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Indian American CEO Pandit, Sued Over Excessive Pay
Stanley accused Pandit and the directors of the group for violation of duty, in a lawsuit filed in Manhattan on Friday. The compensation pay of $54 million included an amount of $15 million to Pandit, which according to the suit "represented a raise of 1,499,999,900 per cent over his 2010 compensation", in a year when the bank's share price fell 44 per cent, reports India Today.
A director of Citigroup, Richard Parsons said that the rejection of compensation package to Pandit by the shareholders is a ‘serious matter’, which the board will be looking into.
Around 55 percent of shareholders who participated in an advisory vote at Citigroup’s annual meeting held recently, denied the compensation package to Pandit. This is the first time investors are rejecting a compensation plan put forward by a prominent bank in America.
That vote “has cast doubt on the board’s decision-making process, as well as the accuracy and truthfulness of its public statements,” said Stanley in his complaint. “Absent this (lawsuit), the majority will of the company’s stockholders shall be rendered meaningless’’, reports FirstPost.
“The board takes the shareholder vote on executive compensation very seriously and will consult with representative shareholders to better understand their concerns,” said Citigroup spokeswoman Shannon Bell.