NEW YORK (Reuters) – Citigroup Inc’s chairman John Dugan defended the company’s efforts to fix its regulatory problems and bolster its stock in response to shareholder questions at the bank’s annual meeting on Tuesday.
“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 offices with spray painted messages and protests on Monday ahead of their annual meetings.
(Reporting by Tatiana Bautzer, editing by Lananh Nguyen; Editing by David Gregorio)
