Citigroup challenged for stigmatizing coal

March 30, 2009

The Free Enterprise Action Fund has challenged Citigroup regarding the bank’s support for the so-called “Carbon Principles” — a green-inspired effort to deny financing to the coal industry and electric utilities that burn coal.

The Fund’s challenge is in the form of a shareholder proposal that appears in Citigroup’s 2009 proxy statement and that will be voted on at the bank’s annual shareholder meeting on April 21. The proposal requests that Citigroup,

… describe the environmental impacts of its implementation of the Carbon Principles so that shareholders can determine for themselves whether such impacts are worth the reputational damage being inflicted on the source of 50 percent of the
U.S. electricity supply.

Take action:

1. Shareholders of Citigroup should vote “FOR” Proposal 9.

2. Attend the Citigroup meeting in New York City so that you can personally tell CEO Vikram Pandit that America needs coal-fired electricity not green oppression.

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