THE chairman of HSBC announced a review of the bank’s pay and bonus policies as he vowed to remain at the helm for at least another year.
Stephen Green, 61, quashed mounting speculation he was preparing to stand down later this year, telling investors at the bank’s annual meeting that he looked forward to “chairing the next AGM in 2011”.
The bank also said its independent remuneration committee would review pay practices this summer in consultation with shareholders – a move that came as 13% of investor votes were cast against its remuneration report.
HSBC has been criticised for paying a £9m deferred shares bonus to Stuart Gulliver, head of its investment bank, after HSBC lifted annual profits by 56% to £9.1bn.
