Top Standard Chartered Execs Take Pension Cuts After Revolt
Law360, London (November 8, 2019, 4:31 PM GMT) -- Standard Chartered PLC said Friday it has slashed the value of retirement packages for its top two executives after almost 40% of shareholders revolted against the size of the pensions compared with those the bank offers its wider workforce.
London-based Standard Chartered said it will halve Chief Executive Bill Winters' pension allowance from £474,000 ($607,000) to £237,000 on Jan. 1. Andy Halford, chief financial officer, will also take a 50% hit to his £294,000 allowance, cutting it to £147,000.
The lender, which focuses on emerging markets, said the adjustments bring the executives' pensions down to 10% of their salary — in line...
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