World Markets

HSBC directors take pension cut after investor pressure


BIRMINGHAM, England, April 12 () - HSBC's three executive director board members have agreed a reduction in their pension allowance from 30 to 10 percent of base salary, following increasing scrutiny from investors and other stakeholders on overall executive pay.

New directors on the bank's board will also see a reduction of cash in lieu of pension to 10 percent of salary, the bank announced at its annual shareholder meeting in Birmingham.

The bank's move follows similar reductions in pension allowances at other major UK banks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at and via Reuters TV.

Learn More