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HSBC shrugs off CEO pay complaints: US$37M pact irks investors.

The America's Intelligence Wire

| May 31, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Financial Post)

LONDON - Global bank HSBC sounded a cautious note about the world economy yesterday and said it had seen some deterioration in credit quality, while it shrugged off investor complaints over the pay of U.S. executive William Aldinger.

Chairman John Bond said at HSBC's annual meeting the bank's performance in the first four months of 2003 had been sound, although adding it was too early to assess the impact of the deadly SARS virus on its business.

"Looking further ahead, we continue to see the world economy characterized by weak growth, excess capacity and subdued revenues for corporates," Mr. Bond said.

He said…

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