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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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Real-time Quote. Real-time CHI-X - 06/19 07:08:41 am
660.25 GBp   +0.40%
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Lloyds Bank boss defends pension perks

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06/19/2019 | 06:24am EDT
FILE PHOTO: Lloyds Chief Executive Antonio Horta-Osorio speaks at the British Chambers of Commerce annual meeting in central London

LONDON (Reuters) - Lloyds Banking Group Chief Executive Antonio Horta-Osorio on Wednesday told lawmakers his pension and pay are in line with the market rate, amid widening scrutiny of the gap between bosses' and ordinary workers' pensions in Britain.

Veteran lawmaker Frank Field accused Britain's best-paid bank chief Horta-Osorio of "greed" for keeping a maximum employer contribution rate to his pension of 33% at a time when rival banks are voluntarily reducing theirs to meet industry guidelines.

"It is very difficult to accept the word greed, when my total fixed compensation of 2.8 million pounds is lower than the group CEO of HSBC," Horta-Osorio said.

When share awards and other payments were factored in, the Lloyds chief was the best paid among major British bank CEOs in 2018 according to company reports, taking home 6.4 million pounds compared with 4.6 million for HSBC's John Flint.

The scrutiny over the Lloyds CEO's pay comes as other big companies in Britain are scaling back executive pension packets, in response to growing shareholder discontent over the gap between bosses' payouts and those of ordinary workers.

The new focus on the pension payouts, which are usually made in cash, came from the Investment Association, an industry body of fund managers, which in November last year updated guidelines to say bosses should receive employer pension contributions in line with other workers.

The Association said it will issue warnings on companies that offer executives pension contributions in excess of 25% of salary.

Lloyds has the starkest pay difference among big banks, with Horta-Osorio paid 169 times as much as the median paid employee on 37,058 pounds, the company’s 2018 annual report showed.

The chair of the bank's board remuneration committee Stuart Sinclair said that Lloyds' pension policy would likely "converge" towards others when it next announces its policy in a year's time. He said the bank's staff have not voiced dissent about their CEO's pay.

"People like a winner, when I meet [our staff] who are on 22, 33 or 40,000 pounds a year they look at Antonio and see a winner...there's a charisma around Antonio that people say 'good luck' to him," Sinclair said.

Field said the committee had received correspondence criticising the pension arrangements.

(Reporting By Lawrence White and Iain Withers; Editing by Alexandra Hudson)

By Lawrence White and Iain Withers

Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC 0.40% 660.1 Delayed Quote.1.65%
LLOYDS BANKING GROUP 1.14% 58.69 Delayed Quote.12.00%
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Financials ($)
Sales 2019 56 403 M
EBIT 2019 21 618 M
Net income 2019 14 513 M
Debt 2019 -
Yield 2019 6,26%
P/E ratio 2019 11,59
P/E ratio 2020 11,16
Capi. / Sales 2019 2,97x
Capi. / Sales 2020 2,86x
Capitalization 168 B
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Technical analysis trends HSBC HOLDINGS PLC
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 8,72 $
Spread / Average Target 5,2%
EPS Revisions
Managers
NameTitle
John M. Flint Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
Ewen James Stevenson Executive Director & Group Finance Director
Darryl West Chief Information Officer
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