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C » Topics » COMPETITIVE PAY-CITIGROUP

This excerpt taken from the C DEF 14A filed Mar 15, 2005.

COMPETITIVE PAY—CITIGROUP

 

RESOLVED: The shareholders urge the Board of Directors:

 

•   To limit the Compensation paid to the CEO in any fiscal year to no more than 100 times the average Compensation paid to the company’s Non-Managerial Workers in the prior fiscal year, unless the shareholders have approved paying the CEO a greater amount;

 

•   In any proposal for shareholder approval, to provide that the CEO can receive more than the 100-times amount only if the company achieves one or more goals that would mainly reflect the CEO’s contributions rather than general market conditions; and

 

•  

In that proposal, to assure the shareholders that the Board will seriously consider reducing the

 

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CEO’s compensation in the event of any unusual reduction in the company’s workforce resulting from outsourcing or other factors.

 

This proposal does not apply to the extent that complying would necessarily breach a compensation agreement in effect at the time of the present shareholder meeting.

 

“Compensation” means salary, bonus, the grant-date present value of stock options, the grant-date present value of restricted stock, payments under long-term incentive plans, and “other annual” and “all other compensation” as those categories are defined for proxy statement purposes.

 

“Non-Managerial Workers” means U.S.-based employees working in the categories of Blue-Collar Occupations or Service Occupations or the Sales and Administrative Support components of White-Collar Occupations as used by the Bureau of Labor Statistics in its National Compensation Surveys.

 

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