Citigroup Investors Reject Management Compensation Plan
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Citigroup Inc. shareholders rejected its executive pay plan, a first among the six largest U.S. banks, amid criticism it lets Chief Executive Officer Vikram Pandit collect millions of dollars in rewards too easily.
About 45 percent of the votes favored the plan, which Citigroup had said will attract and retain top talent, according to a preliminary tally at the New York-based firm’s annual meeting in Dallas yesterday. While the vote isn’t binding, outgoing Chairman Richard Parsons said changes will be made.