HSBC sounding out shareholders over pay shake-up: report

By @ibtimes on

HSBC is sounding out its shareholders over a proposed shake-up of its pay plans that would see top executives assessed on a wider range of performance metrics, the Financial Times reported on Wednesday.

The plan, driven by John Thornton, chairman of the bank's remuneration committee, would cut maximum amounts awarded and potential remuneration for Chief Executive Stuart Gulliver would be capped at 12.5 million pounds, the FT said.

Under the changes, bankers would earn three times their salary as an annual bonus plus six times their salary in a long-term incentive plan, compared with the current multiples of four and seven, the FT said, citing unnamed sources.

HSBC was not immediately reachable for comment.

(Reporting by Karolina Tagaris; editing by Carol Bishopric)

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