HSBC defends banker bonuses
Friday 23 May 2014
HSBC has defended its pay and bonus policy to shareholders today as it faced a revolt at its annual meeting.
In an unusual move, Sir Simon Robertson, chairman of the bank’s remuneration committee, took to the stage at the Barbican Centre to address investors.
He told them HSBC had pulled back on a plan to pay chairman Douglas Flint a bonus of up to £2.25 million, cutting it to £1 million. He said this would only happen “in exceptional circumstances” and once in the three-year life of the new pay policy.
Robertson also highlighted the fact that while HSBC had paid out 12 per cent of 2013’s profits in pay and bonuses it had paid 35 per cent of profits to shareholders. “The dividend went up 9 per cent in 2014, making us one of the highest dividend payers in the FTSE,” he added.
HSBC saw 11 per cent of its shareholders vote against its remuneration policy at last year’s meeting.
- 1 Jeremy Clarkson 'sees no problem' with his racist language on Top Gear, says BBC
- 2 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 3 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 4 London restaurant 34 creates champagne glass modelled on Kate Moss’ left breast
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
Russell Brand opposes anti-Semitism after death threats: 'We must disavow all forms of prejudice that lead to exclusion and execution'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Microbial life found living on the exterior of the International Space Station, say reports
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£30000 - £40000 per annum + benefits+bonus+package: Harrington Starr: C#.NET ...
£20000 - £30000 per annum + benefits+bonus+package: Harrington Starr: Junior D...
£550 - £650 per day: Orgtel: Business Analyst - Traded Credit Risk - Investmen...
£55000 per annum: Harrington Starr: A financial software vendor at the forefro...