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Bloomberg
Standard Chartered Plc has told shareholders it should have given them a better explanation of how it cut the pay of staff after it was hit with a fine from UK regulators over an error that led to the bank overestimating its access to US dollar funding.
Responding to a backlash at a May shareholder meeting where a substantial minority of investors voted against its remuneration policy, the bank said it “could have provided more information†on how it dealt with the blunder.
“We could have included further detail on the committee’s decision making, the remuneration actions that were taken, and the conclusion of the review,†said the bank.
The London-based lender also offered an apology over its handling of shareholder criticism of the way it paid its senior executives, in particular its arrangements over the vesting of long-term performance awards. The bank said it would provide more details on this in its next annual report.
Remuneration at Standard Chartered has proved a thorny issue with investors. Back in 2019 the bank halved the pension money it handed to Chief Executive Officer Bill Winters after a row with shareholders.