HANG SENG BANK, LIMITED 恒生銀行有限公司

Straight out of the textbook of Messrs Churnham and Burnham.

For photocopying a client signature onto a form. He now works at ICBC.

He effected 4 unit trust trades in 2013 without a client's specific authorisation using incomplete pre-signed forms. We note that in 2014 he went on from HSBC to Dah Sing Bank for 9 months, and was later registered to Hang Seng Bank (an HSBC subsidiary) for just 10 days starting on Christmas Day 2015.

He made unauthorised transactions on a client's account and forged her signature to cover it.

For 7 years until 2016, the fund manager placed the cash balances of 39 mutual funds with HSBC at 0% interest.

By knocking off Hang Seng Bank, then going to jail, then getting work at Standard Chartered, where pre-employment procedures may need review. Will he go for the hat-trick?

This year Hang Seng Bank has become the third company in the Hang Seng Index to comply with a principal recommendation of Project Vampire, cutting its cash issue mandate to 5%. We recommend in favour of that, but against the re-election of an independent director.

The third AGM in Project Poll is on 22-Apr-03, and we now produce our voting recommendations, including a vote against the re-election of 3 not-so-independent directors and against the general mandate.