Reuters: Financial Services and Real Estate: StanChart sidesteps shareholders pay backlash

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StanChart sidesteps shareholders pay backlash May 9th 2012, 12:31 LONDON | Wed May 9, 2012 8:31am EDT LONDON May 9 (Reuters) - Standard Chartered L> s aid only 7.4 percent of shareholders voted against its remuneration report, giving the bank a higher approval rate over pay than many of its rivals that have recently suffered a backlash over bonuses. This was despite investors being advised to vote against the bank's executive pay by advisory group Pirc last week, which said the award for the head of the investment bank, Mike Rees, was too high. Some 21 percent of Standard Chartered's investors voted against or withheld their vote on its pay last year. UK shareholders are taking a stand against pay at top firms in what has been dubbed a "shareholder spring". The backlash prompted the departure of insurer Aviva's CEO Andrew Moss on Tuesday, while more than a quarter of voters at Barclays voted against its pay plan. Standard Chartered is widely regarded as one of the best-run banks in the UK and a star performer through the last decade thanks to its focus on Asia and conservative capital and funding.

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