shareholder proposal · 2016
Public Citizen at Citigroup
Appoint a Stockholder Value Committee of independent directors to address whether the divestiture of all non-core banking business segments would enhance shareholder value, and have it report publicly on its analysis no later than 300 days after the 2016 annual meeting.
What happened
Result: Proposal 8 at the annual meeting of 26 April 2016, not approved: 73,964,675 votes for, 2,004,403,208 against, 42,804,611 abstentions and 271,311,607 broker non-votes.
The SEC refused Citigroup leave to omit the proposal, so it reached the ballot over the company's objection, and that refusal rather than the vote is what this campaign achieved: about 3.6 percent of the shares voted for and against supported it. Citigroup had argued to the staff that a breakup study would be redundant given the more than 500 billion dollars of assets it had already disposed of through Citi Holdings, and that its board shared the proponent's goal of divesting non-core assets.
Who is involved
- Public Citizen filer
- Citigroup company
What this campaign is about
- Global macroeconomic stability Helpful · UN Sustainable Development Goals