HSBC board changes afoot at AGM this week after bank announces Paul Walsh will not seek re-election

 
William Turvill
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HSBC said board member Paul Walsh would not be seeking re-election by shareholders this Friday (Source: Getty)

More change is afoot at the top of HSBC this week as the bank holds its annual general meeting.

As well as it being chairman Douglas Flint’s final AGM, board member Paul Walsh will not be seeking re-election on Friday.

HSBC announced last Friday that Walsh, a former Diageo chief executive, would be resigning “to focus on other commitments”.

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Sky News reported that Walsh had come under pressure to resign by shareholder advisory groups ISS and Glass Lewis.

They were concerned that he was “over-boarding” by holding a number of other business positions, including chairing Compass Group and Avanti Communications.

HSBC said in its announcement: “There are no matters relating to the resignation of Paul Walsh that need to be brought to the attention of shareholders of the company.”

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Flint is set to be replaced as chairman by AIA Group chief executive Mark Tucker on 1 September.

Tucker will take over responsibility for finding a successor for HSBC chief executive Stuart Gulliver.

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