Battle brewing over Citigroup board?

April 13, 2009 | By Jim Kim

Citigroup has certainly tinkered with its board--most notably by installing Richard Parsons as chairman and nominating four new directors to be voted on at the April 21 meeting. But not all shareholders are satisfied.

Now, proxy advisory firm RiskMetrics has recommended that shareholders vote against audit committee members John Deutch and C. Michael Armstrong, Reuters notes. The firm also urges voting against former lead director Alain Belda and independent outsider Anne Mulcahy, who, apparently sits on more than three boards while serving as chief executive of Xerox. Does she really have the time to serve the bank well? There is the potential for some fireworks at the meetings of TARP banks. The Bank of America and Citigroup meetings will be closely watched.

For more:
- here's the Reuters article