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HoHoHo: StanChart CEO upset that investors angry about his salary

In Banks, Corporate governance, Emerging markets, Temasek on 18/07/2019 at 4:09 am

The FT had a piece on Tuesday in which Bill Winters, the CEO of StanChart, criticised shareholders after almost 40% of them voted against the bank’s pay policy at its annual meeting in May: Temasek stood by him. They were upset about the pension contributions made to Mr Winters.

“Picking on individual pension arrangements . . . and suggesting that there is some big issue there is immature and unhelpful,” the CEO of StanChart KPKBed.

On Wednesday the FT quoted shareholders hitting back.

Five top-20 shareholders (not Temasek with 16% though) in the bank told the FT that they were unimpressed by Mr Winters’ decision to attack shareholders. One big asset manager described the chief executive as “tin eared”.

Another large shareholder said: “As an immature investor, I’m going to not make any rash comments, but look forward to the fallout coming.”

Whatever, underperforming CEO (HoHoHo: Time for StanChart’s CEO to go? and HO Ho Ho: What Temasek forgot when it bot into StanChart) it seems is behaving like millionaire PAP ministers when it comes to money:  StanChart mgt think they like PAP ministers isit? and HoHoHo: StanChart CEO learning from our ministers.

Sounds like what Secret Squirrel told me is true: Temasek has warned him his end is nigh if he can’t improve the bank’s performance soon. So he’s frustrated and angry and hits out unthinkingly.

This outburst can’t help his relations with Temasek as there are now many comments online on FT website pointing out Temasek’s failure to get rid of him.

To be fair to him, his pay is “peanuts”. He got a lot more as a JPMorgan senior executive.

 

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