LONDON, Might 5 (Reuters) – Europe’s greatest financial institution HSBC (HSBA.L)
defeated a decision from Hong Kong-based shareholders and backed by main investor Ping An to doubtlessly spin-off its profitable Asia enterprise, the financial institution’s chairman Mark Tucker mentioned on Friday.
Tucker instructed buyers on the finish of the annual investor assembly held in Birmingham in England that shareholders had backed the board in all resolutions.
The particular resolutions submitted by particular person investor Ken Lui recommending the financial institution enhance dividends and evaluation its technique have been each defeated, Tucker mentioned. Closing voting outcomes will likely be printed afterward Friday.
A HSBC spokesperson mentioned that aside from Ping An, not one of the financial institution’s prime 50 shareholders voted in opposition to the board and a “robust majority” of retail shareholders additionally backed the lender.
“The overwhelming majority of shareholders, excluding Ping An, have voted to attract a line below the controversy on the construction of the financial institution,” the spokesperson added.
Turnout within the voting was round 50%, the spokesperson mentioned, that means the ultimate outcomes will doubtless nonetheless present a sizeable rebel in opposition to the board, as Ping An’s shareholding would translate to a vote share of 18-19%.
Reporting by Lawrence White, Enhancing by Iain Withers
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