HSBC ACM explores the frustration of cost and protests

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HSBC discussed the movement of its annual public meeting completely online after the frustrations of the disturbances of the protesters and the costs associated with personal gatherings.

London -based Bank He studied whether he could ask the participating shareholders exclusively by virtual means, according to two people familiar with this issue, as he moves towards the “first digital” investors.

HSBC It is scheduled to host its annual meeting of shareholders at the Inter Interinton London Hotel in early next week, which will be completed by the Lome platform online.

One person said that the shift to the apparent presence only would help the bank reduce costs such as renting large places, providing refreshments and employing security personnel. Another person who has been informed in this regard also said that this would determine the disturbances of the demonstrators.

The second person said: “This may be last year (HSBC) has a personal choice.” “There has always been this hope that you could go by virtual because of the protests.”

HSBC said its council “has not considered any proposal to move to the virtual AGM.”

“This year’s meeting, as in previous years, will be a hybrid meeting that gives all shareholders the option of attendance personally,” the bank added, in response to questions from the Financial Times.

The shareholders’ meetings were historically great events and are still seen by hundreds of individual shareholders as their opportunity to interact with senior management and keep them. However, companies are increasingly sought to expand the scope of meetings and asked to provide questions in advance.

In recent years, HSBC has dealt with major AGM disturbances, often of the environmental setback rebellion.

The climate demonstrators boycotted the speech of the chair Mark Taker in 2022 and sang a copy of the successful ABBA song with words that were adapted to “Money, Money, Money, It is very arduous in the world of HSBC”. The bank was once again targeted by activists at its meeting of 2023, despite its transfer from London to Birmingham.

The bank has been in a maximum cost -cost engine since George Ilidri took the driving in September and the investors promised a value of $ 1.5 billion from annual cost savings. ELHEDEY supervised the integration of banking services and global markets in HSBC as well as investment operations in the United Kingdom, Europe and America.

The move to the remote attendance would comply with HSBC with his Spanish counterpart Santander, which was held first AGM completely earlier this month.

Many UK companies have followed a mixed approach to AGMS since Pandemim Covid-19 has been disrupted annual investor meetings. But most of them stopped the completely remote gatherings for fear that they would make mistakes in the company’s law in the United Kingdom.

The company’s lawyer told FT, which are unlikely to challenge the shareholders who are unlikely to challenge legally, that the transition to the apparent AGMS will have a “low risk of negative results.” They said: “There is safety in numbers if more companies do so.”

Some companies have foiled the shareholders actively from attending the meetings.

Astrazeneca moved to “digitally enabled AGM” and told shareholders that the administration and members of the board of directors will participate electronically. Pharma does not prevent investors from joining personally, but the shareholders who do this “will be invited to contact the Internet,” according to its latest notification.

Halillon, the listed British health care group that revolves from GSK, told 2023 investors not to travel to the place on meeting day because the members of the Board of Directors will not be available to interact with them personally.

In 2024, Halon told investors that the meeting would be hypothetical and broadcasts from its offices in London.

Additional reports by Hana Kushler