HSBC Holdings PLC 2019 Directors' Remuneration Policy (0026T)
15 Marzo 2019 - 03:00AM
UK Regulatory
TIDMHSBA
RNS Number : 0026T
HSBC Holdings PLC
15 March 2019
HSBC HOLDINGS PLC
2019 DIRECTORS' REMUNERATION POLICY (the '2019 Policy')
In advance of its 2019 Annual General Meeting ('2019 AGM'), HSBC
Holdings plc (the 'Company') wishes to clarify for shareholders
certain aspects of the 2019 Policy, as set out in the 2018 Annual
Report & Accounts, which will be subject to a binding
shareholder vote at the 2019 AGM to be held on Friday, 12 April
2019.
The Group Remuneration Committee ('RemCo') has engaged with a
number of its key shareholders regarding the remuneration policy
for the executive directors. This dialogue has taken into account
recent developments in market practice and shareholder
expectations, with the aim of ensuring that the policy is
considered by reference to the pension contribution available for
the majority of the UK workforce.
The RemCo has carefully considered this feedback and wishes to
now clarify that for any new executive director, the cash in lieu
of pension allowance will reduce to 10% of base salary from its
current level of 30%, as set out in the 2019 Policy. Although the
current executive directors are compensated under the provisions of
the directors' remuneration policy approved by shareholders in
2016, they have asked that their own arrangements in respect of the
pension allowance are also brought into line with the level set out
above.
The RemCo has therefore agreed to apply this change to the
pension contribution element in respect of both the existing
executive directors and any new executive director under the 2019
Policy. The Chair of the RemCo, Pauline van der Meer Mohr,
commented: "Today we are announcing an important clarification of
our new remuneration policy to reduce executive director pension
contributions following consideration of emerging market practice.
We have consulted closely with shareholders and listened to their
views. Our guiding principle has been to create a policy that is
simple, transparent and in the interests of all stakeholders. We
believe this is the right thing to do for the business, for our
employees and for our shareholders. I would like to express the
Committee's appreciation for the engagement by our shareholders on
this issue and, in particular, the request made by the current
executive directors to conform their pension allowance with the new
remuneration policy."
The 2018 Annual Report & Accounts and the 2019 AGM Notice
are available on the Company's website at https://www.hsbc.com
Ben J S Mathews
Group Company Secretary
HSBC Holdings plc
Media enquiries to:
Gillian James +44 (0)20 7992 0516 gillian.james@hsbcib.com
Note to editors:
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide
across 66 countries and territories in Europe, Asia, North and
Latin America, and the Middle East and North Africa. With assets of
US$2,558bn at 31 December 2018, HSBC is one of the world's largest
banking and financial services organisations.
ends/all
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