HSBC has yielded to shareholder protests and backed away from controversial plans to award its chief executive, Michael Geoghegan, a substantial rise in his base salary of more than one third.
HSBC consulted shareholders on plans to raise Mr Geoghegan's salary by about 36 per cent to more than ￡1.4m ($2.2m) this year. HSBC was also proposing to increase the salary of Douglas Flint, finance director, from ￡700,000 to ￡900,000.
Shareholders told the bank that the rise was at odds with trends to temper big payouts in the face of public and political anger after the financial crisis.
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