HSBC Holdings Plc | Midland Clawback Campaign at HSBC Holdings Plc

Status
3.19% votes in favour
AGM date
Previous AGM date
Proposal number
16
Resolution details
Company ticker
HSBA
Lead filer
Midland Clawback Campaign
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Social
ESG sub-theme
  • Decent work
  • Remuneration or pay
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
United Kingdom
Supporting materials
Resolved clause
This Special Resolution requests the Board of Directors revisits the “State Deduction” applied to members of the post 1974 section of the Midland Bank Pension Scheme by introducing a “safety net”. We propose the amount deducted should be capped so no pensioner suers a deduction greater than 5%, thereby helping resolve the disparity and making it fairer for all scheme members.
Supporting statement
STATE DEDUCTION (otherwise known as “Clawback”) is the practice of withholding part of an occupational pension when a person
reaches state pension age. For members of the post 1974 Midland Pension Scheme, the manner in which it is currently applied, is hugely disproportionate and significantly impacts the lowest paid, mainly women, as it is entirely driven by length of service, rather than the amount of pension being paid. This means that if a top manager and a junior staff member work an equal number of years, an identical deduction is made to their company pension. This is an inequality and is hugely disparate and unfair. Past employment practices now demonstrate that many more women are adversely affected than men, plunging many into financial distress

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Rothschild & co Asset Management Against

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