The California Public Employees’ Retirement System, commonly referred to as Calpers, said on Monday that it opposes the re-election of two board of directors of Citigroup (NYSE: C) “in part for their accountability in the financial crisis.”
The retirement system will cast “withhold” votes for Andrew Liveris, chairman and chief executive of Dow Chemical, and Judith Rodin, president of Rockefeller Foundation.
“Both incumbents served on the company’s audit and risk committee before the financial crisis when appropriate risk management governance practices were lacking,” said Calpers in a press release.
Calpers also opposes a Citigroup plan for an advisory vote on executive compensation stating that the proposal fails to adequately disclose the compensation process.
