The CitigroupInc. board's personnel and compensation committee modified theperformance share unit awards granted to executives in February 2016,reflecting their performance in 2015, according to definitive additionalmaterials filed April 6.
In light of concerns received from some shareholders aboutCiti's new performance share unit program after the March 16 disclosure, theboard committee modified the program to calculate relative total shareholderreturn for the performance share units awarded through relative rankings ascompared to peers over a three-year performance period.
The eight-firm peer group includes , , , , , ,Morgan Stanley andWells Fargo & Co.
The modified performance share units remain subject toperformance-based vesting and clawback provisions. Furthermore, the committeedid not change the previously disclosed target number of performance shareunits awarded Feb.16 to executives.