HSBC faces pay anger
31/05/2008
The setback for the senior managers at HSCB came when the bank's remuneration report, which included the bonus scheme, won the support of just over 80 per cent of shareholders at the company's annual general meeting.
A total of 18.3 per cent of investors choose either to oppose or abstain from voting on the scheme, an unusually high level of dissent at a major company's AGM.
Executive at HSBC faced intense questions from angry investors as many believe the scheme is too generous given the current economic climate and troubles at the bank's US consumer finance unit.
Some 10.7 per cent voted against the scheme while 7.6 per cent chose to abstain.
