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LONDON, April 22 (Reuters) - HSBC Holdings isproposing to revamp its pay policy for executive directors inresponse to shareholder concerns about how much they earnfollowing a sharp drop in the bank's share price and worries itmay struggle to maintain its current dividend.
Europe's biggest bank is proposing to reduce the amount ofcash given to executive directors in lieu of a pension from 50percent to 30 percent of their base salary, and make long-termincentives subject to a three year forward-looking performanceperiod, in line with other FTSE companies.
The new policy will lower the maximum amount its executivedirectors could earn by 7 percent, the bank said.
"We had expected that the Remuneration Policy you approvedback in 2014 would not need to be refreshed until it expirednext year," Chairman Douglas Flint told shareholders in Londonon Friday.
"However, regulatory changes as well as responding toshareholder feedback have caused us to make some revisions tothis", he said.
The overhaul of HSBC's pay plans follow investor revolts atthe annual meetings of BP and Anglo American overtheir proposed remuneration policies.
HSBC also said it could be forced to restructure itswholesale operations in the UK if Britain voted to leave theEuropean Union in this summer's referendum. (Reporting By Andrew MacAskill and Sinead Cruise; Editing byRachel Armstrong)