Tag Archives | Golden Parachutes

Citi to Address Gender Pay Gap

Citi reached an historic agreement to disclose wage data and adjust employee salaries in a company-wide effort to achieve gender pay equity. Arjuna Capital agreed to withdraw its gender pay shareholder resolution after the agreement.

Citigroup (Citi) and Arjuna Capital disclosed that Citi is taking steps to provide gender and ethnicity wage data and commit to closing the gap, making it the first U.S. bank to respond to shareholder concerns. In response to Citi’s steps, Arjuna Capital withdrew its gender pay shareholder proposal on Monday, January 15, 2018. Continue Reading →

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Citigroup Inc (C): Proxy Score 48

citigroupCitigroup Inc (C), which provides various financial products and services for consumers, corporations, governments, and institutions worldwide, is one of the stocks in my portfolio. Their annual meeting is coming up on 4/28/2015. ProxyDemocracy.org had the vote of three funds when I checked and voted on 4/21/2015. I voted with management 48% of the time and assigned Citigroup a proxy score of 48. Continue Reading →

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Restrictions on Pay Could Begin With Golden Parachutes

In case you missed it, SEC staff reversed course on a no-action request, clearing the way for Navistar shareholders to vote on a Teamsters’ proposal related to golden parachute agreements, which urges the board to adopt a policy of obtaining shareowner approval for future severance agreements that contemplate paying out more than two times the sum of an executive’s base salary plus bonus. Navistar argued that Dodd-Frank’s say-on-pay vote would substantially implement the proposal’s objective. The SEC staff agreed.

In their request for determination, the Teamsters cited Congressional intent that financial reform requirements not preclude shareholders from taking action on specific elements of executive pay and their request was granted.

SEC Staff Reverses Ruling On Teamsters Proposal – Compliance Week.

Shareowners might do well to contemplate introducing several such limitations on CEO pay at several companies. (see also, CEO Pay in an Age of WikiLeaks: Reporting, Rationale and Ratios and the members-only discussion at USPX.)

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