Shareholders Grudgingly Approve HSBC’s New Pay Policy (HBC)

HSBC HBC has approved a new pay policy for its executives. However, the company was severely chastised by its top investors. At the very same time, the bank also prepared itself for forthcoming challenges. HSBC (HBC) chairman Stephen Green said, “Recovery in the developed world has been much slower and we are not out of the woods yet, as this month's events have reminded us. We may yet see further shocks to some western nations as they come to terms with the reality of large national debts." According to Reuters, the bank won approval for its remuneration report, but of those who responded, close to a quarter voted against the proposal or abstained.