Printer Friendly PageTo: All Employees
From: Sandy Weill
Re: Corporate Governance
Date: March 24, 2003
I am very pleased to share some very good news with all of you.
Institutional Shareholder Services (ISS), a leading provider of proxy voting and corporate governance services, ranks more than 5,000 U.S. companies by the quality of their corporate governance. The ISS Corporate Governance Quotient (CGQ) analyzes several core areas – board structure, practices and composition, audit, charter and bylaws, laws of the state of incorporation, executive and director compensation, director and officer stock ownership and director education – to provide investors with a tool for comparing governance practices among companies of similar size and within similar industries.
I am pleased to tell you that according to ISS’ analysis, Citigroup’s corporate governance surpasses 97.1% of all companies in the S&P 500 and 100% of all companies in the diversified financial sector.
This outstanding result reflects our long-term commitment to best practices in corporate governance, as well as the enhancements we have implemented with the assistance of our Board of Directors over the course of the last year. I am very proud of what we have accomplished and I thank you all for your hard work to raise standards of corporate governance.
While these ratings are relative and may change in the future as more companies publish their proxy statements and/or improve their corporate governance practices, it is clear that we have established our position as a leader in this field. Congratulations to all!
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