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.
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group