HSBC Holdings CEO Stuart Gulliver, 52, reportedly is in line to receive as much as 13.3 million pounds ($22 million) in 2011.   The compensation committee for Europe's largest bank is meeting with investors this week, at which time it will propose that Mr. Gulliver this compensation package, consisting of base salary, a bonus amounting to 3 times his base, plus a long-term incentive payment equivalent to 6 times his base.  The LT incentive payment would be paid out after 5 years and Mr. Gulliver would be required to own them until his retirement from the industry.

As large as it is, Mr. Gulliver’s potential overall compensation for 2011 would be slightly less than what his predecessor Michael Geoghegan received in 2010.  

John Thornton, the ex-Goldman Sachs Group president who oversees HSBC’s compensation panel, also will ask investors to back a proposal to change the terms of Mr. Gulliver’s long-term incentive plan to include a range of non-financial targets, such as reputation, brand and compliance.  His predecessors’ targets were solely financial, and included return on equity and cost-efficiency ratios - although predecessor Michael Geoghegan received .  The change is likely to meet opposition from some HSBC investors.

HSBC did not receive financial aid from the U.K. government during the financial crisis, and so, is not under the same constraints as other banks.    [Bloomberg, 3/22]