HSBC's pay policy opposed by fifth of shareholders

HSBC Canary Wharf

More than a fifth of HSBC's shareholders opposed the bank's pay policy on Friday in the latest show of anger that banks have not reined in bonuses enough in the wake of the financial crisis.

Reuters reports that about 21% of investors who voted opposed HSBC's vote on its pay policy for the next three years, not enough to block its plans but representing significant opposition.

Pay has got 'wildly out of control', said John Farmer, a private shareholder, at the bank's annual meeting on Friday. 'You are not as a bank delivering an impressive return. Please would you go away and rethink the issue totally'.

He rejected the bank's claim that staff would leave if they were not paid as much as at rivals.

'If these people want to walk away, let them, and find someone else who will do the job for them', he said to applause from other investors.

To access the complete Reuters article hit the link below:

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