"If there were a board Hall of Shame, Citi's would be in it," said Richard Ferlauto, AFSCME's director of corporate governance and pension investment. "The board has failed, and the directors have contributed to the lack of oversight."
Washington-based AFSCME opposes the re-election of Michael Armstrong, a former AT&T Inc. CEO; Alcoa Inc. Chairman Alain Belda; John Deutch, a former U.S. Central Intelligence Agency director; Andrew Liveris, CEO of Dow Chemical Co.; Xerox Corp. CEO Anne Mulcahy; and Judith Rodin, president of the Rockefeller Foundation in New York. RiskMetrics has advised voting against Armstrong, Belda, Deutch and Mulcahy. Glass Lewis urges shareholders not to re-elect all six directors opposed by AFSCME and to vote against Parsons, a former CEO of Time Warner Inc. who has been on the Citigroup board since 1996.
The board members are expected to survive the challenge, but Treasury Secretary Timothy Geithner might end up firing them anyway--the federal government will soon be the largest shareholder of Citigroup.
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