NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--Citigroup Inc. and ValueAct Capital announced today that they have extended their existing Information Sharing and Engagement Agreement for two years, through the end of 2021.
The extension enables ValueAct to continue to engage with members of Citi’s management team and Board of Directors on areas such as strategy, governance and operational planning matters. The Agreement also enables the company to share relevant confidential information with ValueAct and provides for ValueAct's support of Citi’s management and the Board through the term of the Agreement.
Citi CEO Michael Corbat said: “We have a lot of respect for ValueAct as investors and look forward to continuing to work with Mason Morfit, Dylan Haggart and their team. We have benefitted from their expertise and we appreciate how committed they are to this investment. They have been adding real value and we expect they will continue to do so over the next two years.”
ValueAct President and Chief Investment Officer Mason Morfit said: “Throughout 2019 we have been highly engaged with the board and management of Citi on strategy, financial planning and opportunities for growth. We have been very impressed with Mike Corbat and the entire management team and appreciate the working relationship we have developed. We are happy to extend our agreement for an additional two years, through 2021, as Citi remains the top position in the fund and we have strong conviction in its long-term potential.”
The dialogue between Citi and ValueAct began in early 2018 and the Agreement was entered into in January of 2019. ValueAct is one of the company’s largest shareholders.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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About ValueAct Capital
ValueAct Capital, based in San Francisco, California, implements a global investment strategy that combines intensive due diligence, a concentrated number of investments, and active, constructive involvement in the value creation at those investments. ValueAct Capital tends to be the largest, or one of the largest shareholders in each of its core portfolio company investments, and often joins the board of directors of those companies, where it works alongside of management and the board to help companies achieve long-term sustainable business results.