Citi Board Receives Dubious Distinction

Well, here’s more bad news for Citigroup, in case the company isn’t immune to it by this point.

Well, here’s more bad news for Citigroup, in case the company isn’t immune to it by this point.

A study released by Portland, Maine-based The Corporate Library (TCL) says that Citigroup has the worst board of directors in the country.

According to the TCL study, despite the scandals that have rocked Citi in the last couple of years, "it looks like business as usual" for the firm. The study says "[Citigroup CEO Sanford] Weill and the board have demonstrated no personal accountability." This charge is based on the fact that Citi’s portion of the $1.4 billion securities settlement with the New York Attorney General’s office was paid by shareholders, while Weill and the rest of board suffered no financial punishment themselves.

TCL, a research firm that analyzes corporate governance issues, listed the 10 least effective, least accountable boards nationwide, and Citigroup topped the list. The only other financial services company on the list was J.P. Morgan Chase.

Citigroup representatives were unavailable for comment on the report.

TAGS: Archive News
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish