Shareholder groups advise against pay plans for senior executives as CEO Bill Winters defends his pension increase
People pass a Standard Chartered bank branch. Picture: REUTERS/EDGAR SU
Results of the shareholder vote on StanChart’s 2019 pay policy at the lender’s annual shareholder meeting in London were expected later on Wednesday. Winters and Christine Hodgson, chair of StanChart’s remuneration committee, said they believed the pension allowances paid to executives were in line with British corporate governance codes, even though the bank’s definition of basic salary includes fixed pay allowances paid in shares as well as cash salary.
StanChart rival Barclays last week saw nearly 30% of votes cast against its executive pay plans at its annual shareholder meeting, and other firms including Ocado and Hammerson have seen similar revolts.
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