HSBC shareholders are set to vote on two resolutions at its annual meeting, including a proposal to spin off its Asia business.

The resolutions, tabled by a group of investors led by Ken Lui, call for a strategic review of the company, including the spinoff proposal and fixed dividends.

The motions have received support from HSBC’s top shareholder Ping An Insurance, which expressed similar views to Lui in a statement.

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But HSBC CEO Noel Quinn has pushed back on Lui’s resolutions, stating that fixed dividends are not wise corporate governance and that a dividend payout ratio is more balanced.

Last month, HSBC said spinning off its Asian business would result in a material loss of value for its shareholders.

The special resolutions require 75 percent of votes to pass.

But Lui expressed confidence, saying he was very confident both of them would be passed because they could stimulate the share price to increase.

Michael Makdad, a senior equity analyst at Morningstar, said he does not expect these resolutions to clear the 75 percent hurdle.

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But he told CNBC’s “Squawk Box Asia” that the proposals reflect a longer-term issue “that’s not likely to go away for HSBC.”

He predicted the bank would continue to see activist or leading shareholders putting pressure on management.

HSBC operates in many countries worldwide but derives most of its profitability from Hong Kong and UK units.

Makdad said it would make sense to simplify the structure, but as a bank, it takes work to do so.

In light of the banking sector’s recent woes in the US and Europe, Makdad quickly adds that these do not mean that HSBC is a troubled bank.

The annual meeting is scheduled to begin on Friday, May 5, at 6 pm Hong Kong time.

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