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HSBC says 21 pct of investors at annual meeting oppose pay policy
May 23, 2014 / 12:46 PM / 3 years ago

HSBC says 21 pct of investors at annual meeting oppose pay policy

LONDON, May 23 (Reuters) - Europe’s biggest bank HSBC said on Friday that 20.65 percent of shareholders at its annual meeting voted against the bank’s pay plan for the next three years.

HSBC has changed its pay structure to meet new EU rules that cap bonuses at the level of their fixed pay, or double the amount with shareholder approval.

Earlier in May, it attempted to head off investor criticism, capping any share bonus for its Chairman Douglas Flint this year at 1 million pounds ($1.7 million). (Reporting by Matt Scuffham; Editing by Jemima Kelly)

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