HSBC shareholders appear unmoved by the charge laid by Knight Vinke, the activist investor, that a long-term incentive plan for the bank's executives was legally void and should be resubmitted for approval at the next annual meeting.

Knight Vinke's attack is the latest in a campaign that began in September when it demanded a strategic review of HSBC to improve the bank's governance and performance. Last week, the investment management firm claimed HSBC had misled investors over the performance targets for its three-year plan that could pay out £5m in total next year.