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Citi shareholders reject board pay plan

Citigroup shareholders have rejected a pay plan which promised tens of millions of dollars to its chief executive Vikram Pandit and its directors.

Around 55 per cent of shareholders voted against the plan or abstained at Citi’s annual meeting in a non-binding vote.

The Financial Times reports that Citi is the first big US bank to suffer a majority opposition in a “say-on-pay” ballot and is only the 12th S&P 500 to suffer such a loss.

The FT reports departing Citi chairman Richard Parsons described the situation as “a serious matter” with directors set to consult with shareholders over their opposition to the pay plan.

UK-based proxy voting agency Manifest’s chief executive Sarah Wilson told the FT: “Shareholders have been giving banks some time to find their way and do the right thing on pay, but I think patience is running out.”


Swip hands over UK mandates to Clunie

Scottish Widows Investment Partnership has passed on the management of the £280m UK select growth fund and £124m UK opportunities fund to manager James Clunie. The funds were previously managed by Swip head of UK equities Peter Cockburn. Clunie already runs the £18m UK flexible strategy fund. Swip refused to comment on whether Cockburn is […]


Ian McKenna: Google before you tweet

The rise of social media is one of the major changes society has witnessed over the past few years. It is changing the way that people communicate at a pace that would have been unthinkable just a few decades ago. Such is its influence that any marketing strategy that does not have a social media […]

Standard Life hires emerging market debt team

Standard Life has today announced it is creating an emerging market bonds team to be led by head of emerging market debt, Richard House. House joins Standard Life from Threadneedle Asset Management, where he held the same role. The emerging market bonds team will include House’s Threadneedle colleagues Mark Baker and Nicolas Jaquier who join […]


Two-thirds of IFAs will cut fees for small pension pots

Almost two-thirds of advisers would be willing to reduce fees for clients with pension pots worth less than £50,000, research from MetLife reveals. The research, which is based on a survey of 100 IFAs, found that 64 per cent would cut fees in order to provide a service to people with small pension pots. MetLife […]


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