HSBC’s shareholders voted against a proposal backed by its biggest investor Ping An to split up the sprawling global lender, in a victory for chair Mark Tucker at the bank’s annual meeting on Friday.
Two special resolutions demanding that the bank regularly reviews separating and listing its Asia operations and restarts a guaranteed dividend were defeated, with only about 20 per cent of shareholders voting in favour of each proposal. The protest votes came from Ping An and a group of disgruntled Hong Kong retail shareholders.
Tucker, chief executive Noel Quinn and all other directors were re-elected for another year, despite 20 per cent of shareholders voting against them.
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