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| HSBC to change executive pay policy | HSBC to change executive pay policy |
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| HSBC is asking shareholders to approve a new pay policy for its executive directors in a move that will cut the maximum amount they can earn by 7%. | HSBC is asking shareholders to approve a new pay policy for its executive directors in a move that will cut the maximum amount they can earn by 7%. |
| Earlier this week, a shareholder advisory group said HSBC's executive pay awards for 2015 were "excessive" and asked shareholders to reject them. | Earlier this week, a shareholder advisory group said HSBC's executive pay awards for 2015 were "excessive" and asked shareholders to reject them. |
| At Friday's AGM, HSBC shareholders have a non-binding vote on 2015 pay and a binding vote on the new proposals. | At Friday's AGM, HSBC shareholders have a non-binding vote on 2015 pay and a binding vote on the new proposals. |
| HSBC's pay deal comes amid shareholder disquiet about executive pay. | HSBC's pay deal comes amid shareholder disquiet about executive pay. |
| The bank wants to cut the amount of cash given to directors in lieu of a pension from 50% to 30% of base salary and make them wait three years before they receive long-term bonuses. | The bank wants to cut the amount of cash given to directors in lieu of a pension from 50% to 30% of base salary and make them wait three years before they receive long-term bonuses. |
| Europe's biggest bank told shareholders in its AGM statement that the new proposals took into account regulatory changes but also "address your feedback". | Europe's biggest bank told shareholders in its AGM statement that the new proposals took into account regulatory changes but also "address your feedback". |
| The chairman of HSBC's remuneration committee, Sam Laidlaw, said in his statement the committee believed there should be rewards for delivering results and penalties when they are not delivered in the right way. | The chairman of HSBC's remuneration committee, Sam Laidlaw, said in his statement the committee believed there should be rewards for delivering results and penalties when they are not delivered in the right way. |
| Last year's bonus pool had been cut by $431m (£300m) to "reflect fines, penalties and the cost of customer redress". | |
| According to the annual report, chief executive Stuart Gulliver received a total of £7.34m last year, down from £7.61m in 2014. | |
| Mr Laidlaw asked shareholders to vote in favour of both last year's remuneration report and the new three year policy. | Mr Laidlaw asked shareholders to vote in favour of both last year's remuneration report and the new three year policy. |
| Shareholder rejection | Shareholder rejection |
| Investors in other big companies have been grappling with the issue of directors' pay recently. | Investors in other big companies have been grappling with the issue of directors' pay recently. |
| Earlier this month, BP shareholders rejected a pay package of almost £14m for chief executive Bob Dudley at the oil company's annual general meeting. | Earlier this month, BP shareholders rejected a pay package of almost £14m for chief executive Bob Dudley at the oil company's annual general meeting. |
| Just over 59% of investors rejected Mr Dudley's 20% increase, one of the largest rejections to date of a corporate pay deal in the UK. | Just over 59% of investors rejected Mr Dudley's 20% increase, one of the largest rejections to date of a corporate pay deal in the UK. |
| On Thursday, 42% of shareholders in Anglo-American voted against the £3.4m remuneration package of chief executive Mark Cutifani. | On Thursday, 42% of shareholders in Anglo-American voted against the £3.4m remuneration package of chief executive Mark Cutifani. |
| The UK-listed mining giant saw the value of its shares fall by 75% last year, the worst performance of any of the companies listed on the FTSE 100 and the fifth year in a row that the share price has fallen. | The UK-listed mining giant saw the value of its shares fall by 75% last year, the worst performance of any of the companies listed on the FTSE 100 and the fifth year in a row that the share price has fallen. |
| Also on Thursday, a report said the present method of calculating executive pay is "not fit for purpose" and needs reform. | Also on Thursday, a report said the present method of calculating executive pay is "not fit for purpose" and needs reform. |
| The Executive Remuneration Working Group, which was established by the Investment Association, said there was "widespread scepticism and loss of public confidence" over executive pay. | The Executive Remuneration Working Group, which was established by the Investment Association, said there was "widespread scepticism and loss of public confidence" over executive pay. |