knight-vinke-fires-latest-salvo-at-hsbc

Knight Vinke fires latest salvo at HSBC

The disgruntled investor targets executive compensation at HSBC, suggesting that in 2005 shareholders were misled into approving a generous share plan.
On November 22, institutional investor Knight Vinke fired its latest accusation in its battle with HSBC. Knight Vinke suggests that the bank's 2005 Share Plan was misleading because the information given to shareholders ôgave the impression that the performance targets were significantly more demanding than they are in realityö. The Share Plan forms part of senior executive compensation at the bank and determines how shares are issued as part of annual remuneration.

ôHSBC's most senior executives stand to receive substantial performance-related pay in March 2008, despite more than $20 billion of provisions for credit and trading-related losses over the past two years, says Knight Vinke in its written statement.

Knight VinkeÆs latest assault was...
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