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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered PLC    STAN   GB0004082847

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Standard Chartered Faces Holder Revolt As PIRC Balks At Pay-Newspaper

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04/29/2012 | 04:41pm CEST

Investors in U.K.-based, Asia-focused bank Standard Chartered PLC (>> Standard Chartered PLC) are being urged by a major investment body to vote down a pay package for senior bankers collectively worth GBP56 million, amid concern that the bank hasn't been transparent enough with its shareholders about long-term bonus targets, the Sunday Telegraph reports.

Pensions Investment Research Consultants, or PIRC, has told investors to vote against the remuneration report for the bank at its forthcoming annual general meeting on May 9, the newspaper says, citing PIRC guidance.

The head of Standard Chartered's investment banking arm, Mike Rees, has received a package worth GBP8.2 million, the newspaper claims, comprised of a cash and shares bonus, performance awards and a salary. Rees's bonus -- which is nearly nine times his annual salary -- is highlighted in the PIRC report, the newspaper claims.

Neither PIRC nor Standard Chartered could immediately be reached for comment Sunday.

Reports of a potential revolt over pay at another bank come shortly after Barclays PLC (>> Barclays PLC) executives were reprimanded by investors at an annual meeting for spending too much money on pay and not enough on dividends. Over a quarter of investors in Barclays refused to back the bank's pay report.

Newspaper Web site: http://www.telegraph.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

Stocks mentioned in the article : Standard Chartered PLC, Barclays PLC
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Financials ($)
Sales 2016 13 828 M
EBIT 2016 3 696 M
Net income 2016 -445 M
Debt 2016 -
Yield 2016 0,16%
P/E ratio 2016 -
P/E ratio 2017 17,99
Capi. / Sales 2016 1,94x
Capi. / Sales 2017 1,88x
Capitalization 26 866 M
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Mean consensus HOLD
Number of Analysts 25
Average target price 7,91 $
Spread / Average Target -3,0%
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William Thomas Winters Group Chief Executive Officer & Director
John Wilfred Peace Non-Executive Chairman
Doris Honold Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
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