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

STANDARD CHARTERED

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Standard Chartered Faces Holder Revolt As PIRC Balks At Pay-Newspaper

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04/29/2012 | 10:41am EDT

Investors in U.K.-based, Asia-focused bank Standard Chartered PLC (>> Standard Chartered PLC) are being urged by a major investment body to vote down a pay package for senior bankers collectively worth GBP56 million, amid concern that the bank hasn't been transparent enough with its shareholders about long-term bonus targets, the Sunday Telegraph reports.

Pensions Investment Research Consultants, or PIRC, has told investors to vote against the remuneration report for the bank at its forthcoming annual general meeting on May 9, the newspaper says, citing PIRC guidance.

The head of Standard Chartered's investment banking arm, Mike Rees, has received a package worth GBP8.2 million, the newspaper claims, comprised of a cash and shares bonus, performance awards and a salary. Rees's bonus -- which is nearly nine times his annual salary -- is highlighted in the PIRC report, the newspaper claims.

Neither PIRC nor Standard Chartered could immediately be reached for comment Sunday.

Reports of a potential revolt over pay at another bank come shortly after Barclays PLC (>> Barclays PLC) executives were reprimanded by investors at an annual meeting for spending too much money on pay and not enough on dividends. Over a quarter of investors in Barclays refused to back the bank's pay report.

Newspaper Web site: http://www.telegraph.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

Stocks mentioned in the article : Standard Chartered PLC, Barclays PLC
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -0.16% 149.26 Delayed Quote.-0.84%
STANDARD CHARTERED 1.39% 684.6 Delayed Quote.12.36%
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Financials ($)
Sales 2019 15 493 M
EBIT 2019 4 589 M
Net income 2019 2 372 M
Debt 2019 -
Yield 2019 3,00%
P/E ratio 2019 12,29
P/E ratio 2020 9,77
Capi. / Sales 2019 1,84x
Capi. / Sales 2020 1,75x
Capitalization 28 520 M
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Mean consensus HOLD
Number of Analysts 20
Average target price 9,18 $
Spread / Average Target 5,5%
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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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