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By Ian Walker
HSBC Holdings PLC (HSBA.LN) said Friday that it is reducing pension contributions for new directors to 10% of base salary, from 30% previously.
Following talks with key shareholders, the remuneration committee has set the new rate as part of the 2019 policy, HSBC said. It added that although existing directors are compensated under the 2016 policy, they have requested that their own remuneration be brought in line.
HSBC said that changes reflect recent developments in market practice and shareholder expectations.
"Our guiding principle has been to create a policy that is simple, transparent and in the interests of all stakeholders," said Chairman of the Remuneration Committee Pauline van der Meer Mohr.
"We believe this is the right thing to do for the business, for our employees and for our shareholders," she added.
Shares in London at 0910 GMT were up 1.70 pence, or 0.3%, at 622.10 pence.
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(END) Dow Jones Newswires
March 15, 2019 05:34 ET (09:34 GMT)
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