I hope this common sense attitude catches fire & spreads!
Citigroup Shareholders Reject Pay
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
April 18, 2012 6:39 AM
DO SOMETHING!
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