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HSBC abandons salary increase for CEO

HSBC has abandoned its plans to increase the salary of chief executive Michael Geoghegan following shareholder protests.

According to reports, the global bank consulted its shareholders over plans to increase Geoghegan base salary by more than a third, from around £1.07m to almost £1.5m.

HSBC was also propsing to increase the salary of finance director Douglas Flint by £200,000, from £700,000 to £900,000.

The news comes days after Lloyds Banking Group chief executive Eric Daniels waived his right to a £2.3m bonus for 2009 and Royal Bank of Scotland chief executive Stephen Hester waived his £1.6m bonus.

Last week Barclays chief executive John Varley and president Bob Diamond waived their bonuses.


Vestra aims to boost hedge ability for offshore funds

Discretionary manager Vestra Wealth Management is looking to strengthen its hedge fund expertise to bolster the firm’s offshore range. Managing partner David Scott says offshore money comprises 30 per cent of new business. He says: “We are looking to boost expertise in the offshore area. There is a dearth of people who are specialists at […]


Five-year wait for MVR-free day

Aviva has come under attack for pushing back the MVR-free day on a with-profits policy by five years as a result of the changes to the minimum retirement age. Lumley Baxter Asset Management partner Richard Baxter has a with-profits investment within his pension and Aviva has written to tell him the MVR-free day will be […]


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