HONG KONG (REUTERS) - HSBC shareholders in Hong Kong are mulling calling for an extraordinary meeting with management and taking possible legal action against the bank's scrapping of dividend payments.. Read more at straitstimes.com.
HONG KONG - HSBC shareholders in Hong Kong are mulling calling for an extraordinary meeting with management and taking possible legal action against the bank's scrapping of dividend payments.
Founded in Hong Kong about 150 years ago as Hongkong and Shanghai Banking Corp, Europe's biggest lender by assets has a large number of small shareholders in the city who have long benefited from the bank's stable dividend payments. "At this stage, we must call an EGM to let the management explain to us," H.T. Chan, a 46-year-old retired driver who holds the bank's stock and is part of the Facebook action group, told Reuters.Shareholders of a company with at least 5 per cent of the total voting rights may require it to convene an extraordinary general meeting, according to Hong Kong laws.
"We profoundly regret the impact this will have on you, your families and your businesses. We are acutely aware of how important the dividend is to our shareholders in Hong Kong," he said.A spokeswoman for HSBC said on Sunday the decision to cancel 2019 dividend was taken at the"direct request" from the British regulator, and the bank was not able to comment on any legal proceedings not yet commenced.
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