Media makes Citi vote into a revolution

April 9, 2012

The say-on-pay vote at the recent Citi annual meeting did not support Vikram Pandit’s compensation package. The media is making it seem like this is the first of many advisory votes at American banks this year which will express discontent with CEO remuneration. My prediction: as socially responsible investors (including UCF who advocated for say-on-pay before it was signed into law by the Dodd-Frank Act) have always maintained, this is a sharp tool. It will be wielded selectively. I’m betting this will be the only bank pay package that doesn’t receive majority support this shareholder season.

 
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