HSBC AGM: Remuneration report easily passed by shareholders

Catherine Neilan
Follow Catherine
Consumer Inflation Could Rise Above 4 Percent In The Wake Of The Credit Crunch
Loadsamoney has just been approved (Source: Getty)

If you were expecting some revolutionary zeal from HSBC's shareholders at today's AGM, you might be surprised at how easily the bank's executive pay has been approved.

The directors' remuneration report was passed with 90.49 per cent of the vote today, while the directors' remuneration policy was approved with 96.05 per cent of the vote.

That means chief executive Stuart Gulliver will receive his £7.3m pay package, despite some mutterings from investor associations such as Pirc that it be blocked amid.

Shareholders also voted overwhelmingly for Gulliver and his co-directors to be re-elected.

Read more: HSBC boss talks pay, Panama, Brexit and Flexit

Today's AGM was the latest in a series of meetings at which it was thought shareholders would revolt against creeping executive pay.

But apart from the unprecedented rejection of BP boss Bob Dudley's £13.8m pay package, the shareholder spring has been somewhat muted.

However that hasn't stopped City bigwigs including L&G's Nigel Wilson from wading into the issue and calling on British blue chips to revise how they reward their top dogs, claiming current pay structures are "not fit for purpose".