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More than 10% of HSBC shareholders reject size of bonuses

The HSBC building in Canary Wharf, London Credit: REUTERS/Kieran Doherty

More than 10% of shareholder votes went against HSBC's pay report at its annual meeting today. It comes after the banking giant's boss paid himself £7.5 million in pay and bonuses last year.

The intensity of criticism for the company's renumeration policies was down from 2010 when nearly 19% of shareholder voted against the pay report.

HSBC's chairman Douglas Flint appeared to defend the bank's high rewards, saying: "We continued to develop a truly meritocratic culture because as international competition for the best talent intensifies, we need to ensure that HSBC is making the most of the skills and abilities of our people."