Citigroup

New York
Banks

Corprate Bias Ratings

Risk Level:

Rating - Danger
High Risk

Citigroup has fired employees for political beliefs and led the financial industry in canceling business relationships with the firearm industry. The company covers the cost of "medically necessary transition-related care” for its employees and their children. Citigroup does not have viewpoint protections for its employees and has consistently used its reputation and corporate dollars for ideological purposes. The bank has also used its PAC donations for ideological purposes. Citigroup is a member of the Net Zero Banking Alliance, the Ceres Network, and PCAF, committed to net zero carbon emissions by 2040. Citigroup is a signatory of the Business Roundtable's 2019 Statement on the Purpose of Corporation, which promotes stakeholder capitalism. For these reasons, Citigroup receives a High Risk rating.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level
Rationale

Citigroup has led the financial industry in cutting off business with the firearm industry. For this, it received the highest grade of any bank from “Is Your Bank Loaded,” a partisan gun control pressure group (1). Citigroup does little business with the firearm industry and will fire any retail customers who sell guns to those under 21 (2). Citi required employees to get the Covid-19 vaccine or an exemption to maintain employment (3). Citi also has a written policy requiring suppliers not to discriminate on the basis of LGBTQ identity and received a score of 100 from the Human Rights Campaign’s (HRC) Corporate Equality Index (4)(5).

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

Citigroup permits giving to religious groups as long as the said organization is “engaged in a project benefiting an entire community,” a restriction that does not require other entities with ideological interests (1).

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

Citigroup does not protect its employees from viewpoint discrimination (1).

Corporate Governance and Public Policy
Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

Citigroup has a perfect score on the HRC’s 2022 Corporate Equality Index. This score indicates the company covers the cost of “medically necessary transition-related care” for its employees and their children (1)(2). The company also signed public letters endorsing the Equality Act and opposes protecting women’s sports (3)(4). The bank also opposed the GA voting integrity bill (5). Citigroup opposed the Florida Parental Rights in Education Act, which prohibits teaching gender identity and sexual orientation in schools to kids in K-3rd grade (6). Citigroup is part of the Net Zero Banking Alliance, a Ceres Network Member, and a PCAF member, committed to net zero carbon emissions by 2040 (7)(8)(9)(10). CEO Jane Fraser is a member of the Business Roundtable and Former CEO Michael Corbat signed its 2019 Statement on the Purpose of Corporation, which promotes stakeholder capitalism over traditional obligations to shareholders and customers (11)(12).

Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

Citigroup is a Silver Corporate Partner of the HRC (1). Citigroup makes other charitable contributions to apolitical nonprofits (2)(3). However, in 2020, the bank designated $100 million over three years to “change agents” working on racial equity (4)(5). In 2022, Citigroup announced that it would fund interstate employee travel in order to seek an abortion (6). Citi also funded the Boise Pride event, which featured a children’s drag show for children as young as 11 years old (7). Citi is a copper sponsor of Out & Equal and is a corporate partner of the National LGBT Chamber of Commerce (8)(9).

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

Citigroup has donated to ideological PACs such as the Equality PAC (1).

All links were last accessed and all information was updated on:
August 28, 2023

Company reports are intended for educational use only. Full Disclaimer

Voting History

Date
ESG Category
Proponent
Summary of ResolutionMgmt RecTotal Vote % in Favor
4/25/23SocialSisters of Saint Joeseph of PeaceReport on Indigenous People PolicyAgainst31.50%
4/25/23GovernanceJohn CheveddenShareholder Approval of Termination PayAgainst27.90%
4/25/23GovernanceKenneth SteinerRequire Two Seperate People Hold the Offices of Chairman and CEOAgainst18.20%
4/25/23EnvironmentalHarrington Investments, Inc.Limit/End Fossil Fuel Underwriting/FinancingAgainst10.10%
4/26/22SocialSisters of St. JosephReport on Respecting Indigenous Peoples’ RightsAgainst33.12%
4/26/22GovernanceKenneth SteinerRequire Independent Board ChairAgainst20.58%
4/26/22EnvironmentalHarrington Investments, Inc.Ending New Fossil Fuel FinancingAgainst12.82%
4/26/22GovernanceJohn CheveddenAdapot Management Pay Clawback Authorization PolicyAgainst9.11%
4/26/22SocialNational Center for Public Policy ResearchCivil Rights and Non-Discrimination AuditAgainst2.90%
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