StockMarketWire.com - Standard Chartered said it had reduced pension payments to chief executive Bill Winters and chief financial officer Andy Halford following a large shareholder vote against its remuneration policies.

Winters and Halford would see their pension allowance cut to 10% of salary, down from 20% of salary, with effect from 1 January.

That would see Winters' pension allowance fall by 50% to £237k, down from from £474k, and Halford's pension allowance fall by 50% to £147k, down from £294k.

The move would align their pension arrangement with UK employees, the bank said.

Standard Chartered also said that it would continue to pay executive directors' salaries as a mixture of cash and shares.

The share-based component would be released over five years to strengthen shareholder alignment and focus on long-term value creation.

Story provided by StockMarketWire.com