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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered    STAN   GB0004082847

STANDARD CHARTERED

(STAN)
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Standard Chartered : UK parliamentary committee questions StanChart's remuneration policy

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07/21/2019 | 07:09pm EDT
FILE PHOTO - A logo of Standard Chartered is displayed at the financial Central district in Hong Kong

(Reuters) - The head of the British parliament's Work and Pensions Committee has written to the chair of Standard Chartered Plc's remuneration committee questioning the bank's executive pension pay levels after more than a third of shareholders voted against its directors' remuneration policy.

In the letter written on Thursday and made public on Monday, Committee Chairman Frank Field asked why the remuneration committee put forward a proposal where the existing directors would receive 40% of base salary (20% of total salary) as the pension contribution whereas the contribution of new executive directors is limited to 10% of total salary.

The letter also questioned whether the remuneration committee supported the Investment Association's guideline that pension contribution rates for executive directors should be aligned with that of their workforce and inquired if the remuneration committee planned to revisit the executive pay policy next year.

Some 36% of StanChart's shareholders voted against the bank's 2019 directors' remuneration report at its annual shareholder meeting in London, which set out plans to increase Chief Executive Bill Winters' pension allowance among other measures.

Investors were also frustrated as the bank failed to cap pension contributions as a percentage of base salary, instead calculating against a bigger total salary base.

The letter from Field closed by asking whether the remuneration committee shared the views of Winters, as reported in the Financial Times, where the chief executive called investors "immature" for voting against his pay package.

Winters and remuneration committee Chair Christine Hodgson said earlier they believed the pension allowances paid to executives were in line with British corporate governance codes, even though the bank's definition of basic salary includes fixed-pay allowances paid in shares as well as cash salary.

(Reporting by Rishika Chatterjee; Editing by Peter Cooney)

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Financials (USD)
Sales 2019 15 428 M
EBIT 2019 4 892 M
Net income 2019 2 448 M
Debt 2019 -
Yield 2019 3,59%
P/E ratio 2019 10,3x
P/E ratio 2020 8,41x
Capi. / Sales2019 1,55x
Capi. / Sales2020 1,48x
Capitalization 23 891 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 8,78  $
Last Close Price 7,44  $
Spread / Highest target 70,3%
Spread / Average Target 18,1%
Spread / Lowest Target -28,5%
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Managers
NameTitle
William Thomas Winters Group Chief Executive Officer & Director
José Viñals Chairman
David Whiteing Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
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