HSBC shareholders to vote on executive pay
Published: by
by

hsbcHSBC will face a shareholder vote on executive pay later as concern grows regarding high rewards for bosses that do not reflect company performance.

The bank is holding its Annual General Meeting (AGM) later today. Shareholder advisory body Pirc is advising shareholders to vote 'no' regarding Chief Executive Stuart Gulliver’s proposed £7.2 million pay package.

Even if the majority of shareholders vote down a proposal on executive pay, their decision only counts as a recommendation to the board, and can be ignored.

Other companies that have faced shareholder opposition against executive pay recently include UBM, Aviva, William Hill, Xstrata, Trinity Mirror and Premier Foods.

Earlier this month, HSBC revealed a fall in profits after the company revalued the amount of debt on its books. Pre-tax profit for the first three months of the year was $4.3bn (£2.7bn) – down 12% on the $2.9bn the bank made a year earlier. However, revenue and underlying profits have increased sharply.

HSBC is cutting 30,000 jobs worldwide in a bid to cut costs. Some 2,000 of these roles will be from its UK operations.

| Comments (0)| Comment
Related Stories
Gender pay gap in accounting still prominent
Gender pay gap in accounting still prominent
More than a third of accountants (37%) in the UK believe that men are paid more than women doing the same job in their industry, according to the new research... read more ›
UK makes last-ditch effort to overturn EU bonus cap ruling
UK makes last-ditch effort to overturn EU bonus cap ruling
The Treasury is preparing for a clash with EU in an effort to overturn the cap imposed on bankers’ bonuses... read more ›
Capgemini appoints Global Head of Executive Recruitment
Capgemini appoints Global Head of Executive Recruitment
The consulting, technology and outsourcing services provider has appointed a new Global Head of Executive Recruitment – Global BPO... read more ›
'Mid-life pay crisis' for female managers
'Mid-life pay crisis' for female managers
Women over 40 are earning more than a third less than men according to a new salary figures... read more ›
One million women move into low paid jobs
One million women move into low paid jobs
Nearly one million women have moved into low paid work since the recession, with many holding jobs they feel overqualified for, a new study suggests... read more ›
Bosses earning 143 times average salary
Bosses earning 143 times average salary
Bosses at FTSE100 companies are earning on average 143 times more than their staff, according to data from the High Pay Centre... read more ›
College president gives up $90,000 of salary to lowest-paid staff
College president gives up $90,000 of salary to lowest-paid staff
A college president has given up more than $90,000 of his salary to boost the pay of the lowest paid workers... read more ›
Children reveal they just want to be rich when they grow up
Children reveal they just want to be rich when they grow up
More than one in five children aged ten or under “just want to be rich” when they grow up according to a new study... read more ›