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StanChart pay plans for top bosses pass; sizeable minority protest

StanChart pay plans for top bosses pass; sizeable minority protest
StanChart pay plans for top bosses pass; sizeable minority protest   -   Copyright  Thomson Reuters 2022
By Reuters

LONDON -Standard Chartered’s pay plans for top executives were approved by shareholders on Wednesday, but a sizeable minority of investors voted against the plans, after concerns were raised ahead of the bank’s annual investor meeting.

The emerging markets-focused bank had been braced for a potential rebellion after influential shareholder proxy advisers ISS and Glass Lewis both objected to its pay plans.

ISS argued that StanChart should have reduced bonuses by a greater amount last year, after the lender was slapped with a record 47 million pound fine by the Bank of England’s Prudential Regulation Authority for misreporting its liquidity position.

Both ISS and Glass Lewis also separately objected to the detail of the bank’s remuneration policy.

StanChart CEO Bill Winters’ total pay package for 2021 was 4.7 million pounds, while CFO Andy Halford got 3 million pounds.

All StanChart’s board-backed resolutions passed at the annual meeting, but more than a quarter of ballots cast were against both the remuneration policy (31%) and the remuneration report (27%).

StanChart said in a statement that it acknowledged the concerns raised by shareholders and planned to engage with investors and publish an update on discussions within six months.

Both Standard Chartered’s investor meeting in London and Barclays’ shareholder meeting in Manchester were disrupted by climate protesters’ objecting to the lenders’ respective records on backing of polluting industries.