(May 11 – 15:10 ET) – All the banks claim that they are on the leading-edge of technology and call that the key to their success, but so far only HSBC Bank Canada is demonstrating that committment in its executives’ pay.
According to HSBC’s just-filed Form 28, HSBC’s chief technology officer, Ray Morgan, took home the highest salary among the firm’s top executives in 1999. For 1999 he picked up $818,607 in salary. By comparison Youssef Nasr, president and CEO of HSBC Bank Canada until December 1999, received just $466,795 in 1999 salary.
Morgan was also one of only two executives to receive options, 19,500 worth, in parent company HSBC PLC. Nasr received no options, although he did also pick up $248,900 worth of restricted shares.
Morgan is one of two top HSBC executives who are actually employees of the firm’s parent company who have been parachuted into Canada and their compensation is set by the parent firm, not the compensation committee at the Canadian subsidiary. He also picked up more than $74,000 in “other annual compensation” including a $42,000 housing allowance. The firm notes that for these employees, “Gross income has been increased to offset certain aspects of the Canadian taxation system.”
– James Langton