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Wouldn't like to be in Douglas Flint's shoes

Douglas Flint, FD at HSBC, finds himself in a spot of bother this week - one particular investor doesn't like way executive pay was disclosed in the bank's accounts and is somewhat offended by the bonuses board members seem about to receive.

Odd one this. Most complaints about pay relate to the size of salary. But Eric Knight of Knight Vinke is more concerned about proper disclosure . Can't blame him for that.  Though I can't help feeling that if Flint really has sorted out the sub-prime crisis HSBC found itself in, he is worth every penny to the investors. The FD of another high street bank I sat next to at a dinner recently told me that despite everything HSBC was a terrific business and rated Flint very highly indeed.
But Flint also chaired the review of the Turnball guidance on internal controls, on behalf of the Financial Reporting Council, and has also served on the Accounting Standards Board. If anyone knows how to disclose remuneration properly, he should.
Which is what makes Knight's critique so biting, and no doubt caused Flint some considerable discomfort. How do you lecture everyone else on governance while being accused of inadequate disclosure yourself? Tough one, wouldn't like to be Flint's shoes.

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