New Citigroup Pay Plan May Not Soothe Shareholder Ire
February 22, 2013
Michael W. Stocker comments on Citigroup's new executive compensation structure
Still, fierce critics of Wall Street see the new changes as only a small step, not the large leap forward that the bank views it.
"Citigroup's executive compensation scheme was stuck in the Stone Age," said Michael Stocker, a partner at Labaton Sucharow LLP. "They've made some minor improvements, and now they want the corporate governance Nobel Prize."
Stocker said that the three-year time horizon was too short and wanted to see a larger portion of executives' compensation tied to performance metrics.