HSBC shareholders question code breach
Meeting sought to discuss chief executive's appointment as chairman
Shareholders of HSBC are to meet with the banking giant next month to discuss
its management succession plans, which breach corporate governance guidelines.
The group recently made the decision to appoint current chief executive
Stephen Green to the role of executive chairman. Green replacing Sir John Bond
goes against the recommendations of the combined code of corporate governance.
The board explained that the reason for the move was that the bank’s
complexity and global reach made it necessary to appoint someone with
significant experience of the company.
Shareholders have grudgingly accepted this but now want to meet with the bank
to discuss whether there should be a broader choice of candidates for the role,
according to The Financial Times.