Citigroup’s annual meeting opened with a long line of cantankerous shareholders, chiding Citigroup for crippling losses and the board failing to shield the company from the credit crisis and recession, according to the Wall Street Journal.
Despite the early complaints, six hours later, Citigroup’s slate of directors were elected, with each director receiving at least 70 percent of votes cast. There were no representatives of the U.S. government, who is set to own as much as 36 percent of the company.
Not so much as a cup of coffee was served at the meeting to avoid criticism for using any of the $50 billion in taxpayer funds Citigroup received.
CEO Vikram Pandit voiced his sympathy, saying he felt their pain. “There is a great temptation to gloss over the bad news and exaggerate the good news,” he said near the start of the meeting. “You’re not going to hear any of that today.”
Unlike last year, where then-chairman Sir Win Bischoff grew impatient at times as shareholders refused to relinquish the microphone, he was more composed. Even as one shareholder called the board “dumb,” Chairman Richard Parsons politely thanked them for their feedback.
The board received much of the criticism, however attacks were subdued by the fact that several longtime directors were not standing for re-election.