Source:Reuters:Tuesday, May 11, 2010 9:51 IST
NEW YORK: Citigroup Inc has agreed to pay board member Robert Joss up to $350,000 this year for as little as three weeks of consulting work, according to a filing with the US Securities and Exchange Commission.
In a letter written April 5, Citigroup vice chairman Lewis Kaden said that Joss already was paid $100,000 for consulting services performed from August through December of last year, according to the May 7 filing.
None of the consulting work is to include compensation matters, the letter said, and would be on projects agreed to by Joss and Kaden.
"We expect to call upon you to perform the Services for a minimum of approximately three weeks annually," the letter said.
Joss was appointed to the board in July of 2009. He is the former dean and Philip H. Knight Professor of the Graduate School of Business at Stanford University, and former chief executive officer and managing director of Australia's Westpac Banking Corp.
Proxy adviser Glass, Lewis & Co, which advises shareholders on corporate-governance issues, earlier this year recommended shareholders vote against chairman Richard Parsons and other directors who have served on the company since before the financial crisis. That did not include Joss, and shareholders voted in all directors at their annual meeting last month.
The US treasury department owns about 27% of the bank's shares as a result of a bailout during the financial crisis.
Shares of Citigroup on Monday closed up 5.5%, or 22 cents, at $4.22. The Dow Jones Industrial Averagerose 3.9%.
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