"I think this is specific to Citigroup and in particular the chair of the board, [former Bank of Hawaii CEO Michael O'Neill] has a very very particular viewpoint on how financial institutions should be run, so I don't think this is necessarily indicative of future actions," says Michael Yoshikami, CEO of Destination Wealth Management.
"It does show certainly a very activist perspective by a board and I think in some ways given some of the fiascos we've seen at other other companies where the board essentially was asleep as the CEO acted I think it does remind boards that they have a responsibility for oversight, but whether it will lead to more aggressive actions at financial institutions I wouldn't say that's the case," he says.
Yoshikami's view seems sensible enough at the moment, but if Citigroup shares take off in 2013 under new CEO Mike Corbat, expect more boards to start holding other CEO feet to the fire.
-- Written by Dan Freed in New York.Follow @dan_freed
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