April 12, 2019 / 10:20 AM / 2 months ago

HSBC directors take pension cut after investor pressure

BIRMINGHAM, England, April 12 (Reuters) - HSBC’s three executive director board members have agreed a reduction in their pension allowance from 30 to 10 percent of base salary, following increasing scrutiny from investors and other stakeholders on overall executive pay.

New directors on the bank’s board will also see a reduction of cash in lieu of pension to 10 percent of salary, the bank announced at its annual shareholder meeting in Birmingham.

The bank’s move follows similar reductions in pension allowances at other major UK banks. (Reporting By Lawrence White; editing by David Evans)

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