HSBC Holdings PLC (LSE:HSBA)’s largest Asia-based investor reportedly voted against reappointing outgoing chief executive Noel Quinn to the bank’s board of directors at the recent AGM.
China’s Ping An Insurance Group cast its at last Friday’s meeting in protest of Quinn’s leadership, according to Reuters,
Quinn has announced he will step down as chief executive once a successor is found.
He was re-elected to the board as a director securing 83.93% of votes in favour at the meeting.
The 16.07% of shareholders that voted against included Ping An, which has previously criticised Quinn over dividends and its base remaining in London.
Ping An backed proposals put forward by Hong Kong-based investor Ken Lui to spin off HSBC’s Asian business in a radical restructuring last year.
HSBC shares climbed 1.1% on Tuesday.