HSBC HK shareholders mull legal action over dividend suspension
) 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.
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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.
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