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Citigroup reveals pay shake-up as Corbat gets $11.5m for 2012



GLOBAL banking giant Citigroup yesterday introduced a new pay policy for top executives at the firm to more closely align salaries and bonuses with the bank’s performance.

The move, revealed in a regulatory filing yesterday, follows shareholder concerns over payouts which led to the departure of former boss Vikram Pandit after shareholders rejected his pay deal last year. Executive pay used to include a controversial profit-sharing plan, which has now been shelved.

“When our shareholders spoke last year about Citi’s compensation structure, we listened. We have stepped up our efforts to solicit feedback from investors to better understand their concerns,” chairman Michael O’Neill said. Citi said the new executive pay programme would use a “scorecard-based structure” to remove the discretionary nature of pay awards in the past.

In light of the tougher measures, shareholders agreed to award chief executive Michael Corbat $11.5m (?7.5m) for 2012, which included a $4.18m cash bonus and $6.27m of shares.

Business in London

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Estate Agents (4089) | Accountants (3628) | Computer Systems and Software (3560) | Builders (3533) | Business Consultants (3470) | Doctors General Practitioners (3094) | Charities and Voluntary Organisations (2987) | Solicitors (2599) | Garages - Repair and Modification (2568) | Take Away (2487) | Architects (2450) | Pubs, Bars and Inns (2371) | Clubs and Associations (2235) | Financial Consultants (2169) | Employment Agencies and Consultants (2107) | Unisex Hairdressers (2105) | Dentists (1926) | Barristers (1893) | Property Developers (1832) | Printers (1751) | Restaurants (1740) | Newsagents - Retail (1697) | Travel Agents (1668) | Places of Worship (1524) | Export and Import Agents (1503) | Cafes and Tea Rooms (1497) | Graphic Designers (1460) | Local Authority Schools (1441) | Photographers (1390) | Fashion Shops (1351) | Hotels (1303) | Mini Cabs (1177) | Audio Visual Services (1117) | Newspapers and Magazines (1116) | Electrical Engineers and Contractors (1111) | Computer Consultants (1080) | Design Consultants (1077) | Antique Dealers (1054) | Dry Cleaning and Alterations (1032) | Chemists and Pharmacists (1029) | Clothing and Fabrics (1006)

Cities near London

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