HSBC CEO Stuart Gulliver Can Thank Ex-Goldman President John Thorton For His (Potential) $22 Million

stuart gulliver hsbc

HSBC wants its investors to pony up $22 million for its CEO, Stuart Gulliver, according to Bloomberg.

HSBC’s compensation committee will propose to shareholders this week that their chief gets a based salary of $2 million, and a bonus of more than $7 million.

But that’s not all.

HSBC is also keen to give Gulliver a long-term incentive payment — in shares — of about $14 million that he would have to retain until he left the firm, sources told Bloomberg.

If shareholders agree to back the package, Gulliver will have to take ex-Goldman Sachs president, John Thorton. He heads HSBC’s compensation pane (he used to do the same at Goldman).

According to Bloomberg, Thorton,

is also asking investors to back a plan that would change the terms of Gulliver’s long- term incentive plan to include a range of non-financial targets such as reputation, brand and compliance…

His predecessors’ targets were solely financial, and included return on equity and cost-efficiency ratios. The change is likely to meet opposition from some HSBC investors.

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