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PRESS: HSBC In Last Ditch Talks To Head Off Revolt Over Chairman's Pay - Guardian

May 13, 2014

Samuel Agini

LONDON (Alliance News) - HSBC Holdings is is trying to reach a deal with shareholders over the pay of Chairman Douglas Flint as it seeks to head off a revolt at its annual general meeting next week, the Guardian reported Tuesday.

According to the Guardian, the bank could make a make a "partial climbdown" over plans to pay Flint a bonus in shares of up to GBP2.25 million. Flint's extra work on regulatory reform has been put forward by the bank as justifying the payout, the Guardian said.

While the Guardian said that HSBC declined to comment on talks with shareholders, it quoted an investor in the bank who said: "The word is it's going to be a one-off."

The AGM will take place on May 23 in London.

It comes after Standard Chartered PLC last week faced a shareholder revolt over pay, when 40.8% of voting shareholders opposed the emerging markets focused bank's remuneration policy for the 2013 financial year.

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Source: Alliance News

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