) shareholders in Hong Kong are calling for an extraordinary meeting with the bank’s management and considering legal action against its decision to scrap dividend payments.
Founded in Hong Kong about 150 years ago as Hongkong and Shanghai Banking Corp, Europe’s biggest bank by assets has a large number of small shareholders in the city who have long benefited from the bank’s stable dividend payments. Shareholders of a company with at least 5% of the total voting rights may require it to convene an EGM, according to Hong Kong laws.
In a letter to Hong Kong shareholders after the dividend halt, HSBC Chief Executive Noel Quinn said the bank’s board would review the position once the economic impact of the pandemic was better understood. The bank’s retail investors have a good chance of forcing the EGM to happen, said Ed Firth, analyst at KBW in London.“On the margins they may be able to establish that the Bank of England was responsible for the cut which might be relevant for future legal actions, but it looks reasonably marginal,” he said.A spokeswoman for HSBC said on Sunday the bank was not able to comment on any legal proceedings not yet started.
TRUMP AND EU IS EVIDENT THE 'ENVY' THAT THE 'BOLIVARIAN REVOLUTION' CAUSES THEM (MATURE) 3 MILLION HOUSES FOR THE 'POOR PEOPLE' 'PENSION' TO THE 60 YEAR OLD, 'HEALTH' AND 'EDUCATION' FOR FREE INSTRUCTIONS FROM CHAVEZ,
TRUMP AND EU IS EVIDENT THE 'ENVY' THAT THE 'BOLIVARIAN REVOLUTION' CAUSES THEM (MATURE) 3 MILLION HOUSES FOR THE 'POOR PEOPLE' 'PENSION' TO THE 60 YEAR OLD, 'HEALTH' AND 'EDUCATION' FOR FREE INSTRUCTIONS FROM CHAVEZ, RT
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HSBC HK shareholders mull legal action over dividend suspensionHSBC shareholders in Hong Kong are considering calling for an extraordinary meeting with management and taking possible legal action against the bank's decision to scrap dividend payments. When Imam Mahdi reappears, Glory and Greatness of God will be established in the world. In this government, humans will reach the highest level of humanity which they were supposed to hold at the beginning of the Creation. ThePromisedSaviour Comeys pals? I am 1 of HSBC shareholders. I support the dividend holding in order to protect the community! CCP must not politicise it! lukedepulford benedictrogers AFP CBCNews australian TheLocalItaly TheLocalGermany TheLocalSwitzer TheLocalSweden UKParliament HSBC HSBC_HK
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U.S. banks to defend dividend payments in stress tests: FTU.S. banks are expected to defend their dividend payments when they submit their annual capital plans to the Federal Reserve on Monday for the upcoming stress tests, the Financial Times reported on Sunday, citing people familiar with the situation. Problem solved. If the banks are well financed enough to pay dividends they do not need 1 cent of US taxpayers money. Mind they should have a few dollars, to try to keep the depression at bay they were given $1.5 trillion from Sept to Dec. that did not work of course Thugs well yeah .. If my job and deferred compensation were tied to that.
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