HSBC says bonus for chairman capped at $1.7 million

LONDON: HSBC's remuneration committee said any share-based bonus for Chairman Douglas Flint this year would be capped at 1 million pounds ($1.7 million) and it would be a "one off" to reflect his increased workload on regulatory issues.

Under new pay proposals set out earlier this year HSBC could have awarded Flint up to 2.25 million pounds under its performance share plan. It was part of changes to executive pay brought in by the bank to meet new EU rules that cap bonuses.

HSBC said Simon Robertson, chairman of the bank's remuneration committee, had met shareholders to discuss the changes ahead of the bank's annual shareholder meeting on May 23.