| Calpers backs Citi say-on-pay vote | Calpers, the large California-based pension fund, is backing Citigroup's board on a say-on-pay vote, a year after the bank suffered an embarrassing defeat on the measure.
Mike Corbat is attending his first Citi annual meeting as chief executive on Wednesday morning, six months after he replaced Vikram Pandit as chief executive. Mr Pandit was chief executive at Citi's annual meeting last year when a majority of investors voted against the company's executive pay plan.
Todd Mattley, investment officer at Calpers, said Citi had made improvements to the bonus scheme, which was widely criticised as having soft targets. He said "objective performance targets" and "post-termination holding requirements", allowing for stock to be clawed back if executives are later found to have committed serious errors, meant Calpers could support the plan this time. A majority of investors are expected to back the board this year.
http://link.ft.com/r/9ULF66/FD3HRC/BMPIW9/TUJRAF/HI8TOB/36/h?a1=2013&a2=4&a3=24
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