The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brianna Harrington - Harrington Investments Inc - Analyst
: Morning. I'm Brianna Harrington, the shareholder advocacy coordinator and research analyst at Harrington Investments Inc. Citi claims that have
robust policies and procedures in place to address the material risks posed to the company, including attention to areas of high caution, risks to
biodiversity and flora and fauna. But then perplexingly backtracks, stating, quote, Should animal welfare related risks become material to Citi's
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APRIL 29, 2025 / 1:00PM, C.N - Citigroup Inc Annual Shareholders Meeting
operations or clients, our existing stakeholder engagement and risk management processes would enable us to identify, evaluate and address
these risks accordingly, end quote.
Animal welfare and risks associated with cruelty to animals are in fact very material to our company. And the contradictory statements made by
Citi in this very proxy statement are an insult to the intelligence of all stakeholders. So which is it Citi? Do you have adequate oversight and or risk
management processes already in place, or do you deem animal welfare related risks immaterial?
Still, we have yet to receive a definitive answer or genuine transparency on what our company is doing, if anything, to conduct sufficient due
diligence. Ethical consumer.org with Citigroup as being among the worst banks for animal exploitation, noting their heavy financial involvement
in the factory farming industry. Banks for Animals.org, a project of international organizations Synergy Animal, hosts a database of financial
institutions methodically evaluating them in relation to animal welfare oversight. Out of 100 points, Citigroup earns zero.
Just this morning I did a quick online search. Well, does Citigroup care about animal cruelty? My search engines AI overview produced this response.
Quote, while Citigroup has not explicitly stated a policy against animal cruelty, there's evidence to suggest it may not adequately address the issue.
It continues its investments and activities may contribute to issues related to animal cruelty, particularly through its support of industries like to
factory farming, end quote.
When addressing the scope of animal welfare, factory farming is but one facet, yet inextricably linked to other material concerns, including availability
and access to resources, impacts on global food systems, health and safety slash disease, and climate change. Simply, animal cruelty is not just bad
for business, it is bad business.
This statement might come off a bit harsh, but our intent is to press for progress towards a more humane society and encourage Citi to set a
standard. We're not trying to hurt any feelings. However, corporations don't have feelings. Corporations don't feel pain and suffering. Animals,
they do. Thank you.
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