StanChart CEO, CFO take pension cuts after shareholder protest

Credit: REUTERS/DENIS BALIBOUSE

Standard Chartered said on Friday that the pension allowances for its chief executive and chief financial officer Andy Halford will be halved from January following a shareholder protest.

LONDON, Nov 8 (Reuters) - Standard Chartered STAN.L said on Friday that the pension allowances for its chief executive and chief financial officer Andy Halford will be halved from January following a shareholder protest.

Bill Winters and Andy Halford have both agreed to have their pension allowances cut from 20% to 10% of their salary, putting them in line with the rest of the bank's workforce in Britain.

Some 36% of votes cast at StanChart's annual shareholder meeting in London in May were against its directors’ remuneration report, which set out plans to increase Winters' pension allowance among other measure.

Winters had previously defended his pension arrangements, calling investors that voted against his allowance as "immature and unhelpful" in an interview with the Financial Times.

StanChart said in a statement on Friday that taking investors' views into consideration, its remuneration committee has concluded that the bank should make the changes to avoid "distraction" from delivering the bank's business strategy.

"This aligns the executive directors' pension arrangement with UK employees of Standard Chartered from the start of 2020," it said.

(Reporting by Huw Jones)

((huw.jones@thomsonreuters.com; +44 207 542 3326; Reuters Messaging: huw.jones.thomsonreuters.com@reuters.net))

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

Reuters

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 Reuters.com and via Reuters TV.

Learn More