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StanChart says 22 pct fail to back director re-elections
May 8, 2013 / 3:06 PM / 5 years ago

StanChart says 22 pct fail to back director re-elections

LONDON, May 8 (Reuters) - Standard Chartered said more than a fifth of its shareholders voted against or abstained from the re-election of four of its executive directors at its annual shareholder meeting on Wednesday.

Temasek, its biggest investor with an 18 percent stake, was considering abstaining from the election of some directors due to a disagreement over how the bank constructed its board, sources had said before the vote. There was no immediate confirmation of how it voted.

Temasek last year abstained on some director re-elections. It would prefer a dual board structure rather than a single board, and wants fewer executives on the board, sources said.

Standard Chartered said about 1 percent of shareholders voted against the re-election of Steve Bertamini, Mike Rees, Viswanathan Shankar and Jaspal Bindra, and more than 21 percent of votes were also withheld on each resolution.

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