Europe's biggest bank HSBC Holdings has rejected calls from activist investor Knight Vinke Asset Management for it to review its strategy and shake up its corporate governance, the Financial Times reported.
The paper said on Thursday Simon Robertson, the bank's senior independent director, told Knight Vinke that HSBC's non-executive directors supported Chairman Stephen Green and believed there was no need for an independent strategy review.
Knight Vinke -- which blames the bank's corporate governance and the global spread of its business for its poor share price performance -- has arranged meetings with shareholders and most top investors, but the paper said its proposals did not appear to be gaining traction.
HSBC and Knight Vinke were not immediately available for comment.
HSBC, recovering from the impact of its first-ever profit warning earlier this year, has in the past faced calls to increase focus on emerging markets, which it is already doing.