Critics: Boss Noel Quinn was paid £5.6 million
HSBC is braced for a shareholder revolt against boss Noel Quinn over the bank’s alleged links to Hong Kong human rights abuses.
Investor adviser Pirc has taken aim at the bank – a big lender in China as well as the UK – ahead of its annual meeting on May 5.
It has told backers to vote against Quinn’s re-election to the board after HSBC was criticised by politicians in Britain and the US for activities such as freezing the bank accounts of activists in Hong Kong and blocking pension payouts for Hong Kong citizens who fled to the UK.
Pirc said: ‘While the full impact of these issues is yet to be ascertained, these practices are considered to be examples of a corporate culture not aligned with the interests of all stakeholders.’
It also urged investors to vote down HSBC’s pay report, which it said handed an excessive amount to Quinn last year – £5.6 million – and to oust Dame Carolyn Fairbairn, chair of the pay committee.
HSBC is one of a slew of FTSE firms that could face a backlash from increasingly active investors this year, particularly as concerns grow over executive pay amid the cost-of-living crisis. Last week, AstraZeneca boss Pascal Soriot was another high-profile name targeted by Pirc, which said he should be removed because of the company’s mounting legal battles.
Unilever may face a rebellion after another proxy adviser, Glass Lewis, said it had ‘severe reservations’ about how much boss Hein Schumacher will be paid. His starting salary on arrival in July will be about £1.6 million, which is 18.5 per cent more than his predecessor Alan Jope.
The Mail on Sunday can reveal that ShareAction, a charity focused on responsible investing, has set out a hit list of 49 companies that it will urge investors to target at annual meetings in the coming months.
Those on its list include British Airways owner International Airlines Group, online grocer Ocado and supermarket giant Sainsbury’s. HSBC said it had an ‘enduring commitment’ to Hong Kong, adding: ‘Like all banks, we have to obey the law, and the instructions of the regulators, in every region in which we operate.’
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