Nuns, union pension plan seek Citigroup breakup

A shareholder resolution filed on behalf of Benedictine nuns and a union pension fund asks Citigroup’s board to consider separating one or more of the bank’s business units from the company.

The proposal requests that a committee of independent directors explore ‘‘extraordinary transactions that could enhance stockholder value, including the separation of one or more of Citigroup’s businesses,’’ a news release said.


The proposal was filed by Trillium Asset Management and the AFSCME Employees Pension Plan.

Trillium, a Boston investment adviser, filed the resolution on behalf of the Benedictine Sisters of Mount St. Scholastica. Trillium clients include wealthy individuals, foundations, endowments, and religious institutions such as the Benedictine Sisters of Mount St. Scholastica, an order of 144 nuns in Atchison, Kan.

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Trillium clients own about $9 million worth of Citigroup shares, said Jonas Kron, a vice president. The AFSCME pension plan’s Citi shares are valued at nearly $2.8 million.

The proposal will face a vote at the annual shareholder meeting next spring.

Matthew Patsky, Trillium’s chief executive, said Citigroup has made progress simplifying its business model and limiting risks but progress ‘‘has been slow and incomplete.’’

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