The majority of HSBC shareholders have approved the bank’s executive remuneration package, bucking the trend for shareholder backlash over top-level pay awards.
At HSBC’s annual general meeting, more than 89% of shareholders voted in favour of the bank’s directors’ remuneration report for 2011. This came despite recommendations from research and advisory consultancy Pensions and Investment Research Consultants (Pirc) for shareholders to vote against the plan.
Douglas Flint, chairman of the HSBC Group, said: “In 2011, we prioritised building a values-based business, helping staff to manage change and empowering them to act with courageous integrity in delivering for our customers and shareholders.
“We continued to develop a truly meritocratic culture, because we need to ensure that HSBC is making the most of the skills and abilities of our people and encouraging them to reach their full potential.”
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