Finance
HSBC Considers CEO Pay Overhaul as UK Banks Dump Bonus Caps
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HSBC Holdings Plc is considering halving the fixed pay of its new Chief Executive Officer Georges Elhedery after the UK changed its rules to allow a higher proportion of remuneration to come from variable performance awards.
Elhedery currently receives a base salary of £1.38 million ($1.7 million) as well as an additional fixed pay allowance worth £1.7 million. On top of this, he is entitled to an annual incentive worth a maximum of 215% of his base salary and a long-term award worth as much as 320% of his salary. Together with a pension allowance, Elhedery’s current package is valued at a maximum of about £10.6 million a year.