HSBC to Hand New Chief Elhedery £15m Maximum Pay Deal

By Evans Momodu
1 minute read


HSBC is set to award its new chief executive, Georges Elhedery, a pay package worth over £15 million, following the UK government's removal of the EU bonus cap.

The bank, which has a market capitalisation of more than £147 billion, has been consulting shareholders on the revised compensation structure ahead of its annual results this month. The overhaul will see Elhedery’s fixed pay reduced but will offer significantly higher variable pay awards.

Previously, Elhedery’s total remuneration stood at around £10.5 million, including a base salary of £1.38 million, a £1.7 million fixed pay allowance, a maximum annual bonus of £3 million, and a long-term share award of £4.5 million.

Under the new structure, the fixed pay allowance will be scrapped, with increased bonuses and long-term incentives making up the difference.

The bank's new finance chief, Pam Kaur, will also receive a revised pay package under the same framework. HSBC’s boardroom pay committee, chaired by Dame Carolyn Fairbairn, has overseen the changes, which will be subject to a shareholder vote in the spring.

This move follows a similar decision by Barclays, which recently raised CEO CS Venkatakrishnan’s maximum pay package to just over £14 million.
Soure: Sky news