Egan-Jones and fellow advisory firm Glass Lewis each advise Citigroup (C) owners to vote against the bank's executive-compensation proposal. "Our pay-for-performance analysis indicates that, once again, the Company has been deficient in aligning pay with performance," says Glass Lewis. Naturally cited the recent black eye management suffered when the Fed rejected Citi's capital return proposal.
Institutional Shareholder Services earlier this month advised its clients approve the pay proposal.
It was two years when Citi management embarrassingly had its pay package rejected by shareholders. CEO Vikram Pandit was out of a job later that year.