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Oblates Press Citigroup in Shareholder Meeting on Political Contributions and Executive Compensation April 25th, 2013
The Missionary Oblates is currently leading dialogs with Citigroup on political contributions and executive compensation. A shareholder resolution filed with the company on political lobbying disclosure garnered some 25% of votes at the Citi AGM on April 24th, a strong showing. At that meeting, Mariela Vargova, Ph. D. (a Senior Sustainability Analyst with Rockefeller Financial Asset Management) presented a statement on behalf of the Financial Services Team of the Interfaith Center for Corporate Responsibility. (Read the statement here)
The political lobbying disclosure proposal reportedly inspired several comments about the bank not being very transparent in the way they spend corporate assets to lobby on public policy, with a particular focus on Citi’s participation in trade associations. The CEO was said not to have given a very satisfactory answer as to why the firm does not disclose its membership in trade associations, which dissatisfaction generated further discussion.
Religious Investors Challenge Goldman Sachs on Excessive Pay May 10th, 2011
Faith-based investors challenged Wall Street’s most powerful investment bank – Goldman Sachs – as it hosted shareholders at its building in Jersey City. The Goldman Sachs AGM was held outside Manhattan for the first time in history as the investment bank sought to head off anger about the fortunes it pays its top people and its role in the financial crisis.
Members of the Interfaith Center on Corporate Responsibility (ICCR) pressed Goldman Sachs at its Annual General Meeting last week on the sensitive subjects of executive compensation and pay disparity. Goldman CEO Lloyd Blankfein had no choice but to listen.
Religious investors introduced a shareholder resolution that asked the investment bank to evaluate whether its compensation packages for senior executives are excessive and should be modified. The resolution garnered just 4% of the vote, but raised uncomfortable questions for the well-paid executives, and won the attention of the Press.
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