Citigroup Inc. shareholders voted in favor of management on all proxy proposals at the company’s annual meeting Thursday, including rejection of a proposal by the $115 billion New York City Retirement Systems calling for Citigroup’s audit committee to conduct an independent review of the company’s mortgage, foreclosure and securitization practices.
Shareholders also rejected a joint proposal by the $400 million Kansas City (Mo.) Firefighters’ Pension System and $650 million Massachusetts Laborers’ Pension Fund, Burlington, to produce semiannual reports disclosing corporate political contributions by recipient and identify the people at the company making such political contribution decisions, according to preliminary results from Jon Diat, company spokesman.
Shareholders voted 92% in favor of Citigroup’s executive compensation and 87% in favor of conducting such an advisory vote on executive pay annually, both recommendations of the company’s management.
The New York City systems proposal was rejected by a vote of 75% against; the Kansas City Firefighters-Massachusetts Laborers proposal was rejected by a vote of 79% against.
Among other voting issues, Citigroup directors were all elected with a vote of at least 88% in favor of each.