At Citi’s 2012 annual shareholders’ assembly on April 17, Citi’s executive compensation package deal was rejected, with roughly 55% of the votes being in opposition to approval. The non-binding vote was required underneath the Dodd-Frank Act, which requires companies to carry advisory shareholder votes on their govt compensation plans. Many shareholders expressed issues about Citi’s failed 2012 Fed stress check and lack of long-term performance-based metrics in its executive compensation plan. One of the biggest and most activist of the shareholders voting no, the California Public Employees’ Retirement System, acknowledged Citi “has not anchored rewards to efficiency”.
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In August 2008, Citigroup agreed to pay practically $18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that it wrongly took funds from the accounts of bank card prospects. Citigroup paid $14 million of restitution to roughly fifty three,000 clients nationwide. A three-year investigation found that Citigroup from 1992 to 2003 used an improper computerized “sweep” characteristic to maneuver constructive balances from card accounts into the bank’s common fund, without telling cardholders. However, Weill said at the time of the merger that they believed “that over that time the legislation will change … we’ve had enough discussions to consider this is not going to be an issue”. In 1974, under the management of CEO Walter B. Wriston, First National City Corporation changed its formal name to “Citicorp”, with First National City Bank being formally renamed Citibank in 1976.