Favorite Good Cause

I have to say, I’m really sort of amused, in a serious kind of way. Here’s the deal. I’ve been playing with my little itty bitty investment portfolio for about six years now. It’s done great actually. It would have done so much better if I hadn’t raided the Apple stock that I bought at $57…track back to that cash flow post. Anyway, it’s all small but it keeps my attention on the future. I invest not more than I would blow on a few small end splurges in a typical month, so if I were to get creamed, the rent isn’t in there. I’m not sure where the rent is, but I know it isn’t in there.

Anyway. Tucking away just a little tiny bit makes me feel better about shaving the budget very, very close to the bone. For one thing, when I want to snap and spent something…occasionally I buy a couple shares of something that looks good to me. I get the spending fix, and barring stupidity or catastrophes (both of which come with the territory), I still get to keep the money (watch the transactions fees). I’m also taking baby, baby steps in building my retirement fund. I’ve done the math. Time actually is money. But most of all, it makes me feel good to know that I have something that has the possibility of earning for me without me having to put my hands on it. The idea of potential returns makes the future look brighter.

Late last year I started tracking and researching Citibank. Now you can read twenty articles a day from people who are in love with banking stocks. Herd mentality scares me more than a little, so for that reason only, I’ll say I was country when country wasn’t cool. Now, chaos will probably ensue, but we’ll see. For the record, I don’t anticipate quick returns, in fact I was expecting s short term beating, which still may come.

In any case, I am now the very amused owner of ten shares of Citibank stock. What’s the point already? I got the annual shareholders report in the mail a few weeks ago, along with my proxy card, and proceeded to let it sit on the kitchen table until last night when I got ready to throw it out.

But wait! The shareholders meeting is on 6th Avenue tomorrow morning, which is just a hop, skip, and a subway ride from where I hang my hat. I already bought my ticket, I’m not sure I have a ball gown, but what the heck? I love New York.

It’s all a learning experience, and as much as I love the Internet, there’s nothing like getting the information first hand and coming home to read about second hand it in the financial pages. I decided to go and see what I can learn. I figured I might as well read through the corporate governance statements, and compensation tables, and audit, and indemnification, and…oh I’m sorry, you’re asleep! Right. Well yeah, me too. So I skipped to the resolutions that I actually get to vote on. Not that the numbers aren’t important, but I’m not an analyst, I don’t believe analysts, and the numbers have been all over the press anyway.

I expected the resolutions to be equally boring, and for the most part they are. But there were some surprises! For one thing, I had no idea that Richard A. Dee, beneficial owner of 120 shares, could submit a proposal for consideration at the annual meeting, but indeed he has. In fact, he states that he originally submitted the proposal in 1994, and for all I know, he may or may not have submitted it every year since. His proposal has to do with giving shareholders more power to elect directors. it caught my attention, because I had no idea that someone with 120 shares could bring anything at all to the attention of monolithic corporate America. It doesn’t mean they’ll do anything about it, but they had to print it and respond to it.

Okay, I’m curious, in a nerdy sort of way. There’s more.

The Teamster Affiliates Pension Plan, beneficial holder of 12,969 shares, asks for transparency in political contributions.

The Free Enterprise Action Fund, owner of 2,607 shares, asks for a report on compliance and outcomes with the Equator Principles Report, “guidelines developed to manage environmental and social issues.”

Boston Common Asset Management, Catholic Healthcare West, and Pleroma Inc., collectively representing 293,517 shares call for a drastic response to climate change by asking Citigroup to divest itself of mountain top removal coal mining and the manufacture of new coal burning power plants that emit carbon dioxide.

Amnesty International USA, beneficial owner of 90 shares, along with Northstar Asset Management, Office of the State Treasurer, State of Vermont, and the Marianist Province of the United States, collectively voting 32,100 shares in addition to the 90 owned by Amnesty International USA, call for Citi to prepare a report on human rights issues.

“Proponents believe that institutional investors including asset management firms such as Citigroup, bear fiduciary and moral responsibilities as owners of stock in companies that may be connected to human rights violations. Thus we encourage our company to report on policies and guidelines that address these issues. This report can address how Citigroup as a shareholder can most effectively respond to these human rights issues, including strategies for shareowner engagement with the companies and/or divestment of stock as appropriate.”

My ten voting shares aren’t going to change the world, but I wonder how many of those proxy packets are still sitting unread on kitchen tables. It’s election day–get out and vote!