HSBC faces investor anger on pay

HSBC is Europe’s biggest bank

HSBC bosses faced shareholder anger over lacklustre returns and high executive pay, at the bank’s annual general meeting.

Chairman Douglas Flint admitted that shareholder returns had been disappointing and inadequate.

A fifth of investors refused to back the bank’s remuneration plan, marking stronger opposition over pay than that faced by other banks in the UK.

Earlier this month, HSBC revealed details of a large cost-cutting plan.

The plan, which involves a retreat from retail banking, aims to save up to $3.5bn (£2bn; 2.4bn euros).

Despite 81% of investors backing HSBC’s pay plan, many called on the bank to take a lead in moving away from “wildly excessive remuneration at board level”.

“How greedy is this board of directors?” asked private shareholder Michael Mason-Mahon.

This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.