US banking giant Citi Group is seeking to block a shareholder proposal calling on it to undertake and publish an independently verified “racial equity audit” to identify its negative impacts “on nonwhite stakeholders and communities of colour”.
Citi’s attempt to prevent a shareholder vote on the proposal comes just months after its CEO, Micheal Corbat, described the fight against racism and the racial wealth gap as the “most critical challenge we face in creating a fair and inclusive society”.
The resolution, put forward by US-based manager CTW Investment Group, requests that the audit include input from “civil rights organisations, employees, and customers”.
CTW’s Executive Director Dieter Waizenegger told RI that the US is in a “moment of racial reckoning”. Many US banks, he added, have a “very chequered history” when it comes to racial inequality: a “history of discrimination, fines, [and] overcharging of very basic things like fees f…