Citi Shareholders Speak Up

They voted against the bank's pay plan for executives.  Rejection of the pay plan was widespread, 55% against.  True, the vote was only 'advisory' and, thus, is not binding.  But Citi's Chairman said that changes will be made, “We’re going to have some more conversation with our shareholders, make sure we understand their concerns and then fix it.”. 

Citi's stock dropped 44% in 2011.  For such a performance the board was ready to pay Pandit $15,000,000 plus a separate retention deal that could be worth $40,000,000.