Citi backs move to make it easier for shareholders to nominate directors

Boston

CITIGROUP Inc said it will support a rule change to make it easier for shareholders to nominate directors, making it the latest large company to embrace the controversial reform. James McRitchie, a private shareholder who often files corporate governance resolutions, said on Wednesday that Citigroup officials told him they will back a proposal he submitted for a vote at the company's annual meeting in April.

It calls for including on Citigroup proxy statement and voting forms candidates nominated by shareholders who may not own much stock, a change known as "proxy access". Mr McRitchie said he expects other companies to make similar reforms soon. "It's the beginning of a huge wave," he said.