LONDON (Alliance News) - HSBC Holdings PLC has stepped back from its original bonus plans for Chairman Douglas Flint, cutting it to a one-off maximum payment of GBP1.0 million, the Independent reported Thursday, quoting a statement from the bank's remuneration committee.
HSBC had wanted to pay Flint a share-based bonus of up to the entire amount of his fixed pay due to his extra work on regulatory reform.
According to the Independent, HSBC has cut the maximum bonus payable from the original GBP2.25 million sum to avoid a revolt over pay at its next AGM.
The newspaper said the move comes after last ditch talks with the Association of British Insurers.
http://www.independent.co.uk/news/business/news/hsbc-climbs-down-over-massive-bonuses-after-shareholders-protest-9373262.html
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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HSBC Holdings (HSBA)