(Bloomberg) -- Standard Chartered Plc has told shareholders it should have given them a better explanation of how it cut the pay of staff after it was hit with a fine from UK regulators over an error that led to the bank overestimating its access to US dollar funding.

Responding to a backlash at a May shareholder meeting where a substantial minority of investors voted against its remuneration policy, the bank said it “could have provided more information” on how it dealt with the blunder, according to a statement Friday.

“We could have included further detail on the committee’s decision making, the remuneration actions that were taken, and the conclusion of the review,” said the bank.

The London-based lender also offered an apology over its handling of shareholder criticism of the way it paid its senior executives, in particular its arrangements over the vesting of long-term performance awards. The bank said it would provide more details on this in its next annual report.

Remuneration at Standard Chartered has proved a thorny issue with investors. Back in 2019 the bank halved the pension money it handed to Chief Executive Officer Bill Winters after a row with shareholders.

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