HSBC FD Flint loses out on bonus

HSBC has announced in its annual report that finance director Douglas Flint,
along with three other executives will not be awarded a bonus for 2008.

The banking giant, on the advice of the remuneration committee that Flint
sits on, will not award its group chief executive Michael Geoghegan, finance
director and chief executive of global banking Stuart Gulliver any cash or share
bonuses, as well as implementing a pay freeze.

Flint, who received an £800,000 performance bonus for 2007, will see his
salary freeze at £700,000, Geoghegan at £1.070m and Gulliver at £800,000.

HSBC has said that other executive directors have been awarded bonuses ‘in
deferred form in line with performance’.

Flint is also to donate his fees as non-executive director for BP to charity,
worth approximately £30,000.

Further reading:

Bonus culture: the real cost of bank FDs

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