HSBC Shareholder Group Pushes for Proposal to Boost Dividend
- Activist shareholder gathers support from 100 local investors
- Proposes bank put resolutions up for vote at May 5 AGM
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An HSBC Holdings Plc activist shareholder in Hong Kong is pushing the lender to allow investors to vote on a plan that requires the bank to provide regular updates on the restructuring of its Asian operations and to restore dividend payouts.
Ken Lui, leader of the “Spin Off HSBC Asia Concern Group,” said that he has hired a law firm, which reached out to the bank last week with the names of 100 shareholders to request that two resolutions be up for a vote at the May 5 annual general meeting.