HSBC Considers CEO Pay Overhaul as UK Banks Dump Bonus Caps (1)

HSBC Holdings Plc is considering halving the fixed pay of its new Chief Executive Officer Georges Elhedery after the UK changed its rules to allow a higher proportion of remuneration to come from variable performance awards.

Georges Elhedery

Photographer: Paul Yeung/Bloomberg

Elhedery currently receives a base salary of £1.38 million ($1.7 million) as well as an additional fixed pay allowance worth £1.7 million. On top of this, he is entitled to an annual incentive worth a maximum of 215% of his base salary and a long-term award worth as much as 320% of his salary. Together with a pension allowance, Elhedery’s current package is ...