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StanChart says 41 pct of investors vote against pay plan
May 8, 2014 / 3:26 PM / 3 years ago

StanChart says 41 pct of investors vote against pay plan

LONDON, May 8 (Reuters) - Standard Chartered said more than 40 percent of its shareholders opposed the remuneration policy for the Asia-focused bank’s directors at its annual shareholder meeting on Thursday.

Standard Chartered said the vote was approved, but 40.8 percent of votes cast were opposed to the remuneration policy.

Several investors have criticised the introduction of more fixed pay based on short-term targets, as the bank has sought to mitigate a European Union bonus cap, and some advisory groups said investors should oppose the vote on directors’ pay. (Reporting by Steve Slater; Editing by Matt Scuffham)

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