(Bloomberg) -- HSBC Holdings Plc’s largest shareholder voted against the reappointment of departing Chief Executive Officer Noel Quinn as a director, suggesting its disruptive campaign against the lender hasn’t yet run its course. 

Ping An Insurance Group Co. lodged a protest vote at Quinn’s leadership at the shareholder meeting of Europe’s largest bank on Friday, according to people familiar with the matter. The vote came days after he surprised the business world with the announcement of his retirement.

HSBC reported that 16% of the votes cast by investors had gone against Quinn. That is roughly equivalent to Ping An’s holding in the bank taking into account a turnout of about half.

A spokesperson for Ping An declined to comment. 

“Noel and the board were entirely unaware of the voting intentions until after his retirement had been announced,” a spokeswoman for HSBC said. “As you can see from the votes, our shareholders are overwhelmingly supportive of the group’s resolutions.”

Since its push for a series of reforms, including spinning off its Asian arm, was roundly defeated at last year’s AGM, Ping An has not made any public comments about HSBC, seemingly wrapping up its campaign against the bank. However, its latest protest vote suggest the Chinese insurer is still unhappy about the bank’s strategic direction.

Read More: HSBC Shareholders Dismiss Call for Strategy, Dividend Switch

HSBC Chairman Mark Tucker referred to last year’s battle with Ping An on Friday, mentioning “a small group of shareholders who proposed strategy and structural reviews” at the previous gathering. 

“I am pleased to say that the overwhelming majority of shareholders agreed with us,” said Tucker. “That agreement was expressed very clearly when you had the opportunity to vote. A year later, you can see the value of your support for the board’s recommendations.”

Even with Quinn departing the bank has made clear it plans to continue the strategy he oversaw. HSBC has said it expects to name his replacement in the second half of the year.

--With assistance from Zhang Dingmin and Denise Wee.

(Adds HSBC statement in fifth paragraph.)

©2024 Bloomberg L.P.