Citigroup to limit executive pay when investor returns fall
Executives to be rewarded based on total shareholder returns over a three-year period
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New York
CITIGROUP Inc's board changed the way the lender calculates performance pay for executives after receiving some complaints. The largest proxy advisers were not swayed.
Executives can now earn more than 100 per cent of their annual performance-based compensation only if shareholder returns are positive, the New York-based bank said on Wednesday in a regulatory filing. The plan is designed to ensure executives don't get bonuses that are bigger than those initially awarded if total shareholder returns fall over a three-year period. The changes are reflected in performance share units granted in February.
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