Ping An Insurance votes against reappointing outgoing HSBC CEO Noel Quinn as director, source says

The insurer and biggest investor in HSBC voted against the reappointment, a source familiar with the matter said on Saturday

Quinn last year defeated Ping An’s long campaign to get HSBC to spin off its Asia business

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Group CEO of HSBC, Noel Quinn, speaks during the Bloomberg Transition Finance Action Forum at the Plaza Hotel, on September 19, 2023, in New York. Photo: AP

Published: 1:21pm, 5 May 2024

China’s Ping An Insurance Group, the biggest Asian investor in HSBC, did not support reappointing HSBC CEO Noel Quinn as a director to the bank’s board at its shareholder meeting, a source familiar with the matter told Reuters on Saturday, as the investor voted against such a move.

Quinn, who has announced he will step down as CEO once a successor is appointed, last year defeated Ping An’s long campaign to get HSBC to spin off its Asia business. Europe’s biggest bank had faced proposals submitted by Hong Kong-based individual investor Ken Lui and backed by its biggest Asian shareholder Ping An to consider a radical restructuring and to boost its dividends.

Ping An did not immediately respond to request for comment.

Quinn was reelected with 83.93 per cent votes in favour, and 16.07 per cent of votes against, according to the company’s annual general meeting statement.

Ping An lodged a protest vote against Quinn’s leadership at the meeting on Friday, Bloomberg News had reported earlier.

Quinn will remain CEO of the London-headquartered bank until his successor starts in the role, and has agreed to remain available through to the end of his 12-month notice period expiring on April 30, 2025.