citis-directors-and-pay-practices-attract-criticism

Citi's directors and pay practices attract criticism

Three proxy advisory firms in the US argue that some of Citi's board members did not perform their duties and that compensation practices at the US bank need to be reviewed.

Ahead of Citi's annual shareholder meeting on April 21, three proxy advisory firms have advised shareholders to express their dissatisfaction with the performance of the bank's board and highlight compensation-related issues.
 
San Francisco-headquartered Glass Lewis gives Citi an F grade on its pay-for-performance model, observing that the US bank paid more compensation to its top officers than the median compensation at six large financial companies. Overall Citi paid more than its peers but performed worse than its peers, notes Glass Lewis.
 
Glass Lewis believes Citi board members on the firm's compensation committee did not rectify practices to appropriately link pay with performance. Coupled with the losses Citi has booked due to the subprime...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222