We bank with HSBC, so I was interested to see this story in the BBC this morning about the Chief Executives annual pay rise. Apparently it isn’t happening because the shareholders didn’t like it. Fair enough you might think, the shareholders are the owners and they are supposed to pay attention to things like salaries.
The really interesting part of the story is buried further down, the BBC comments:
However some argue that while HSBC did not directly benefit from the rescue of the banking sector, it still benefited from the general stabilisation of the financial system by the UK government’s intervention.
…and then without batting a BBC eyelid:
Earlier this year Mr Geoghegan said he was relocating to Hong Kong.
…because of the great economic environment here no doubt. HSBC says that it currently has no plans to move it’s head office or tax domicile. So the chief executive will hang out in one place and head office will be halfway round the planet in a different time zone. I wonder how long that arrangement will last.
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