atans1

HoHoHo: StanChart CEO kanna lick ass/ Temasek acts

In Banks, Corporate governance, Emerging markets, Temasek on 21/07/2019 at 4:41 am

After further upsetting shareholders unhappy with his pay, by calling them”immature and unhelpful” (HoHoHo: StanChart CEO upset that investors angry about his salary), he issued a statement saying

I regret my inability to get my points across in the manner I intended and certainly meant no disrespect to our shareholders.

He explained that when talking to FT

about leadership I urged a conversation about the pressing questions of inequality, fairness of executive compensation and the role of corporations. The focus on a single component of pay, which in the case of Standard Chartered had no effect on total compensation, has crowded out this important debate.

Ha, Ha, Ha. Pull the other leg, it’s got bells on it.

The FT helps him out

He bristles at the suggestion that he is overpaid. Although he was Britain’s second-highest-paid bank CEO last year — his total package was almost £6m — he earns a fraction of what he did at JPMorgan. Critics counter that StanChart’s share price has fallen by about 20 per cent since he took over in 2015, versus double-digit gains for competitors HSBC and DBS.

(With friends like the FT who needs enemies?)

The very latest from the FT is that Temasek has told the directors of StanChart to sort the matter out in a way that wins support from the bank’s other large shareholders. FT reports the bank is considering asking its chief executive to take a pay cut.

What? He’ll resign given that he’s paid peanuts (albeit his performance amounts to monkeying around). But maybe that’s what Temasek wants?

Related post on the mess StanChart is in: HoHoHo: StanChart accused of more crimes

  1. Another way of putting it is that the CEO is telling shareholders to put up with his career mistake (leaving a better paid job at JPM) LOL!

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