Financial
HSBC chief receives £300,000 to cover cost of Hong Kong switch
(TIMES ONLINE) - HSBC yesterday defended its decision to give Michael Geoghegan, the bank’s chief executive, a £300,000 living cost allowance to ease his relocation to Hong Kong.
The sum, revealed in HSBC’s annual report published on Monday, comes in addition to his £1.15 million (HK$13.5 million) salary for 2010 and on top of a separate payment for housing and “other benefits in kind that are normal for this location”.
Such executive relocation payments typically cover family-related expenses such as school fees and an agreed number of flights back to the UK each year. As a top executive, Mr Geoghegan’s annual payment is likely to include extra benefits, too.
The bank insisted that the allowance was not “a pay rise in disguise” and had been earmarked since the plan to move its chief executive further east was announced last September.
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