Citigroup defends revamp as shareholders complain about sluggish stock
“We completely understand” shareholders’ frustration with the share price, he said, after facing several questions about its underperformance.
While none of the shareholder motions passed, proposals to restrict managers’ termination pay was supported by 28% of voters while a proposal to create a report on Citi’s impact on Indigenous rights received backing of 31% of voters, according to preliminary tallies.
Only about 10% voters endorsed a resolution for Citi to phase out fossil fuel financing. Climate activists targeted Citi and Bank of America (NYSE:BAC) offices with spray painted messages and protests on Monday ahead of their annual meetings.