HSBC investors should vote against a resolution by its biggest shareholder Ping An, calling on the bank to consider strategic options including a spinoff of its Asia business, shareholder advisory group ISS said.
, calling on the bank to consider strategic options including a spinoff of its Asia business, shareholder advisory group ISS said.
The proposal by Ping An, over which the bank and the Chinese insurer have been arguing since last November, "lacks detailed rationale", ISS said in a note to investors seen by Reuters. ISS, which advises shareholders on how to wield their proxy votes at companies' investor meetings, became the second major such group to side with HSBC on the issue, after Glass Lewis on Tuesday likewise said the Ping An-backed plan lacked merit.
The war of words between HSBC and Ping An escalated last week ahead of the bank's annual general meeting on May 5, at which shareholders will vote on proposals including the strategic review and whether the bank should be forced to boost dividends.it had discussed the plans on around 20 occasions, but had consistently said they would destroy shareholder value and would be too costly to implement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virginia GOP Gov. Glenn Youngkin dodges 2024 questions as he gears up for Asia tripYoungkin's trip will occur the same time that Florida Gov. Ron DeSantis, seen as Donald Trump's top potential GOP rival, is also set to travel overseas.
Read more »
Extreme heat scorches Asia, affecting at least a third of the world’s populationA massive heatwave is shattering records across the continent.
Read more »
SO COOL! ISS Flyover caught on FOX 26 Houston Towercam on Earth DayFlyovers happen fairly frequently, but recently our views have been obscured by cloudy skies and rain. Not on this Earth Day though!
Read more »
Space Station Contacted by Bizarre Life FormArtist and music producer Austin Richard 'Post Malone' Post got a rare chance to talk to NASA astronauts currently stationed on board the ISS.
Read more »