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.