HSBC boss is 'underpaid,' investors told

HSBC building at night

HSBC Chairman Douglas Flint is underpaid, the head of the bank’s compensation committee said, as 21% of investors opposed its pay policy.

'Douglas is underpaid for what he does, and he does an extremely good job', Simon Robertson, the former chairman of Rolls-Royce, told investors at the bank’s annual meeting in London last week.

Bloomberg News reports that the vote against compensation policy comes after shareholders registered protests over pay at U.K. competitors Barclays and Standard Chartered. HSBC had attempted to appease investors by cutting a potential bonus for its chairman of 44% of fixed pay from 100%.

Flint, 58, was paid $3.8m including $2.5m in base salary and a $1.27m cash contribution in lieu of a personal pension for 2013.

The opposition to HSBC’s policy, which outlines the bank’s plans on pay for the next three years, follows a 41% vote against Standard Chartered’s compensation policy at its annual meeting and a 24% who opposed Barclays’s 2013 pay report.

To access the complete Bloomberg article hit the link below:

HSBC Compensation Chief Says Chairman Flint is Underpaid 

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