Senior executives of HSBC will receive an 18.9% hike in their basic pay this year, it emerged yesterday.
Chairman Sir John Bond was among the biggest winners of the pay review with his basic salary due to rise to £1.2 million this year from £1 million in 2003.
Other HSBC directors to receive an increase include chief executive Stephen Green who will earn £700,000 this year against £551,000 in 2003.
On top of their basic pay, directors will also be rewarded with bonuses and share options if HSBC outperforms a group of nine rival banks including Citigroup and Standard Chartered.
According to the annual accounts of HSBC, Sir John was rewarded with shares worth £2.1 million for a year in which pre-tax profits grew by 37% to £7.7 billion.
He also picked up an annual bonus of £1.1 million and a top-up to his pension fund of £2.42 million.
The move follows bumper pay rises for bosses of banks such as Barclays and Royal Bank of Scotland.
Sir Mark Moody-Stuart, chairman of HSBC's remuneration committee, said the salary rises reflected "the international nature of the group".
Pay was measured against the going rates for executives of "large, diverse companies", he added.
Wednesday March 31, 2004
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