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(Sharecast News) - HSBC's largest shareholder is reportedly likely to give its backing to shareholder resolutions that would force the bank to provide regular updates on the structure of its Asian business and restore the dividend to its pre-Covid level.
Bloomberg cited a person familiar with the company's thinking as saying that Ping An Insurance Group will probably support the measures at a shareholder meeting next month.
The AGM comes a year after the Chinese insurer was first publicly identified as behind a campaign to push the London-headquartered lender to consider a break-up of its business.
Last month, Ken Lui, leader of the "Spin Off HSBC Asia Concern Group", said that he had hired a law firm to request that the two special resolutions be put to a vote at the meeting, which is due to be held in Birmingham, England on 5 May.
HSBC has recommended to shareholders that they vote against the resolutions.
Ping An is expected to vote in favour of Lui's resolutions, which would require HSBC to produce quarterly reports on its strategy that would include "increasing its value by structural reforms" such as spinning off its Asian businesses.
Bloomberg said the insurer is also likely to back a resolution calling for the the bank to "distribute dividends to its members at the pre-Covid 19 pandemic level" in excess of $0.51 per share.
