CITIGROUP INC. | Director votes - climate oversight at CITIGROUP INC.

Status
Voted
AGM date
Previous AGM date
Proposal number
1
Resolution details
Company ticker
C
Submitted by
-
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Director vote
Filer type
Management
Company sector
Financials
Company HQ country
United States
Whereas clause
For failure to provide adequate oversight and transparency, votes are warranted against the following
members of Citi’s Risk Management Committee for failure to align the bank’s strategies with 1.5°C pathways:
Ellen Costello
Grace Dailey,
Barbara Desoer,
John Dugan,
Duncan Hennes,
Casper von Koskull, and
JamesTurley.
Supporting statement
Climate votes initiative by the Sunrise Project investor brief on director votes (see page 9): In cases where directors fail to transform business practices in line with 1.5°C pathways, votes against board directors are warranted. Banks that have failed to adopt policies necessary to align lending and underwriting with 1.5°C scenarios have directors who are ill-equipped to lead companies along necessary decarbonization pathways. At such companies, investors are encouraged to vote against directors responsible for climate oversight. https://climate-votes.org/wp-content/uploads/2023/03/CV_Investor_Brief23-V3.pdf

Citibank has unacceptably high exposure to climate risk. Citi continues to be the second largest global financier
of fossil fuel expansionists, does not contribute its fair share toward financing climate solutions, and does not
disclose adequate information on climate risk or associated business strategies to investors. This position comes
despite publicly committing to both net-zero alignment and to financing climate solutions, years of engagement
from investors and stakeholders, and growing regulatory pressure. https://climate-votes.org/wp-content/uploads/2023/03/Goldman-Sachs.pdf

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