Fund managers target HSBC board

Concern over strategy

HSBC is being targeted by institutional investors looking to shake up the board after poor share price performance, according to reports.

The Times reports the shareholder group is working under the auspices of the Investor Forum, a shareholder body set up last year to engage with boards of directors at major blue-chip firms. It is believed to be pushing for talks with HSBC chairman Douglas Flint and deputy chairman Sir Simon Robertson. Shareholders particularly want to know what the succession plans are for when chief executive Stuart Gulliver leaves and why his strategy has failed to stop share prices falling. HSBC shares have fallen by 14% over the past year, from 628p to 531p. Buxton: It may be too late to sto...