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Citigroup gets 64% approval in say-on-pay vote

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Citigroup gets 64% approval in say-on-pay vote

shareholders voted63.6% of their shares in favor of the 2015 compensation awards during thecompany's annual meeting in Miami.

Proxyadvisory firms Institutional Shareholder Services and Glass Lewis & Co. hadrecommended againstit.

Defendingthe CEO's paycheck, Chairman Michael O'Neill told investors Michael Corbat"stacks up next to last in the large bank peers, despite the factthat … operating performance actually was better than most of [Citi's] peers."

Shareholders also rejected a that the board explore optionsto split the New York-based company into two or more companies. Therecommendation garnered only 3.5% of the votes. O'Neill noted that the boardhas conducted three studies of the matter, and that, "in every case, theconclusion was that the approach [Citi takes] to running the business will,over time, produce the best results."