A David and Goliath moment is awaiting thousands of pensioners this week. The chairman of HSBC has written to shareholders encouraging them to vote in favour of scrapping caps on bankers’ bonuses at the annual general meeting on Friday.
Mark Tucker, who was paid a fee of £1.5 million for his role as chairman of the bank’s board in 2023, said last month that scrapping caps on bonuses would give the bank the “flexibility” to put more emphasis on performance-related pay and to attract and retain staff.
In the same letter he also advised shareholders to vote against a motion from the Midland Clawback Campaign — a group of about 10,000 current and former staff members. The motion is calling for an end to pension
