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LONDON (Alliance News) - HSBC Holdings PLC facing a behind-the-scenes push for reform from a cadre of institutional shareholders, The Times reported on Monday.
The report said the shareholders in question have concerns about the way the business is being run. They are said also to be be frustrated by the bank's underperformance.
The new pressure group is understood by The Times to have been launched over the summer to push for talks with the bank?s directors, including Douglas Flint, the lender?s chairman, and Simon Robertson, the independent non-executive director and deputy chairman.
One topic on the agenda, the report said, is the future of HSBC Holdings Chief Executive Stuart Gulliver, who has been in the role since 2011.
"In particular, investors are understood to want assurances over the potential appointment of an outsider once Mr Gulliver goes. They also want to discuss a recent strategy update that failed to arrest a fall in the share price, which has been hard hit by concerns over market crashes in China and the performance of emerging markets," the report said.
HSBC said to The Times: "We have regular and constructive dialogue with investors and shareholders and are supportive of the creation of the investors forum structure that will further enhance dialogue for all institutions."
The report said that a group of blue-chip fund managers is attempting to form a group "under the auspices" of the Investor Forum, which is led by some of the most influential fund managers in London.
http://www.thetimes.co.uk/tto/business/industries/banking/article4583028.ece
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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