UK parliamentary body questions StanChart's remuneration policy

HONG KONG, July 22 (Reuters): The head of the British parliament's Work and Pensions Committee has written to the chair of Standard Chartered Plc's remuneration committee questioning the bank's executive pension pay levels after more than a third of shareholders voted against its directors' remuneration policy.

In the letter written on Thursday and made public on Monday, Committee Chairman Frank Field asked why the remuneration committee put forward a proposal where the existing directors would receive 40 per cent of base salary (20 per cent of total salary) as the pension contribution whereas the contribution of new executive directors is limited to 10 per cent of total salary.