Citi shareholders to vote on deferring bonuses for 10 years

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Citigroup shareholders will vote next month on whether to defer a chunk of top executives’ pay for 10 years, using the money to cover fines if the bank breaks laws.

Bloomberg News reports that the proposal would put 'a substantial portion' of total annual compensation for executive officers at risk, according to the measure submitted by Bartlett Naylor and included in the bank’s proxy statement.

Naylor, a financial policy advocate at Public Citizen, cited the bank’s $7bn settlement of mortgage-bond probes last year.

While Citigroup’s board has strengthened its clawback policy to cancel pay for failing to supervise employees who break the law, it doesn’t go far enough, according to Naylor. 

To access the complete Bloomberg News article hit the link below:

Citigroup Would Defer Pay 10 Years Under Shareholder Proposal

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