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Report: Investors urge StanChart to change pay policy to avoid further clash

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Report: Investors urge StanChart to change pay policy to avoid further clash

Shareholders of Standard Chartered PLC have informed the British lender that it needs to change its policy on executive pensions if it wants to avoid another investor revolt on the matter, The Times of London reported, citing three of the bank's top 20 shareholders.

During StanChart's annual general meeting in May, roughly 36% of its investors opposed a proposed remuneration package for the lender's executives, including CEO Bill Winters. Under the proposal, Winters' pension allowance will be increased to £474,000 from £460,000 a year earlier, in addition to a fixed salary of £2.4 million in cash and in shares.

One of the shareholders told The Times that investors are locked in a "difficult conversation" with StanChart over the bank's latest pay policy, while another shareholder said it would be disappointing if the situation remains the same come 2020.

Winters further irked investors in July when he branded complaints about remuneration as "immature and unhelpful."