Business USA

Citigroup’s shareholders vote against executive pay

New York – Yesterday, shareholders of Citigroup expressed strong opposition to the compensation offered to executives of the U.S. bank.

On the occasion of the annual meeting of the institution, 55% of shareholders voted against the salaries and bonuses awarded to executives. But this vote is not binding.

The CEO, Vikram Pandit, received total compensation of $ 14.8 million in 2011, when he had agreed a fee of $ 1 in 2010. Mr. Pandit also received a retention bonus of 10 million up to 2013.

A federal law requires U.S. companies that allow shareholders to have their “say” on executive compensation by voting at least every three years.

Monday, Citigroup had reported a profit of 2.9 billion in the first quarter, or 95 cents per share, in line with analyst expectations. The bank reported total revenues of 19.4 billion, down 2% over the same period last year.

Moreover, the institution has appointed a new chairman of its board of directors, Michael O’Neill, 65, joined the board in 2009.

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