A major Citigroup investor has challenged the bank’s audit committee members
by opposing them in their upcoming reelection onto the board.
The five non-executives will be opposed by CtW Investment Group, which claims
that they failed to spot the risks posed in the mortgage market hit by the
collapse of sub-prime lending, according to reports.
In a letter to the non-execs, CtW alleges that the ‘massive board’ failure has
cost shareholders $126bn (£64bn). Earlier in the month the bank wrote-off $18bn
due to bad debt due to sub-prime lending.
‘Shareholders deserve to know whether the CEO-laden audit committee took
reasonable steps to oversee Citigroup’s executives’ risk management, or failed
in this basic responsibility,’ said Bill Patterson, CtW’s executive director.
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