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C » Topics » The Five Point Plan

This excerpt taken from the C DEF 14A filed Mar 13, 2007.

The Five Point Plan

In 2005, Citigroup embarked on an extensive Five Point Plan to change our culture and help us achieve our goal to be the most respected global

financial services company. The objective of the Plan was to bring about the changes Citigroup needed in order to live up to our Shared Responsibilities—to our clients, to each other, and to our franchise.

 

We believe that the development and successful implementation of the Five Point Plan has created a solid foundation for the growth of our company in 2007 and the years ahead.

 

This excerpt taken from the C DEF 14A filed Mar 14, 2006.

The Five Point Plan

Many initiatives were launched and implemented under the Plan:

 

  1.   Expanded Training in several areas, including ethics, leadership, history of the franchise, and governance.
  2.   Improved Communications that opened new channels of communication between senior management and employees, not just top-down but also from the bottom up.
  3.   Enhanced Focus on Talent & Development, including 360° reviews for senior management and a significant expansion of our executive development programs.
  4.   Balanced Performance Appraisals & Compensation such as the implementation of a common performance appraisal system for all Citigroup senior managers and a close link between compensation and the Shared Responsibilities.
  5.   Strengthened Controls, including the separation of compliance from the businesses as a truly independent function along with an increase in budget and headcount for compliance and audit functions of more than 20%.

 

We believe that the development and successful implementation of the Five Point Plan has created a solid foundation for the growth of our company in 2006 and the years ahead.

 

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These excerpts taken from the C DEF 14A filed Mar 15, 2005.

The Five Point Plan

 

Citigroup’s goal is to be the most respected global financial services company. Beginning March 1, Citigroup is implementing a Five Point Plan, which aims to bring about the changes Citigroup needs to make, both large and small, in how we live up to Our Shared Responsibilities — that is, to our clients, to each other, and to our franchise — and how we reach our goal to be the most respected global financial services company.

 

The following are excerpts from Our Shared Responsibilities and The Five Point Plan. You can find the full text at www.citigroup.com/citigroup/press/2005/050214b.htm

 

The Five Point Plan

The following initiatives will commence in the next 12 to 18 months; some are already underway.

 

I.  Expanded Training: We need to instill in our employees an appreciation for our legacy, platform, opportunities, and Shared Responsibilities, and give them the tools to accomplish our goals.

 

•   Annual franchise training at three levels: for Senior Managers; for all managers; and for all employees.

 

•   A full-day orientation for all new Senior Managers and an orientation for all new employees.

 

•   Manager training for existing managers and for all newly promoted managers.

 

•   Annual continuing education for Citigroup Country Officers (CCOs).

 

•   Annual Ethics/Code of Conduct training for all employees.

 

II.  Improved Communications: We need to present a clear and consistent message of Citigroup’s goal and Shared Responsibilities, celebrate our values and history, and enhance our communication.

 

•   CEO bimonthly dialogue for Senior Managers and annual tour.

 

•   Quick calls with Management Committee, CCOs, and Executive Development Alumni.

 

•   Broad communication on the Shared Responsibilities, Voice of the Employee data, and results from the Ethics Hotline.

 

•   Improved dialogue with employees through regular Management Committee calls to a broad range of employees.

 

•   Conferences for Senior Managers.

 

III.  Enhanced Focus on Talent & Development: We need to deepen our commitment to building and developing our talent and help our managers reach their potential.

 

•   360° reviews and executive coaching for all Planning Group members at least every two years.

 

•   Annual Manager Survey to give anonymous feedback to all Senior Managers on how they may become better managers.

 

•   Significant expansion of Executive Development programs — including the creation of a new regional Business Leadership Seminar for Senior Managers.

 

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•   Enhanced senior-level Talent Review process and increasing the opportunity for mobility through a global job posting board and sharing key openings across businesses.

 

•   Continued emphasis on promoting diversity, including a new initiative on flexibility.

 

IV.  Balanced Performance Appraisals & Compensation: We need to strengthen the performance appraisal and compensation process to consistently reinforce our Shared Responsibilities — thereby maintaining yet balancing our focus on superior performance.

 

•   Consistent performance appraisal and goal setting process for Senior Managers.

 

•   Evaluations of all managers and annual discussions and personal acknowledgement for all employees and their managers regarding the Shared Responsibilities.

 

•   Expansion of Stock Ownership Commitment for Senior Managers, which is discussed in greater detail below under Stock Ownership.

 

•   Compensation for Business Heads will include a significant component based on how Citigroup overall performs — not just his/her business.

 

V.  Strengthened Controls: We need to strengthen our independent controls and the control environment throughout Citigroup to support the businesses in their efforts to grow responsibly, minimize mistakes, and to ensure that when mistakes occur, they are handled appropriately.

 

•   Created a new structure within Citigroup: the Independent Global Compliance function, responsible for continuing our progress in strengthening our control environment and ensuring our businesses are compliant with appropriate rules and regulations.

 

•   Use Risk Control Self Assessments as management tools to ensure we are checking the right things and to better anticipate challenges and vulnerabilities.

 

•   Conduct compliance training for all managers.

 

•   Expand our audit coverage to validate our controls; increase the number of our Guest Reviewers (Citigroup employees who join auditors on reviews) to provide additional depth and perspective.

 

•   Conduct continuing education for our Control function professionals in five areas — Audit & Risk Review, Finance, Independent Risk, Independent Compliance, and Legal.

 

•   Increase our resources for Compliance and Audit.

 

•   Unsatisfactory results on Risk Control Assessments, audits, or regulatory exams will be reviewed personally with Chuck Prince or Bob Willumstad.

 

 

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EXCERPTS ON THIS PAGE:

DEF 14A
Mar 13, 2007
DEF 14A
Mar 14, 2006
DEF 14A (2 sections)
Mar 15, 2005

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