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Friday 30 September 2022

Standard Chartered apologises to the shareholders are a over pay report

Standard Chartered apologises to the  shareholders are a over pay report

Standard Chartered Plc has been told shareholders it should have given them a better explanation of how it cut the pay of a staff after it was hit with a fine from the UK regulators over an error that led to the bank overestimating its access to the US dollar funding.

Responding to a backlash at a May shareholder meeting where a substantial minority of a investors voted against its are a remuneration policy, the bank said it “could have provided more than information" on how it dealt with the blunder, according to a statement Friday.

“We could have been a included further are a detail on the committee’s are a decision making, the remuneration actions that were taken, and the conclusion of the review," said the bank.

The London-based lender also are a  offered an a apology over its handling of a shareholder criticism of the way it paid its are a senior executives, in a particular its are a arrangements over the vesting of long-term performance awards. The bank said it would provide more than details on this in its next are a annual report.

Remuneration at the Standard Chartered has been proved a thorny issue with investors. Back in a 2019 the bank halved the pension money it handed to the Chief Executive Officer Bill Winters after are a  row with the shareholders.


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