HSBC 'to review executive directors' pay packages'

HSBC 'to review executive directors' pay packages'

Banking giant HSBC said it will take steps to review pay packages for executive directors following concerns from shareholders.

The lender said at its annual general meeting (AGM) that it is looking to reduce the amount of money handed to executive directors in lieu of a pension from 50% to 30% of their base salary, while also making long-term incentives subject to a three-year forward-looking performance period.

It said the new policy could reduce the maximum amount its executive directors could earn by 7%.

Chairman Douglas Flint said at the AGM: "We had expected that the remuneration policy you approved back in 2014 would not need to be refreshed until it expired next year.

"However, regulatory changes as well as responding to shareholder feedback have caused us to make some revisions to this, and so we are bringing it back for your consideration this year.

"The impact of the new policy is to lower the maximum opportunity for the executive directors by around 7%."

It comes after shareholders in oil giant BP voted to reject its remuneration report for the last year, which included a pay deal of $19.6 m for chief executive Bob Dudley.

Mining giant Anglo American has also faced investor protests after 42% of shareholders voted against chief executive Mark Cutifani's £3.4 m pay package for 2015.

More in this Section

Irish truckers seek immediate extension of Brexit ‘connectivity’ agreement, as Johnson visits Berlin and ParisIrish truckers seek immediate extension of Brexit ‘connectivity’ agreement, as Johnson visits Berlin and Paris

'Godot' arrives to bring to €1.3m Druid Threatre box office sales'Godot' arrives to bring to €1.3m Druid Threatre box office sales

Hammerson - owner of Dundrum, Ilac, Kildare Village and Belfast's Abbey shopping centres - names new finance chiefHammerson - owner of Dundrum, Ilac, Kildare Village and Belfast's Abbey shopping centres - names new finance chief

Ryanair shares dip as court allows for UK strikesRyanair shares dip as court allows for UK strikes


Lifestyle

Triathlete Carolyn Hayes is flat out. Since October 2018, she’s literally been racing around the world.On the treble: Triathlete Carolyn Hayes goes flat out to win a place in the Olympics

Children starting or going back to school is a reminder of how we all need an energy boost when sitting at a desk for hours, no matter what our age.Energy fix: Top 8 snacks for children

A sommelier shares her top tips.The dos and don’ts of serving wine – you just might have been doing it all wrong

It’s that time of year again; the long summer days are numbered, summer’s lease is all too short as she takes her last few breaths.Learning Points: Top tips on coping with back to school stress for you and the kids

More From The Irish Examiner