1. 1 Percent

    Citigroup Shareholders Reject Pay

    FILE - In this Nov. 7, 2011 photo, Vikram Pandit, CEO of CitiGroup, speaks at the Securities Industry and Financial Markets Association annual meeting, in New York.  At its annual meeting Tuesday, April 17, 2012, 55 percent of the bank’s shareholders voted against the pay packages that have been granted to Citigroup’s top executives, including Pandit’s $15 million for last year and $10 million retention pay. The vote is advisory and won’t force the bank to change its pay practices, but it did send a powerful message of discontent to Citi’s leadership.  (AP Photo/Mark Lennihan)

    Mark Lennihan / AP Photo

    Citigroup shareholders sounded a bit like Occupy Wall Street yesterday when they rejected a pay package for its chief executive, Vikram S. Pandit, who was set to receive $15 million. “C.E.O.’s deserve good pay but there’s good pay and there’s obscene pay,” said a principal at a money-management company that voted against the package. About 55 percent of shareholders voted against the plan. The vote is nonbinding, part of the Dodd-Frank financial reform that requires public companies let shareholders voice their opinion about compensation, but Citigroup’s chairman says he takes the vote seriously. Last year Pandit got $1.67 million in salary, a $5.3 million cash bonus, and a retention package valued at $40 million.

    Read it at The New York Times