Citigroup shareholders should vote against four of 14 board members to improve the company’s risk management, a shareholder advisory group said, Bloomberg reported.
Three board members who should be opposed “for poor risk oversight” are John Deutch, the former U.S. Central Intelligence Agency Director; Michael Armstrong, former chief executive of AT&T Inc; and Alain Belda chairman of Alcoa Inc, said RiskMetrics Group Inc’s ISS Governance Services on Friday.
Another board member, Anne Mulcahy, chief executive of Xerox Corp. should not be supported because she is a board member on three boards, which may limit her effectiveness, the group said.
The group supports the remaining directors for the board.
“The pattern of chronic oversight failure at Citi and the magnitude of the corresponding shareholder losses warrant removal from the board of directors most responsible for risk oversight,” RiskMetrics said in a statement. “A vote against a director may have real consequences.”