This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/business/2013/may/08/standard-chartered-executives-reelection

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Standard Chartered shareholders show disapproval of four executives Standard Chartered shareholders show disapproval of four executives
(5 months later)
Shareholders have issued a rebuke to four Standard Chartered executives on the day the UK-based bank reported a rare drop in profits.Shareholders have issued a rebuke to four Standard Chartered executives on the day the UK-based bank reported a rare drop in profits.
Nearly a quarter of shareholders failed to back the re-election of Steve Bertamini, Jaspal Bindra, Mike Rees and Viswanathan Shankar to their posts as executive directors. At first glance, it appeared that just 1% of shareholders had voted against them, but when deliberate abstentions were included, the level of dissent rose to 23%.Nearly a quarter of shareholders failed to back the re-election of Steve Bertamini, Jaspal Bindra, Mike Rees and Viswanathan Shankar to their posts as executive directors. At first glance, it appeared that just 1% of shareholders had voted against them, but when deliberate abstentions were included, the level of dissent rose to 23%.
It was not immediately clear which investors had abstained, but last year Singapore investor Temasek, which owns 18% of the Asia-focused bank, abstained from voting to re-elect some directors to register its disapproval at the way the bank organised its board.It was not immediately clear which investors had abstained, but last year Singapore investor Temasek, which owns 18% of the Asia-focused bank, abstained from voting to re-elect some directors to register its disapproval at the way the bank organised its board.
The bank reported a 5% fall in operating profit for both its consumer and investment bank in the first quarter compared to last year – a rare departure from the healthy profits it has racked up after a decade of growth in booming Asia. The bank said it was hit by weak performance in Korea, Singapore and rising staff costs. Its shares were the second largest faller in the FTSE 100, dropping 4.5% to £16.25.The bank reported a 5% fall in operating profit for both its consumer and investment bank in the first quarter compared to last year – a rare departure from the healthy profits it has racked up after a decade of growth in booming Asia. The bank said it was hit by weak performance in Korea, Singapore and rising staff costs. Its shares were the second largest faller in the FTSE 100, dropping 4.5% to £16.25.
Last year the bank agreed to pay US regulators a fine of $667m (£429m) for breaching sanctions against Iran. "We have accepted and acknowledged the misconduct," said Sir John Peace, Standard Chartered chairman.Last year the bank agreed to pay US regulators a fine of $667m (£429m) for breaching sanctions against Iran. "We have accepted and acknowledged the misconduct," said Sir John Peace, Standard Chartered chairman.
Our editors' picks for the day's top news and commentary delivered to your inbox each morning.