(Bloomberg) -- HSBC Holdings Plc shareholders voted to reject proposals to shake up the bank that were put forward by a group of Hong Kong-based investors.
Indicative results from Friday's annual meeting show that about a fifth of voting investors backed the call for HSBC to report regularly on the possibility of carving out its Asian unit, while 19.2% supported lifting its dividend to its pre-pandemic level.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
With only around half of shareholders typically voting at such meetings, the results suggests that much of the support came from Ping An Insurance Group Co., which owns about 8% of the bank and has spent the past year battling with HSBC to enact a series of reforms, including spinning off its Asian arm.
HSBC's board had recommended investors vote against the two resolutions tabled by Ken Lui, leader of the Spin Off HSBC Asia Concern Group. Independent shareholder advisory groups Institutional Shareholder Services and Glass, Lewis & Co. also advised their clients not to back the motions.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.