HSBC Shareholders Dismiss Call for Strategy and Dividend Switch

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Proposals backed by Ping An Insurance to spin off HSBC’s Asian unit garner less than 20% of vote at annual meeting

(Bloomberg) — Shareholders of HSBC Holdings Plc rejected proposals to shake up the bank that were put forward by a group of Hong Kong-based investors.

Early results from Friday’s annual meeting in Birmingham, England, showed that about a fifth of voting investors backed the call for HSBC to report regularly on the possibility of carving out its Asian unit, while 19.2% supported lifting the dividend to the pre-pandemic level.