Our Transformation Through our transformation we are working to modernize and simplify the bank so that we can better manage risk, improve our service to customers and clients and make Citi an easier place to work. Through the modernization of our data infrastructure and operations, and by evolving our culture, we are strengthening our safety and soundness as a bank and improving our ability to compete in the digital age. Transforming Our Risk and Control Environment In October 2020, the Federal Reserve Board and the Office of the Comptroller of the Currency issued consent orders to Citi requiring improvements in the way we manage enterprise-wide risk, compliance, data and internal controls. This, combined with an increasingly competitive land - scape and our clients’ acceleration toward digital solutions through the pandemic, became the catalyst for Citi’s transforma - tion st rategy. Citi h as b een i n o peration f or m ore t han 200 y ears. B ut o ur t ransformation i sn’t about looking back; it’s about looking ahead, t o b ecome a n e ven st ronger ba nk f or all o ur s takeholders. T his t ransformation i s an i nterconnected, en terprise-wide e ffort. In a ddition t o r emediating i ssues, w e a re addressing r oot c auses, s implifying t he w ay we o perate a nd d oing s o m ore e ffectively. We a re r edesigning o ur k ey p rocesses f rom end t o e nd, a utomating t hem a nd e nsuring we have the proper controls in place while eliminating c omplexity. Governance and Leadership Putting the right teams and governance in place is critical to creating consistency in our approach across the firm and driving the u ltimate su ccess o f o ur t ransformation. Our Transformation Steering Committee, chaired by our CEO, sets the overall direction for our transformation efforts and communicates progress to our Board of Directors, as well as seeks input and feedback from the Board. In addition, one or more members of our Executive Management Team lead program groups that are central to our transformation. To encourage en terprise-wide en gagement, each of these groups includes representa - tion from across our businesses and func - tions. The executives in charge of these programs are held accountable for their group’s success, and their compensation is linked to achieving results. Senior leaders are setting the tone for their teams, showing a high level of engagement with, and commitment to, our transformation activities. OUR DATA GOVERNANCE PROGRAM Data quality is one of the areas of focus for our transformation. To lead this effort, we have established a Data Governance Program to elevate our data governance and to help drive necessary improvements to our technology and processes. Our goal is to make it easier to locate, collect and use the infor - mation our colleagues need to do their jobs and mitigate risk. In 2021, we rewrote our Citi Data Governance Policy (which governs how we manage and use our data) to be more concise, provide greater clarity and embed accountability across the firm. The policy clarifies and simplifies the way we govern data, with a focus on achieving access to trusted, high-quality data in a controlled way. Contents ESGatCiti SustainableFinance SustainableProgress Equitable&ResilientCommunities Talent&DEI RiskManagement&ResponsibleBusiness Appendices CITI 2021 ESG REPORT 104