PIRC : independent research and advisory consultancy

PIRC is the UKs' leading independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility. Since 1986, it has been the pioneer and champion of good corporate governance within the UK.
Authoritative resource
PIRC has a wide spectrum of clients ranging from pension funds, faith-based investors, trade unions to banks and asset managers. Its Corporate Governance Service is an authoritative and vital resource for active investors, whilst its widely-read Shareholder Voting Guidelines provide a market-wide benchmark for investors and forms part of the movement for corporate governance reform and long-term wealth creation strategies for responsible investors.

For more information about PIRC or to arrange a meeting, contact Janice Hayward, or call us on 0207 247 2323.

HSBC bank under fire for chiefs' £120m reward scheme

May 26 2008

The Times

HSBC, Britain's largest bank, is the latest company at the centre of a controversy over directors' pay.

At a time when investors have become increasingly angry about executive remuneration, five directors at HSBC could share a £120 million jackpot over the next three years in a pay scheme that is to be debated at a shareholders' meeting this week.

Investor concern over HSBC's remuneration report comes the week after GlaxoSmithKline (GSK) said that almost 40 per cent of shareholders who attended its annual meeting either voted against the drug company's pay plan or abstained on it.

The Association of British Insurers has issued an “amber” rating to HSBC investors, indicating that there is concern over its pay report, while Pirc, the corporate governance adviser, is advocating a vote against the bank's scheme, calling it “excessive”.