Shareholder Advisors Urge Against HSBC's Asia Spinoff and Restructure Plans

Shareholder advisory group ISS has advised HSBC investors to vote against a resolution by its biggest shareholder Ping An, calling on the bank to consider strategic options including a spinoff of its Asia business. ISS said the proposal by Ping An "lacks detailed rationale". The bank and the Chinese insurer have been arguing over the issue since last November. Shareholders will vote on proposals including the strategic review and whether the bank should be forced to boost dividends at the annual general meeting on May 5.