HSBC shareholders have taken one of its non-executive directors to task for so-called "over-boarding", or having too many directorships.
Investors representing 28.76 per cent of shares voted against the re-election of Irene Lee to the board at the lender's annual general meeting (AGM) today. Lee is also a non-executive director at Cathay Airways, Hong Kong and Shanghai Bank and Hang Seng Bank, among others, as well as being chairman at Hysan Development Company.
Meanwhile 1.4 per cent of shareholders voted against re-electing Douglas Flint, who was presiding over his final AGM as chairman, while 3.5 per cent voted against the directors' remuneration report.
Last weekend director Paul Walsh said he will not seek re-election at the AGM, adding he wanted to focus on "other commitments". Walsh's comments came shortly after it had been reported that shareholder advisory groups ISS and Glass Lewis had pressured him to resign because of his other commitments, which include chairing FTSE 100-listed Compass Group, as well as Avanti Communications and Chime Communications.