Citigroup’s new bonus cap fails to sway executive pay critics

Citigroup has failed to mollify critics of its executive pay scheme even after the bank introduced a new cap on bonuses to address their concerns.

The bank, which this year increased the potential pay package for chief executive Michael Corbat by 27 per cent to $16.5m, on Wednesday unveiled changes to how it calculates the bonuses.

But the shake-up was not enough to satisfy Institutional Shareholder Services and Glass Lewis, the influential corporate governance groups that advise investors on how to vote.

Read on.

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