HSBC Chairman Mark Tucker and CEO Noel Quinn were grilled for more than an hour by investors on the bank’s strategy for dividends and growth
“Resuming paying quarterly dividend in 2023 is ‘too late’ and the promised level of dividend is ‘too low’, said Jay Chong, an activist shareholder, who is in his 30s and whose family holds more than half a million shares of HSBC.
HSBC met the retail shareholders a day after rejecting the break-up call as it reported forecast-beating profits, raised a profitability goal and promised chunkier dividends. Analysts said Hong Kong’s retail shareholders are unlikely to have the heft to eventually force a vote on a break-up. Big institutional investors have so far not commented on the issue.
“We note the demands expressed by a number of HSBC’s small and medium-sized shareholders,” a Ping An spokesperson said. “We support any proposal that is conducive to improving HSBC’s operating performance and enhances shareholder value.” “But why am I being vocal and support the spin-off proposal? Because I don’t have confidence in management,” he said.
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