I got a date with Citi! (or, Inside the Citi AGM)

I’m about to hop on a plane to Charlotte, but I wanted to capture some of the excitement from Citi’s Annual Shareholder Meeting. It was an amazing day – there were over 50 activists outside on the streets making sure that every shareholder that entered the meeting had absolutely NO doubt that Citi is funding coal and why it should stop. The New York crew were amazing – as always, creative and kick-ass every last one.
Appalachia’s own Maria Gunnoe and I went inside the meeting on proxies and spoke in support of shareholder resolution #9, calling on Citi to cease financing of coal-fired power plants and mountaintop removal coal mining. Inside, the scene was just about as raucous as on the streets! There must have been 500 shareholders at the meeting – most of whom were NOT happy. Obviously, Citi’s recent financial woes due to the credit crisis have shareholders antsy, and almost every question revolved around why Citi didn’t recognize the risk inherent in subprime loans. Why indeed? We want to know why Citi is heading directly from the credit crisis to the climate crisis, which is rife with financial risk, human risk, cultural risk and environmental risk.
Maria stood up and spoke movingly about the hypocrisy of releasing ‘Carbon Principles’ while continuing to fund the biggest proponents of mountaintop removal. Speaking directly to Citi CEO Vikram Pandit and Chairman Sir Win Bischoff, she asked: “Where is the principle in that?” No one had an answer for her. When it was my turn to speak, I reiterated our request to Citi to cease financing coal and climate change, and pointed out that it is the people and lands like those of Appalachia that are most impacted by our continued reliance on coal. These are the real victims of climate change.
Then I asked a simple question: Would Vikram Pandit please commit to accompanying me on a flight over Appalachia to witness the effects of mountaintop removal, financed by his bank?
He laughed and looked a little uncomfortable. I assured him that I would be a wonderful flying companion. What followed was a slightly awkward silence. Then, to my surprise, Sir Win Bischoff interjected and said: “I can commit that one of us will accompany you on that flight.”
And with that, I got a date with Citi.
As I left the meeting, several shareholders approached me to say they hoped I would be back next year to report on the flight.
My response? You bet I will.
8 Responses to “I got a date with Citi! (or, Inside the Citi AGM)”
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April 23rd, 2008 at 1:50 am
Great work, Becky! Better set a date for that flight before they forget.
April 23rd, 2008 at 5:12 am
Great work! Not surprised at all that Maria Gunoe, Becky Tarbotton “one, two” could get them not only to commit to the flight but be compelled deep down inside to go and see exactly what it is you all were talking about.
Thanks to Scott and the NYC crew as well for always being there at the right moments.
It is hard to explain in sufficient detail the horrors of mountaintop removal and related coal processing issues that are pulling Appalachia apart one community at a time, but I am so grateful that y’all stand up to that challenge time and time again.
Side note: the visuals looked terrific! Great signage.
April 23rd, 2008 at 6:49 am
That sounds like it was a share holders meeting worth going to. Is there a transcript of your ‘moving’ statements to Pandit and the rest of the Board?
April 23rd, 2008 at 10:56 am
Great job, Becky — you’re even cooler than the environmentalist in the Shell movie!
April 23rd, 2008 at 11:25 am
[...] I got a date with Citi! (or, Inside the Citi AGM) ” I’m about to hop on a plane to Charlotte, but I wanted to capture some of the excitement from Citi’s Annual Shareholder Meeting. It was an amazing day – there were over 50 activists outside on the streets making sure that every shareholder that entered the meeting had absolutely NO doubt that Citi is funding coal and why it should stop. The New York crew were amazing – as always, creative and kick-ass every last one. [...]
April 23rd, 2008 at 8:02 pm
Becky - Those boys actually have a fleet of jets. I’ve seen one myself! See if you can upgrade to one of their planes while you’re at it. They might even deliver you back home to SFO! Great Job! - S
April 25th, 2008 at 7:44 am
[...] the story HERE addthis_url = ‘http%3A%2F%2Fwww.ilovemountains.org%2Fnews%2F389′; addthis_title = [...]
April 25th, 2008 at 2:41 pm
Awesome work! Now, if we could only have as much luck with Dominion’s shareholders in two weeks…
Peace/Mountains
- P.B.