons, the outgoing chairman of Citi, described the result as “a serious matter” and said directors would meet shareholders to discuss their objections. Corporate governance advisory groups had recommended a no vote on the pay plan.
Sarah Wilson, chief executive of the UK-based proxy voting agency Manifest, said: “Shareholders have been giving banks some time to find their way and do the right thing on pay, but I think patience is running out now.”... Continue to read.
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