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Citigroup (C) can omit from the ballot at its annual meeting a motion to require the bank to...

Citigroup (C) can omit from the ballot at its annual meeting a motion to require the bank to explore breaking itself up, says the SEC. The agency says the proposal is too vague for shareholders to really know what they're voting for. "I am just flabbergasted the SEC would not even allow this proposal on the ballot," says Citigroup bull Mike Mayo.
Comments (1)
  • benitus
    , contributor
    Comments (2110) | Send Message
     
    Any proposal for shareholders to vote on must be clearly explained and justified. Otherwise, the Board can refuse to table it for discussion and voting, because it's inappropriate and confusing. Annual meetings are intended to allow voters to question what the Board has done or intend to do to improve its future outlook, among other things, but certainly not to waste time on proposals that invite lots of questions without answers, so any proposal or motion must be properly organised with complete details before it can be put on the ballot for voting. Good job, SEC. Bad deal, Citi directors.
    13 Mar 2013, 08:26 PM Reply Like
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