"Shouldn't you be a little less arrogant, a little more humble? Having being so wrong for so long isn't it time to listen to the shareholders?" That's not the kind of question you want to hear at your annual shareholder meeting. But that was what one person asked chairman Dick Parsons at the Citigroup (NYSE: C) annual meeting.

The executive faced a lot of skepticism from retail investors over a host of issues, notes the Financial Times. Many seemed miffed with the 10-for-1 stock split that the board recently approved, though it is unclear exactly what the main objections were.

Management was left to promise higher dividends in the future and other value-enhancing measures--just buy them off, right?

In the end, however, shareholders reelected the entire board, voted down all shareholder proposals that management opposed, voted for all proposals put forward by management and approved the pay packages of top executives by a large margin. But at least vocal retail investors had an opportunity to vent their anger.

We may see a replay at other bank annual meetings. The Bank of America meeting looms as very interesting, although ultimately, few people expect anything dramatic to come out of it.

Boards do not appear to be in any danger, though they may face some embarrassing questions. As of now, annual meetings make for great theater as much as a venue that effects real change.

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