HSBC Holdings plc has just published the results of the vote at its Annual General Meeting (AGM) held today.
Resolutions 1 to 7, 10 and 13 were passed as ordinary resolutions and resolutions 8, 9, 11, 12, 14 and 15 were passed as special resolutions.
In line with the Board’s recommendation, the shareholder-requisitioned resolutions 16, 17 and 18 failed.
The Board notes that over 20% of votes cast were against the Board’s recommendations in respect of resolutions 2, 3(l), 6, 7, 14 and 15.
In this context, it should be noted that the largest shareholder, Ping An, voted against the Board’s recommendations on these resolutions and a number of others. Ping An’s votes account for approximately 18-19% of all votes cast at the AGM based on a turnout of around 50%. This turnout is consistent with prior years.
HSBC commented:
“The Board is pleased that a large majority of shareholders voting at the AGM supported HSBC’s strategy. The Board and the management team remain focused on executing the strategy and continuing to deliver shareholder value, as demonstrated by the Group’s recent Q1 results.
The Board will continue to engage with shareholders in respect of resolutions 2, 3(l), 6, 7, 14 and 15 to ensure their views are understood. In accordance with provision 4 of the UK Corporate Governance Code, the Board will provide an update on this engagement within 6 months of the AGM, as well as a final summary in the Company’s 2023 Annual Report”.
