The majority of HSBC shareholders have approved an executive pay package
worth as much as £120m over the next three years despite criticism by some
The bank told investors the expected awards for executives would more likely
mean they are paid near the median of their peer group, dismissing the top
number as ‘mathematical nonsense’, Reuters reported.
Unite the Union called on HSBC shareholders at today’s annual general meeting
in London to vote against the proposed executive pay scheme.
Graham Goddard, Unite Deputy General Secretary, said: ‘Unite questions how
HSBC can justify the fact that the starting salary of a HSBC employee is just
above £11,000 and many of the bank’s employees are forced to survive on benefits
and tax credits.
‘These plans for rewarding senior management come at a time when some of the
bank’s workforce are being given sub-inflation or zero-per cent pay rises. It is
the hard-working employees of HSBC who have ensured that the bank is delivering
the service which ensures that the company continues to be a profitable
financial services organisation in a fiercely competitive environment,’
Unite is the largest union in the UK, with over two million members in the
public and private sectors.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements