Economy

TalkingDog

(9,001 posts)

51. Citigroup shareholders snub execs on pay (ooooo..... shareholders getting feisty)

Wed Apr 18, 2012, 01:45 PM

Apr 2012

http://marketday.msnbc.msn.com/_news/2012/04/18/11263196-citigroup-shareholders-snub-execs-on-pay?lite

Shareholders of Citigroup rejected a board-approved pay package for CEO Vikram Pandit and other top executives, sending a loud and clear message that executive compensation needs to be tied to performance, or else.

It was one of the most high-profile rebukes of executive pay recently and could augur a greater willingness among shareholders to hold executives' feet to the fire on performance. It also was an embarrassment to Chief Executive Vikram Pandit, who took virutally no pay in 2010 while trying to turn the bank around.

At its annual meeting Tuesday, 55 percent of the bank's shareholders voted against the pay packages that have been granted to Citigroup's top executives, including CEO Vikram Pandit's $15 million for last year and $10 million retention pay. The vote is advisory and won't force the bank to change its pay practices, but it did send a powerful message of discontent to Citi's leadership.

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Citigroup shareholders snub execs on pay (ooooo..... shareholders getting feisty) TalkingDog Apr 2012 #51

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