LONDON (Reuters) - HSBC is to pay its chief executive an extra £300,000 ($451,800) a year to cover living costs in Hong Kong following his relocation there, the bank's annual report showed this week.

HSBC sought to increase CEO Michael Geoghegan's base salary by about a third ahead of this week's results but investors resisted amid fears of a public backlash about higher pay for bankers, people familiar with the matter said.

The bank will discuss with investors this year increasing Geoghegan's base salary as he was underpaid relative to peers, HSBC Chairman Stephen Green said at a results press conference on Monday.

A footnote in HSBC's annual report, released alongside the results, said Geoghegan would be paid an extra £300,000 a year "in recognition of the relocation to Hong Kong and the associated additional costs of living that will be incurred".

It will be in addition to housing and other benefits that are normal for such a move.

A spokesman for the bank said Geoghegan was asked to move by the bank and the payment compensates for that disruption, having family in two continents and recognises his additional role as chairman of HSBC's Asia business.

It was not "a pay rise in disguise" and had been earmarked since the plan to move was announced in September.

Mr. Geoghegan is giving his 2009 bonus of up to £4 million to charity. His basic salary is £1.1 million.

Mr. Geoghegan, who has been CEO for almost four years and steered the bank through the crisis without needing any direct taxpayer support, last month moved his base to Hong Kong to be closer to where the bank's growth is being driven.