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Sunday 25th May 2008
The Association of British Insurers (ABI ) has issued HSBC with an ‘amber’ rating which reflects the growing concerns over a proposed bonus package for 5 of the group’s top directors. At a time when the industry has literally been on its knees the remuneration board of HSBC are to put forward a scheme which could see £120 million paid out in bonuses over the next three years. Apart from the figures involved there are also concerns about the timing of the announcement.
While there has been no publication of the terms of the package as yet many observers feel that it is something of an opportune moment bearing in mind the current situation. In affect the directors would be starting from a rock bottom profits figure, at the bottom of the economy with potential for natural uplift as and when the economy picks up.
The ABI is one of the most influential of pressure groups in the City and for them to voice their concern publically is something of a change from past tradition. They have shown flexibility in the past when similar schemes have been introduced, as long as shareholders and directors are able to benefit. Quite whether this proposed arrangement goes a little too far remains to be seen. |
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