Bloomberg— HSBC Holdings Plc’s largest shareholder voted against the re-election of outgoing chief executive Noel Quinn, as a director, suggesting that his disruptive campaign against the lender has still come to an end.
Ping An Insurance Group Co. submitted a protest vote against Quinn’s leadership at the shareholder meeting of Europe’s largest bank on Friday, according to people familiar with the matter.. The vote came days after he shocked the business world with his retirement announcement.
HSBC reported that 16% of votes cast by investors had gone against Quinn. This is roughly equivalent to Ping An’s stake in the bank, taking into account a stake of around half.
A Ping An spokesman declined to comment. An HSBC representative was not immediately available for comment.
Since its push for a series of reforms, including the spin-off of its Asian arm, was soundly defeated at last year’s Annual General Meeting, Ping An has not made any public comments about HSBC, apparently ending its campaign against the bank. However, its latest protest vote suggests the Chinese insurer is still unhappy with the bank’s strategic direction.
HSBC Chairman Mark Tucker addressed last year’s battle with Ping An on Friday, mentioning “a small group of shareholders who proposed structural and strategic reviews” at the previous meeting.
“I am pleased to say that the overwhelming majority of shareholders agreed with usTucker said. “That agreement was expressed very clearly when you had the opportunity to vote. “A year later, they can see the value of their support of the board’s recommendations.”
Even with Quinn gone, andThe bank has made clear that it plans to continue with the strategy it oversaw. HSBC has said it hopes to name his replacement in the second half of the year.
