We will review pay, says HSBC's Green

The chairman of HSBC announced a review of the bank's pay and bonus policies as he vowed to remain at the helm for at least another year.

Stephen Green, 61, moved to quash speculation that he was preparing to stand down later this year, telling investors at the bank's annual meeting that he was looking forward to "chairing the next AGM in 2011".

HSBC also said its remuneration committee would review pay practices this summer – a move that came as 13 per cent of investor votes were cast against its remuneration report.

The protest came amid concern about the £800,000 awarded to the chief executive, Michael Geoghegan, to cover his relocation to Hong Kong, which overshadowed news that he had given his £4m bonus to charity.