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 to face investor opposition over pay and sub-prime exposure

May 26 2008

The Guardian

HSBC faces a showdown with investors over boardroom pay and its exposure to the sub-prime mortgage crisis this week when its fiercest critics from the activist investment firm Knight Vinke attend the bank's annual meeting. The UK's biggest bank risks becoming the next major company to face a rebellion over pay policies after the revolts endured by the pharmaceutical company GlaxoSmithKline and the oil group Shell last week. HSBC's pay schemes, which reportedly could pay out as much as £120m to bosses, are criticised for being too generous and too lenient in terms of performance demanded from directors, who could get up to seven times their salary in bonuses if targets are met. PIRC, an advisory body that has clients with £1.5bn of assets, is recommending voting against the remuneration report, while the Association of British Insurers' has issued an "amber-top" warning (its second most severe) to alert its members to its concerns about the scheme.