Directors scheme backed at HSBC

Shareholders in banking group HSBC voted through a controversial share scheme for directors yesterday though the company's annual meeting was disrupted by student protesters and other demonstrators who called the directors "liars" from the floor.

However, it was disclosed at the meeting that HSBC has adopted more stringent guidelines for its share scheme after intense pressure from City institutions such as Pirc, the Pension and Investment Research Consultancy.

Under the terms of the original scheme, directors stood to receive shares up to four times the value of their salaries for achieving certain performance criteria. It is now likely that the company will award a lower number of shares.

Pirc complained that shareholders had been given insufficient information about the scheme, though in a vote of proxies 17 per cent of shareholders voted against it.

Pirc's Stuart Bell said: "The relatively high number of shareholders voting against the resolution demonstrates the growing level of director incentive plans."

Pirc is expected to mount a concerted attack on similar schemes that will be put before the shareholders of several of the privatised water and electricity companies due to hold meetings in July.

During a typically boisterous meeting which lasted for three hours, HSBC chairman Sir William Purves faced allegations regarding the funding of arms deals and environmental destruction.

Some of the protesters also demanded to know why the majority of the board members were "male and white". Four demonstrators were removed by security staff. One shouted and kicked the guards as he was carried out.

Lamb, the Lloyds and Midland boycott scheme which is protesting about the bank's treatment of third world debt, also made a protest which HSBC described as "very unstructured".

Other shareholders became impatient during the lengthy disruption and began to boo and jeer. They clapped when Sir William ordered the protesters to be removed.

The protest, which focused on Midland Bank's alleged financing of arms sales to Iraq, was organised by 20 universities. Outside the meeting they handed out leaflets with the slogans: "Midland - Banking on Bombs". During question time they complained that they were being ignored. Sir William retorted: "I am not ignoring you. But if you continue like this I will."

Later he said that perhaps "one day, before I retire, I can chair a meeting in London in a civilised atmosphere".

Suggested Topics
Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
Life and Style
Suited and booted in the Lanvin show at the Paris menswear collections
fashionParis Fashion Week
News
i100
Arts and Entertainment
Kara Tointon and Jeremy Piven star in Mr Selfridge
tvActress Kara Tointon on what to expect from Series 3
Voices
Winston Churchill, then prime minister, outside No 10 in June 1943
voicesA C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
News
i100
News
An asteroid is set to pass so close to Earth it will be visible with binoculars
news
News
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Tax Assistant

Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

Recruitment Genius: Outbound Sales Executive - OTE £25,000

£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...

Ashdown Group: Java Developer / J2EE Developer - Watford - £45,000 - £47,000

£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...

Ashdown Group: Marketing Product Manager - (Financial Services) - SW London

£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project