{"id":325852,"date":"2024-05-04T11:44:26","date_gmt":"2024-05-04T09:44:26","guid":{"rendered":"https:\/\/climatescience.press\/?p=325852"},"modified":"2024-05-04T11:44:28","modified_gmt":"2024-05-04T09:44:28","slug":"cfact-challenges-citigroups-sustainable-financing-during-shareholder-meeting","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=325852","title":{"rendered":"CFACT challenges Citigroup\u2019s \u201csustainable financing\u201d during shareholder meeting"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From CFACT<\/a><\/p>\n\n\n\n

By Greg Neff<\/a><\/p>\n\n\n\n

Citigroup, among the more \u201cprogressive\u201d (i.e., woke) financial institutions in the world, held their annual stockholder\u2019s meeting on Tuesday. CFACT, which owns shares in the company, participated to ensure there was at least some pushback against this board\u2019s radical green agenda \u2013 a topic that actually wound up dominating the discussions. In fact, the meeting even opened with the company bragging about their present meeting being less carbon intensive than others in the past.<\/p>\n\n\n\n

CFACT\u2019s Greg Neff confronted CEO Jane Fraser with a hard-hitting question that took aim at the company\u2019s \u201c$1 Trillion Sustainable Finance Goal\u201d. In recent years, Citigroup announced a commitment to lend $1 trillion by 2030 in \u201csustainable financing,\u201d which is a significant percentage of what the company is likely to lend out during that period. Neff asked Ms. Fraser, \u201cIn light of bank failures such as Silicon Valley Bank that prioritized \u2018climate and sustainability\u2019, shouldn\u2019t Citigroup consider scaling back or eliminating its \u2018$1 Trillion Sustainable Finance Goal\u2019 in order to better protect its shareholders?\u201d<\/p>\n\n\n\n

Ms. Fraser responded with empty assurances that Citigroup\u2019s finances were much more solid than some of those institutions that had fallen victim to prioritizing social policy ahead of sound economics. Said Fraser, through \u201cour trillion-dollar sustainable finance goal, Citi is financing and facilitating a wide range of activities from renewable energy and clean technology to healthcare and affordable housing. And the goal contributes to the growth of scalable financial solutions to address environmental and social challenges.\u201d She went on to boast that in the past three years, the company has already invested more than $440 billion in environmental and social activities.<\/p>\n\n\n\n

This response by Ms. Fraser, of course, hardly satisfied CFACT\u2019s concerns. By not giving any specifics and just pontificating about the merits of the company\u2019s sustainable development goals with no concrete assurances other than the CEO\u2019s good word that everything is \u201call under control,\u201d there\u2019s little reason shareholders shouldn\u2019t be alarmed. One wonders if Sun Valley Trust\u2019s CEO might have given the exact same type of answer Ms. Fraser did right before the company capitulated.<\/p>\n\n\n\n

In any event, CFACT, as a stockholder in Citigroup, also had the opportunity to vote on several board and stockholder proposals during the gathering. On the friendly side, the first was from CFACT\u2019s ally, the National Center for Public Policy Research, which asked the company to do a report disclosing the risk of the Citigroup\u2019s DEI (Diversity, Equity, and Inclusion) policies. This proposal was particularly timely in light of the recent Supreme Court ruling in SFFA v. Harvard<\/em> that determined such policies violated the 14th<\/sup> Amendment. The second was from the American Family Association and called for the company to create a report explaining the risk of politicized debanking. Both only received about 2% support. While neither measure actually passed, and the Citigroup board urged everyone in attendance to vote against them, the message these groups were trying to deliver nevertheless was heard loud and clear. Let\u2019s hope they make a future impact, as they often do despite their apparent lopsided results.<\/p>\n\n\n\n

As it is now \u201cshareholder season,\u201d stay tuned for more updates soon. CFACT will continue to participate in shareholder activism in order to provide a counterbalance to the extreme ESG and \u201csustainable development\u201d agendas that have sadly woven their way into America\u2019s corporate boardrooms.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Citigroup, among the more \u201cprogressive\u201d (i.e., woke) financial institutions in the world, held their annual stockholder\u2019s meeting on Tuesday. CFACT, which owns shares in the company, participated to ensure there was at least some pushback against this board\u2019s radical green agenda \u2013 a topic that actually wound up dominating the discussions. In fact, the meeting even opened with the company bragging about their present meeting being less carbon intensive than others in the past.<\/p>\n","protected":false},"author":121246920,"featured_media":325853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691828459,691828458,691819325,691828457],"class_list":["post-325852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-1-trillion-sustainable-finance-goal","tag-ceo-jane-fraser","tag-citigroup","tag-radical-green-agenda-2","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/05\/0Citi-tower-London.jpg?fit=1600%2C830&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1mLG","jetpack-related-posts":[{"id":256029,"url":"https:\/\/climatescience.press\/?p=256029","url_meta":{"origin":325852,"position":0},"title":"CFACT 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