LONDON (REUTERS) – The head of the British parliament’s Work and Pensions Committee has written to the chair of Standard Chartered Plc’s remuneration committee questioning the bank’s executive pension pay levels after more than a third of shareholders voted against its directors’ remuneration policy.

In the letter written on Thursday and made public on Monday, Committee chairman Frank Field asked why the remuneration committee put forward a proposal where the existing directors would receive 40 per cent of base salary (20 per cent of total salary) as the pension contribution whereas the contribution of new executive directors is limited to 10 per cent of total salary.

The letter also questioned whether the remuneration committee supported the Investment Association’s guideline that pension contribution rates for executive directors should be aligned with that of their workforce and inquired if the remuneration committee planned to revisit the executive pay policy next year.

Some 36 per cent of StanChart’s shareholders voted against the bank’s 2019 directors’ remuneration report at its annual shareholder meeting in London, which set out plans to increase Chief Executive Bill Winters’ pension allowance among other measures.