Bank of America's shareholders will gather for their annual meeting this week, amid a much less emotionally charged climate than companies like JPMorgan Chase.
Citigroup suffered a major defeat last year when shareholders voted a thumbs down on compensation committee's executive pay plan. More than 40 percent of shareholders voted no.
Will banks soon take a stand against proxy advisory firms?
The new "say on pay" proxy rule, as one might guess, has led to litigation, not really an explosion of litigation, but enough for companies to be concerned.
Compensation issues have exploded as a proxy issue, thanks in part to Dodd-Frank, which put "say on pay" up for a vote by most nonacclerated filers.
Shareholders may indeed get the last say on former Citigroup CEO Vikram Pandit's pay.
It was nothing short of stunning when shareholders rejected, via a say on pay vote, the compensation plan that the Citigroup board awarded to CEO Vikram Pandit for his work in 2011.
Earlier this year, the conventional wisdom was that banks wouldn't face serious challenges at annual shareholder meetings in part because they have worked hard to boost capital and profits in 2011. That proved to be woefully naïve.
Goldman Sachs, which had been Wall Street's main lightening rod for criticism, has been basking in relative silence lately, only too happy to cede the spotlight to Wells Fargo, Morgan Stanley and JPMorgan Chase.
Citigroup shareholders shocked the world last month when 55 percent of the shares were cast against the executive pay plan, a stunning rebuke to the board and to CEO Vikram Pandit. Both are now in quite a conundrum as they ponder how to respond.