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StanChart new pay policy gets shareholder approval

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StanChart new pay policy gets shareholder approval

StandardChartered Plc's new remuneration policy for directors got 94.32%shareholder approval at the May 4 annual general meeting.

The company said in March that the remuneration committee developedthe new policy to align the executive directors' remuneration packages with thebank's new strategy and improved shareholder returns. The policy will simplifyincentive arrangements, making them more transparent, and place a greater focuson long-term performance.

The new remuneration policy, to be effective for up to threeyears, will ensure alignment with the regulatory requirements published by the U.K.Prudential Regulatory Authority in June 2015.

In response to investor anger over high executive pay amidtumbling share price and no final dividend for shareholders for 2015, StandardChartered Chairman John Peace said the bank would lose staff members if it cutbonuses, Reuters reported May 4.

According to Reuters, Standard Chartered CEO Bill Wintershad said the bank would try to claw back bonuses paid to people deemedresponsible for its woes.However, Peace said at the AGM that claw backs would only apply where there wasevidence of inappropriate behavior, the report added.