HSBC sneers at Knight Vinke demands

Calls from activist investment firm Knight Vinke for a governance shake-up
and strategic review at HSBC have received short thrift as senior board member
Simon Robertson confirmed that he and the bank’s other non-executives were
firmly behind HSBC’s strategy.

Robertson told Knight Vinke head Eric Vinke that HSBC’s non-executives were
firmly behind HSBC executive chairman Stephen Green and did not see any need to
change strategy, the FT reports.

The news will be a blow for Knight Vinke, which has made a concerted effort
to lobby HSBC’s largest shareholders and reform the way the bank was run.

One shareholder said Knight Vinke was ‘a year too late’ as shareholders had
already settled governance and strategy concerns a year ago.

HSBC chairman Stephen Green, recently defended the bank’s strategy of
investing in emerging markets.

Further reading:

HSBC warns of debt collapse

Annual reports millstone gets heavier

Related reading