Citigroup Shareholders Reject Management Pay Plan

Tuesday, 17 Apr 2012 02:02 PM

 

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Citigroup shareholders are strongly expressing their displeasure with the pay that the bank's top executives are taking home.

At its annual meeting Tuesday, 55 percent of shareholders voted against the pay packages that have been granted to Citigroup's top executives. The vote is not binding.

Citigroup's CEO Vikram Pandit received $14.8 million in total compensation for 2011, up from his token $1 compensation in 2010. Pandit was also awarded $10 million of retention pay that vests after 2013.

The third-largest U.S. bank is holding its annual meeting this year in Dallas this year, over 1500 miles away from its usual New York venue.

Under the Dodd-Frank financial overhaul law, major U.S. companies are required to allow shareholders to have a "say on pay" vote at least every three years.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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