Nearly one-third of Standard Chartered shareholders voted against executive pay at the bank’s annual meeting, after proxy advisers Criticized It’s about not cutting back on senior executives’ bonuses following a record regulatory fine in the UK.
While both remuneration decisions were made at the annual meeting on Wednesday in London, 31% of the votes were against the wage policy and 27% opposed the wage report for 2021. Typically, resolutions are passed with much higher levels of support.
Prior to the meeting, ISS and Glass Lewis shareholders’ advisers told investors to vote against the proposals because they were not happy that executives were properly punished for A fine of £ 46.5 million From the Precautionary Regulation Authority in December.
The PRA shelved the bank for repeatedly reporting a key liquidity index incorrectly and not being “open and cooperative” during an investigation.
As a result of the PRA fine, StanChart executives received only a 7% reduction in their performance card for 2021. Thus they were considered to have reached 57% of their targets, equivalent to £ 1.4 billion in bonus pay, 38%. Higher than in -2020.
CEO Bill Winters’ total salary rose 19% to £ 4.66 million last year, while Andy Halford, CFO, received a 21% increase to £ 2.98 million.
There was a smaller vote against plans to reset until 2050 after a campaign by activists, who hung protest posters outside the rally, while a separate group of protesters disrupted the meeting by chanting and wearing devil masks with horns with faces. Of Winters and the chair José Viñals.
About 17% voted against the policy, while shareholders’ decision to impose a more aggressive set of net zero targets won only 11% support.
Voting at the meeting comes as performance begins to improve in the lender focused on emerging markets.
Last week, StanChart reported a 6% increase in pre-tax profits in the first quarter of 2022 following an increase in trading revenue and transaction banking. Shares soared more than 14% a day.
StanChart said: “We are disappointed that a minority of our shareholders voted against the remuneration report and bank policy. The opinions of all shareholders are important to us, and we will continue to engage with them in the coming months. “
Separately, 11% of Barclays shareholders voted against its payroll report at its annual meeting on the same day in Manchester. Alarms.
“There has been extensive engagement with stakeholders around this issue,” the bank said in response. “We are aware of the range of views across the stock register… And we will continue to address this issue and look forward to providing an update on green financing later this year.”
Standard Chartered shareholders lodge protest vote against executive pay Source link Standard Chartered shareholders lodge protest vote against executive pay