HSBC shareholders approve exec remuneration plan

LONDON (Reuters) - More than 88 percent of HSBC (HSBA.L) shareholders voted at the bank's annual general meeting on Friday to approve a remuneration plan which includes an executive bonus scheme criticised by some investors.

Several shareholders questioned the scheme under which top executives could share 120 million pounds over the next three years, despite troubles at its U.S. consumer finance unit.

That is based on a maximum award, however, and the bank told investors the expected awards for executives would more likely mean they are paid near the median of their peer group, dismissing the top number as "mathematical nonsense".

One investor, applauded by other shareholders, asked top management to follow the example of British Airways (BAY.L) Chief Executive Willie Walsh, who gave up his bonus following the turbulent inauguration of Heathrow Airport's Terminal 5.

(Reporting by Clara Ferreira-Marques and Steve Slater)