Standard Chartered, the UK-based bank, has bowed to shareholders’ demands to cut the outsized pensions of chief executive Bill Winters and chief financial officer Andy Halford, in another win for fund managers’ campaign on the issue.

Following a series of meetings with shareholders and voting advisory groups over the past few months, the bank said in a statement on November 8 it has agreed to change Winters’ and Halfords’ contracts to reduce their pension allowances from 20% of salary to 10% of salary, bringing them into line with the majority of Standard Chartered’s workforce.