Remuneration plan for bank's executive faces rejection recommendation
Accountancy Age, 27 May 2008
Pirc, the investor activist body, has recommended to shareholders that they reject a remuneration plan for HSBC executives that could see finance director Douglas Flint earn up £25m.
The scheme, according to the Financial Times could also see chief executive Mike Geoghegan pocket around £36m.
The sheme, to be considered at the bank’s agm on Friday, covers annual bonuses and long-term incentives that could see executives receiving up to 12 times basic every year for the next three years.
The Association of British Insurers has expressed concern in the past on remuneration by issuing one of its ‘amber alerts’.
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