HSBC faces fresh criticism over £10bn bonus payouts payments
HSBC will come under attack this morning for spending £10bn on bonuses over a four- year period.
The Robin Hood Tax campaign – which wants a financial transaction tax to be imposed on banks to fund a fight against poverty – described the payout as "eye watering" ahead of the bank's annual meeting in London today.
Yesterday it emerged that the Tesco chief executive Phil Clarke did not take home a bonus for the third year in a row. The grocer's annual report also showed that the former chief financial officer Laurie McIlwee will receive a £1m pay-off following his resignation after years of disastrous results.
The Robin Hood campaign said the relative restraint shown by Tesco with respect to its chief executive – his basic pay rose 2 per cent to £1.14m, in line with rises handed to other employees – was in marked contrast to HSBC.
It pointed to figures – culled from the bank's annual reports – showing that the overall remuneration for HSBC's five highest earners was £29m, equivalent to £5.8m each. It said that amounted to 219 times the average UK salary.
David Hillman, a spokesman for the Robin Hood campaign, said: "Such stratospheric rewards put paid to the idea that the banking sector has reformed its ways. Shareholders are angry, the public is angry. It's time the Government got a grip and brought banks' excessive pay under control."
HSBC recently headed off a potential rebellion among investors by reducing a bonus to the chairman Douglas Flint from £2.25m to £1m. The bank said the shares payment had been proposed to take account of his workload overseeing regulatory reform. Critics, however, noted that relations with governments and watchdogs were always part of his job, for which he already receives a £2.25m package.
This year's AGM season has become increasingly fractious, with both Barclays and Standard Chartered having seen pay rebellions. The biggest revolt came when the engineer Kentz saw 49.7 per cent of shareholders voting down its remuneration report. The insurer Hiscox, ITV and BG also endured smaller, although still significant, rebellions.
- 1 Pope Francis issues top 10 tips for happiness
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Justin Bieber posts Instagram photo of a crying Orlando Bloom after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
Air Algerie AH5017 crash: Jet fell 30,000 feet in three minutes ‘due to violent storm’
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...