Investor anger at HSBC chief's pay deal

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The Independent Online

More than 10 per cent of shareholder votes went against HSBC's pay report at its annual meeting yesterday, after the banking giant's boss took home £7.5m in pay and bonuses last year.

The chief executive, Stuart Gulliver, took a 14 per cent pay cut in 2011, after earning £8.4m in 2010 when he was in charge of the investment banking division. But 10.1 per cent of investor votes went against HSBC's remuneration report following criticism from shareholder body Pirc.

However, this is down on the near 19 per cent of shareholder votes that went against the 2010 pay report.

The banking group, which reported a 15 per cent rise in profits to £13.8bn in 2011 but saw its share price slide 23 per cent, is the latest company to be stung by shareholders following discontent over pay.