March 4, 2013 / 9:31 AM / 5 years ago

HSBC hands CEO Gulliver 7.4 million pounds 2012 pay package

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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