Citigroup Shareholders Vote Down CEO’s $15M Pay Deal

Citigroup shareholders voted down the bank’s $15 million pay package for its chief executive, Vikram S. Pandit, in a rare instance of opposition to inflated compensation from the very owners of a Wall Street institution.
The vote by shareholders is non-binding but will be considered by Citigroup’s board
Income inequality has taken center stage in presidential politics and the widespread Occupy Wall Street protests.
But now even wealthy institutional investors, such as pension fund and mutual fund managers, are thinking twice about executive compensation.
About 55 percent of the shareholders voting were against the Citigroup executive pay plan, which pertained to Citi’s five top executives, including Pandit.
“C.E.O.’s deserve good pay but there’s good pay and there’s obscene pay,” Brian Wenzinger told the New York Times.
Wenzinger is a principal at Aronson Johnson Ortiz, a Philadelphia money management firm that voted against the Citi pay package. Wenzinger’s company owns more than 5 million shares of Citigroup.

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