Investor pay rebellion rises

THREE more of the UK’s biggest companies are preparing to face shareholder wrath over generous executive pay schemes, according to the Association of British Insurers (ABI).

The ABI has issued “amber top” alerts over remuneration at HSBC, engineer Tomkins and electronic chipmaker Wolfson Microelectronics, indicating a “considerable” level of concern.

HSBC investors have signalled anger at plans to hand out £300,000 a year in expenses to chief executive Michael Geoghegan, who relocated from London to Hong Kong last year.