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Trillium News

December 11, 2012

Banking Analyst Mike Mayo, of CLSA, Supports Trillium’s Shareholder Resolution at Citigroup

BOSTON, MA // DECEMBER 11, 2012: Trillium Asset Management LLC, on behalf of the Benedictine Sisters of Mount St. Scholastica, along with the AFSCME Employees Pension Plan recently filed a shareholder proposal with Citigroup Inc. (NYSE: C) asking the company’s board of directors to explore a possible separation of one or more of its business units.

US banking and financial analyst Mike Mayo, of CLSA, which is Asia’s leading and longest running independent brokerage and investment group, has published a research piece supporting the resolution.

“[T]his proposal is about disclosure, which is poor at Citi as it fails to disclose capital and returns by business line (in contrast to peers)”, Mayo writes. “… [Trillium’s] Citi proposal is solely financially based despite the firm’s view and mandate that it be socially responsible, too”, Mayo continues. “Trillium’s view is that the onus is on Citi as to why it should not break up. We agree.”

“We are very pleased to have Mike Mayo, a respected banking analyst, endorse our view that the Board of Directors of Citigroup would best serve their shareholders by studying the merits of various strategic restructuring scenarios closely to determine the correct path forward”, said Trillium’s Financial Services Equity analyst, Seth Magaziner. “There are many attractive business units at Citigroup, but the company’s stock continues to trade at depressed levels. Freeing some of these businesses from the overhang of the complex and risky parent company could potentially unlock significant value for shareholders.” Magaziner concluded.

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ABOUT TRILLIUM ASSET MANAGEMENT, LLC

Trillium Asset Management, LLC is the oldest independent investment advisor devoted exclusively to sustainable and responsible investing. With over $1 billion in assets under management, Trillium has been managing equity and fixed income investments for high net worth individuals, foundations, endowments, religious institutions, and other nonprofits, since 1982. A leader in shareholder advocacy and public policy work, Trillium’s goal is to deliver both impact and performance to its investors.

The views expressed are those of the authors as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report.

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