For the past few years, shareholders in HSBC have been grumbling about the shortcomings in the bank’s corporate governance. Now it appears that HSBC is responding to some of their criticisms.

The bank on Monday announced a boardroom shake-up that will see three long-serving non-executive directors step down at the annual meeting in May. At the same time, HSBC also revealed it was putting in place a new long-term incentive plan for senior executives.