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.