22nd Jul 2019 06:57
(Alliance News) - Standard Chartered PLC's board will consider asking its Chief Executive Bill Winters to take a pay cut following pressure from the bank's largest shareholder as the remuneration spat continues, the Financial Times reported on Saturday.
According to the FT, Temasek Holdings Private Ltd, a Singapore investment fund and the bank's largest shareholder with a 16% stake, contacted the bank asking it to find a way to defuse the pay row.
Some directors have considered asking Winters to voluntarily accept a reduction in his pension allowance, like the chief executives of HSBC Holdings PLC and Lloyds Banking Group PLC have done.
Last week, Winters called some of the bank's investors "immature" after they labelled his annual pension of GBP474,000, or 40% of his cash salary, as too high, the FT reported.
In May, nearly 40% of the bank's investors voted against the bank's new remuneration policy during its annual general meeting.
https://www.ft.com/content/d3a15a20-aa3e-11e9-984c-fac8325aaa04
Shares in Standard Chartered were down 0.1% at 713.20 pence each when markets closed on Friday afternoon in London.
Related Shares:
Standard Chartered