Financial Services Industry
Industry: Email Alert RSS FeedCitigroup shrugs off activist investors.
Financial News, April, 2004
Byline: Anuj Gangahar in New York
The board of Citigroup has been re-elected by an overwhelming majority despite the high-profile opposition of leading shareholders including Calpers, the largest public pension fund in the US, and Evelyn Davis, the veteran American governance campaigner.No Citigroup director receivied less than 94% support from shareholders at the vote which took place in New York.
The vote followed a campaign launched last week by the California Public Employees' Retirement System to withhold support from eight directors, including Charles Prince, chief executive, and Sandy Weill,chairman of the bank. Davis, who recently won majority support for her governance changes at Goldman Sachs, also opposed the re-election of the board....
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