HSBC shareholders force vote on structural overhaul

From Ken Lui

Shareholders have forced HSBC into giving them a vote on a structural overhaul of the bank, which would including spinning off the firm’s Asian business.

An investor group led by shareholder Ken Lui, argued that the firm's Asian arm was effectively subsidising the western businesses, to the detriment of the bank's shareholders. To solve this, the motion proposed instituting "structural reforms including, but not limited to, spinning-off, strategic reorganisation and restructuring its Asian business".  Lui has also tabled another motion for HSBC to increase its dividend to pre-Covid levels, which shareholders are also set to vote on. In a notice to investors, HSBC's chair Mark Tucker argued shareholders to vote against the proposal a...