- HSBC has reduced the size of its executive directors' pensions amid community concerns about excessive remuneration.

Any new director of the company would get a pension allowance equivalent to 10% of their base salary, down from the previous level of 30%, the bank said.

The company's current three executive directors had also agreed to have their pension allowance reduced to the 10% level.

'The committee has acted quickly on a complex issue after listening to feedback from shareholders and advisory bodies,' remuneration committee chair Pauline van der Meer Mohr told HSBC's annual general meeting.

At 1:33pm: [LON:HSBA] HSBC Holdings PLC share price was +9.55p at 660.95p

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