HSBC Holdings directors including the chief executive officer, Michael Geoghegan, may receive as much as 120 million pounds (US$237.7 million) over the next three years from a new pay plan to be approved by its investors this week, the Sunday Times reported.

Geoghegan could receive a bonus of up to four times his salary and benefit from a long-term incentive plan of up to seven times his salary, giving a payout of as much as 18 million pounds a year, the paper reported.

Finance Director Douglas Flint, Sandy Flockhart and Vincent Cheng are also eligible for the new plan which is conditional on the bank meeting new performance criteria, Bloomberg News said.

Should the bank's performance be similar to recent years the directors would receive less than 40 million pounds, the paper said. Chairman Stephen Green would only be eligible for the long-term incentive plan, the paper said.

HSBC consulted with investors representing half of its shares and the National Association of Pension Funds to gain "majority support" for its pay plan, HSBC said previously.