04/17/2012 11:49 am ET | Updated Jun 17, 2012

Citigroup Pay Proposal Rejected By Shareholders

DALLAS, April 17 (Reuters) - Directors of Citigroup Inc lost an advisory vote of shareholders on the company's executive compensation plan, the bank's corporate secretary said at the annual meeting on Tuesday, citing preliminary vote totals.

Only 45 percent of shareholders endorsed the plan, said Michael Helfer, general counsel and corporate secretary.

Richard Parsons, chairman of the board, called the outcome "a serious matter" and said directors would meet with shareholder representatives to discuss their objections. (Reporting by David Henry in New York.)