HSBC shareholders block chief executive's pay rise
HSBC shareholders have blocked plans for the bank’s chief executive Michael Geoghegan to receive a large increase in his base salary.
According to the Financial Times, HSBC had intended to increase his basic pay by around 35 per cent to over £1.4 million in 2010, but has abandoned the proposal after it received criticism from shareholders.
However, the suggested raise was defended by HSBC, which said that it has not relied on taxpayer’s money to bail it out during the financial crisis.
In addition, a source close to the bank observed that it had frozen the pay for its executives last year.
However, Mr Geoghegan is still entitled to his bonus, which is linked to performance and worth approximately £4.3 million.
Bonuses for bank bosses have been the centre of attention this week, as yesterday (February 23rd) it emerged that the chief executive of Lloyds Banking Group Eric Daniels will not be taking his 2009 bonus, a decision that has also been taken by Royal Bank of Scotland head Stephen Hester.
Related news
Wednesday 30 September 09
Wednesday 30 September 09
Wednesday 30 September 09
Wednesday 30 September 09
Wednesday 23 September 09
Wednesday 02 September 09
|
News categories
|