HSBC Cuts Pension Contributions for New Executive Directors
15 March 2019 - 8:49PM
Dow Jones News
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.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
March 15, 2019 05:34 ET (09:34 GMT)
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