Citi Board Receives Dubious Distinction
Well, here’s more bad news for Citigroup, in case the company
isn’t immune to it by this point.
A study released by Portland, Maine-based The Corporate Library (TCL)
says that Citigroup has the worst board of directors in the
country.
According to the TCL study, despite the scandals that have rocked Citi
in the last couple of years, "it looks like business as usual" for the
firm. The study says "[Citigroup CEO Sanford] Weill and the board have
demonstrated no personal accountability." This charge is based on the
fact that Citi’s portion of the $1.4 billion securities
settlement with the New York Attorney General’s office was paid
by shareholders, while Weill and the rest of board suffered no
financial punishment themselves.
TCL, a research firm that analyzes corporate governance issues, listed
the 10 least effective, least accountable boards nationwide, and
Citigroup topped the list. The only other financial services company on
the list was J.P. Morgan Chase.
Citigroup representatives were unavailable for comment on the
report.
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