(MENAFN- ProactiveInvestors - N.America) As the echoes of shareholder dissent continue to reverberate around the City Friday brought HSBC Holdings Plc's (LON:HSBA) turn to have its annual show of hands.
The ever controversial subject of executive pay was already going to be among the hot topics even before Anglo American Plc's (LON:AAL) meeting yesterday saw 42% of shareholder votes go against boss Mark Cutifani getting a proposed 3.4mln pay packet.
Today HSBC's chief executive Stuart Gulliver and his cash-clip was in focus as the bank's shareholders voted on his 7.3mln bundle for the year.
The bank's public relations machine kicked has already kicked into gear.
Soon to step-down chairman Douglas Flint - who leaves next year - stated on Friday morning that a revamped pay policy was aimed at answering shareholder concerns.
It is intended that the new policy will lower the maximum available pay-out by 7% and would cut the amount of cash remuneration in lieu of a pension to 30% from 50%.
High profile AGM's this week show the backlash against executive pay is very much back on.
BP Plc (LON:BP.) boss Bod Dudley is still getting his 14mln even though 58% of (non-binding) shareholder votes didn't want him to.
On Monday British Gas owner Centrica Plc (LON:CNA) saw 15% of shareholder rebel against its proposal to pay its chief executive Iain Conn 3mln for his first year in the job. Also at the start of the week advertising guru Martin Sorrell of WPP (LON:WPP) made his annual defence of his pay-packet (for 2015 he got 63mln).
Following its humbling at yesterday's AGM Anglo American now plans to consult with major shareholders on its pay policy.
'Anglo American is mindful of the concerns expressed by a large number of shareholders in relation to executive remuneration' the company said in a statement.
'Setting executive remuneration in a volatile industry such as mining can be challenging and the Remuneration Committee intends to again engage with shareholders in order to refine the policy to ensure that it is both appropriate and motivational' it added.
Pre-emptive HSBC received 96% of the votes in favour of its new pay policy at Friday's AGm which means it has avoided a similar embarrassment.
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