According to the publication, the shareholder, which has won support from Californian state pension fund Calpers, is calling for a full review of the group’s strategy, in consultation with shareholders, and has already sent out letters requesting for further meetings to all HSBC board members.
Despite holding less than a 1% stake in the bank, Knight Vinke has already reportedly instigated talks with other investors, who also appear to be frustrated with HSBC’s underperformance, The Times revealed.
In response to these criticisms, a spokesman for HSBC said, as cited in The Guardian, that the group, has a clear and well-understood strategy that we believe is already delivering results.
However, The Times cited HSBC CEO Michael Geoghegan as saying: The key investors we speak to understand and support the strategy we have set for HSBC. And it’s working. We need to join up, not break up. The break up debate neglects the unique opportunity available to HSBC through its global franchise.
