Minority HSBC shareholder group seeks vote on dividends, Asia restructuring reporting
- Group seeks return of dividend to pre-pandemic levels, quarterly report on efforts to increase value of Asia business, including spin-off
- Shareholder resolutions follow Ping An campaign pressuring HSBC to spin off its Asian business
Ken Lui Yu-kin, the leader of the “Spin Off HSBC Asia Concern Group”, said he has submitted two resolutions to the London-based bank and asked that shareholders be allowed to vote on them at the bank’s May 3 annual general meeting.
“Those 100 gathered shareholders have already submitted the required information in the hope that HSBC will accept the resolutions and not abuse the process, and eventually implement them correspondingly according to the voting results”, he said.
The resolutions call for HSBC to pay an annual dividend of at least 51 cents a share – its pre-pandemic level – and provide a quarterly report on its plan to increase the value of its Asian businesses, “including but not limited to spinning off, strategic reorganisation and restructuring its Asia businesses”.
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HSBC’s break-up dilemma: why bank’s largest shareholder is pushing for change
It marks the latest push by shareholders of HSBC to consider separating the Asian business, which accounts for the bulk of its pre-tax profit.
