HSBC shareholders increasingly revolt over bank pay

It seems that on top of increasing external criticism of HSBC’s dealings in Egypt and Libya, there is growing internal criticism at Britain’s biggest bank.

Businessweek reported that 19 percent of shareholders have voted against the bank’s executive pay report.  This is gauged to be the biggest protest over compensation among the U.K.’s five biggest banks this year.

However, the bank’s head came out bullish on the issue. “Does it cause us a sense of concern? I guess to be honest, not,” Chief Executive Officer Stuart Gulliver told Businessweek.

Perhaps his lack of concern is because the number of shareholders voting against bonuses was too small to have an impact.  But one wonders what would happen if HSBC shareholders and customers did the same as ING customers in Holland.  There they mobilised on Twitter and other social networks to protest at bonuses paid to bosses at the bank.  So great was the public reaction to ING’s executive bonuses that within days they had agreed to waive their awards.