UK - Schemes investing in HSBC are being urged to vote against its executive remuneration report at its annual meeting.
The Trades Union Congress believes termination provisions for HSBC directors go against the best interest of shareholders.
And it is alerting its 1000-strong network of trade union pension fund trustees to support a vote against the proposals.
It wants to vote against the remuneration report as it provides the executive director with a target annual bonus of US$4m (£2.5m), a year’s salary of US$1m (£600,000) and various other bonuses which would be worth an estimated Us$30m (£18.3m) if his contract was terminated.
TUC general secretary-elect Brendan Barber said: “HSBC investors should keep up the pressure and vote against the executive pay deal. This is our money.
“Our pension funds and insurance policies should be invested in a way that supports good businesses not platinum parachutes for failing directors.”
The TUC is also repeating its call for AGM voting records to be made public so that individual pension scheme members and policyholders will be able to tell if their savings have been used to support proposals with which they disagree.
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