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Report: PIRC advises HSBC shareholders to reject pay plans

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Report: PIRC advises HSBC shareholders to reject pay plans

Pensions & Investment Research Consultants on April 12urged HSBC HoldingsPlc shareholders to oppose the re-election of Chairman DouglasFlint at the lender's annual general meeting, Reuters reported the same day.

The shareholder advisory group noted that the bank was finedfor regulatory violations when Flint was the finance director, which meant hefailed to perform his duties and made his present role "untenable."

PIRC also urged shareholders to oppose at the April 22meeting the bank's executive pay plans, saying the proposed maximum potentialbenefits remain "highly excessive." The group expressed concern thatCEO Stuart Gulliver's variable pay exceeded 200% of his basic salary and hisbenefits package was 50% of his salary, according to the report.