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.)

Comments

[mizerello]

11:42 PM on 04/19/2012

But since they're not required to follow their stock holders vote does that mean Pandit will get this outrageous salary package?

[Amanda Matthews]

08:57 AM on 04/19/2012

"In contrast, Citi seemed shocked ..."

I bet they did.

[Bob716]

09:53 PM on 04/18/2012

Good for Citibank shareholders even though it's not binding unfortunately. They pay these people way too much & then they run the company into the ground & walk off with millions of dollars for destroying a company & jobs. It's time to hold these SOBs accountable for their actions. Hopefully they'll be many more to come.

[RonFMiller]

09:21 PM on 04/18/2012

Amazing how connected Citibank is with government officials. How many times are we going to bail them out? The government bureaucracy has put them into the "too big to fail" class and everytime they fail, they get bailed out and they come back with more political clout. They should have been gone twenty years ago. Tea Party rules! Stop the government from picking the winners and squandering our dollars based on who they're paying off in government.

[JudgeMoonbox]

09:02 PM on 04/18/2012

Some people say that the US government should be run like a business. If it was run like many of the businesses over here, Barack Obama would have a salary of $20 billion.

[rhooperg]

08:44 PM on 04/18/2012

These figures are disgusting. A five star general commanding forces with unimaginal power makes what, under 200,00 per year with no bonus at all. How can these ceo's justify this amount of money. As far as I know, a top management person in Japan makes what a middle management type makes in the U.S., and if his company under performs, he usually resigns under a cloud of shame. I have a hard time accepting this-- good for the stock holders

[thatgirljd]

08:43 PM on 04/18/2012

Unreal! They should fire him!

[mayanindependentspeak]

08:37 PM on 04/18/2012

The guy was supposed to get a $15 mil salary and a $40 mil bonus for managing his company into a 44% loss last year?

[bg25fuzz]

08:31 PM on 04/18/2012

Better send that BOY packing in a hurry, nobody is worth that kind of money.

[rmoyuela]

08:17 PM on 04/18/2012

United Crooks of America.

[othel]

08:10 PM on 04/18/2012

Citi just had a 1 for 10 stock "split"......and pay 10 cents per share........and this guy wants THIS kind of money. Let him go get a job in China.

[Gcock10]

07:34 PM on 04/18/2012

ROMNEY AND REPUBLICAN'TS WILL DOUBLE HIS PAY and then, BONUS

[thatgirljd]

08:44 PM on 04/18/2012

Yes because thats what they do! Go to college!

[Bob716]

09:54 PM on 04/18/2012

The Reps are guilty but so are the Dems. All these wealthy people have these politicians in both parties in their back pockets.

[smeeg]

06:12 PM on 04/18/2012

why can't we impose a huge tax on those that make 15 mil with a 40 mil bonus and put that into helping ppl that genuinely need it, like the elderly? I work with eldery ppl and most of them barely get by with Medicare and Social Security

[Kittyluvr]

08:58 PM on 04/18/2012

Because the Republicans won't allow it. The only thing they want is to protect theis millionaire buddies.

[Bob Pante]

05:46 PM on 04/18/2012

That is the way it is supposed to work. It is about time the stockholders spoke up, after all they own the company.

As an added comment. No one should have gotten a bailout. There is no such thing as too big to fail, it is too big to function. Smaller companies are always ready to pick up the pieces and move on.

[inisheer1972]

05:40 PM on 04/18/2012

It's amazing that it's taken so long for the institutional investors to stop approving huge pay packages for execs like this who don't produce. I think Occupy has kind of created a cultural change about this, but it's just been a matter or highlighting something that even most bankers I know I NY already think is absurd. http://www.successdegrees.com/learn-online/careers-salaries/citibank-ceo-slapped-over-pay-with-some-help-from-occupy-and-financial-hockey-players/2012/