HSBC Shareholders to Vote on Asia Business Spin-Off
HSBC shareholders are set to vote on proposals at the bank's annual meeting Friday, including on whether to spin off its Asia business. The "special resolutions" require 75% of votes to pass, but HSBC CEO Noel Quinn has pushed back on the resolutions, previously telling CNBC he does not believe that fixed dividends are "wise corporate governance and wise capital management for a bank." Last month, HSBC said spinning off its Asian business "would result in material loss of value for HSBC shareholders."