APRIL 18, 2016: Trillium Asset Management has published a letter to shareholders of Citigroup (NYSE: C) urging them to vote in favor of our Gender Pay Disparity proposal, which appears as item #6 on the company’s 2016 proxy card.
The financial services sector is routinely found to have one of the widest gaps in pay by gender relative to other parts of the economy. Despite women making up nearly one third of the financial services workforce, on average women earn significantly less than their male colleagues.
Shareholders are requesting that:
“…Citigroup prepare a report by September 2016, omitting proprietary information and prepared at reasonable cost demonstrating the company does not have a gender pay gap.”
The persistence of gender pay disparity is evident through the numerous lawsuits brought at major financial services firms. Companies including Morgan Stanley, Wells Fargo, Bank of America, and even Citigroup, have all settled gender discrimination lawsuits ranging from $32 – $46 million. These lawsuits are costly to the company and costly to shareholders.
Earlier this year, Citigroup submitted a “Statement of Intent to Exclude” notice with the SEC on the grounds that Trillium’s proposal was “vague” and investors were attempting to “micromanage the company’s employment practices” by asking for non-proprietary gender pay information. The SEC rejected Citigroup’s assertion and shareholders will vote on the proposal at the company’s annual meeting on April 26th.
You can read more about our rationale for a “Yes” vote by clicking here.
For more information: Randy Rice, Trillium Asset Management, firstname.lastname@example.org, 617-515-6889
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