Summary by Moomoo AI
The National Center for Public Policy Research (NCPPR) has submitted a proxy memorandum to Citigroup Inc. shareholders, advocating for a vote in favor of Shareholder Proposal 8, which calls for a report on the risks associated with the company's Diversity, Equity, and Inclusion (DEI) efforts. The NCPPR challenges the widely accepted notion that demographic diversity in corporate leadership leads to better financial performance. Citing recent studies and critiques, including those from McKinsey & Company and Blackrock, the NCPPR argues that the claimed positive correlation between diversity and performance is not supported by robust evidence. The memorandum highlights issues such as data mining, causation errors, and the potential legal liabilities of demographic quotas. The NCPPR's submission is voluntary and not a solicitation of proxy authority, and they have borne the cost of disseminating the information to shareholders. Citigroup shareholders are urged to vote directly following the instructions on their proxy cards.