HSBC hands CEO Gulliver 7.4 million pounds 2012 pay package

LONDON Mon Mar 4, 2013 4:29am EST

The Group Chief Executive of HSBC Stuart Gulliver (R) arrives with Chairman Douglas Flint to give evidence to the Parliamentary Commission on Banking Standards at Portcullis House in central London February 6, 2013. REUTERS/Andrew Winning

The Group Chief Executive of HSBC Stuart Gulliver (R) arrives with Chairman Douglas Flint to give evidence to the Parliamentary Commission on Banking Standards at Portcullis House in central London February 6, 2013.

Credit: Reuters/Andrew Winning

LONDON (Reuters) - HSBC handed a 7.4 million pound ($11.1 million) pay package to Chief Executive Stuart Gulliver for 2012, the bank said in its annual report.

Europe's biggest bank said its five best-paid employees earned a total of 27.8 million pounds in 2012, including 21.5 million pounds in bonuses. Its highest paid banker who is not a director was paid 7 million pounds.

Gulliver's package comprised a base salary of 1.25 million, benefits worth 1.2 million pounds, an annual bonus of 1.95 million pounds and shares awarded under a long-term incentive plan worth 3 million pounds. It was lower than the 8 million pounds total package he received in 2011.

Speaking to reporters, Gulliver said it was too early for the bank to take a view on proposals by European regulators to place a cap on the bonuses that can be paid by banks. ($1 = 0.6662 British pounds)

(Reporting by Matt Scuffham; Editing by Steve Slater)

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