HSBC 2002 Annual Report Download - page 170

HSBC HOLDINGS PLC
Report of the Directors (continued)
168
Kong Monetary Authority gave notice that the Hong
Kong Special Administrative Region Government
had ceased to have a notifiable interest in 3 per cent
or more of HSBC Holdings ordinary shares.
No substantial interest, being 10 per cent or
more, in any of the equity share capital is recorded
in the register maintained under section 16(1) of the
Securities (Disclosure of Interests) Ordinance.
Dealings in HSBC Holdings plc
shares
Save for dealings by HSBC Investment Bank plc
(until 29 November 2002) and HSBC Bank plc
(since 30 November 2002) trading as intermediaries
in HSBC Holdings’ shares in London, and the
redemption on 31 July 2002 by HSBC Holdings of
£413,000,000 11.69 per cent Subordinated Bonds
2002 of £1 each, neither HSBC Holdings nor any
subsidiary undertaking has bought, sold or redeemed
any securities of HSBC Holdings during the 12
months ended 31 December 2002.
Connected Transaction
The following constituted a connected transaction
under the rules of The Stock Exchange of Hong
Kong Limited.
In January 2003 CCF, a subsidiary of HSBC
Holdings, agreed to acquire, subject to regulatory
approval, 11.31% of the capital of Banque Eurofin
S.A. ('Eurofin') jointly held by Jean and Odon Vallet.
Odon Vallet is a Director of Eurofin. The
consideration of €15.05 million in cash is payable
on completion. The transaction will increase CCF 's
interest in Eurofin from 59.9% to 71.21%.
HSBC in the Community
Since 1999 Lord Butler has, at the Board’ s request,
taken a policy overview of HSBC in the Community,
the principal objectives of which are to support
access to primary and secondary education for those
who are disadvantaged and the Environment. In
addition, Lord Butler is Chairman of the HSBC
Education Trust, which began operation in 2001.
Considerable progress continues to be made in
these important areas.
On 21 February 2002, HSBC’ s five-year
partnerships, called ‘Investing in Nature’ , with
Botanic Gardens Conservation International
("BGCI"), Earthwatch and WWF, were announced.
To date more than 190 of our employees from 39
countries have participated in Earthwatch projects in 25
countries. BGCI have also listed and conserved 8,000
threatened plant species out of a five year target of
20,000. WWF have selected project administration
sites in Brazil, China and the UK with the USA to
follow. HSBC has committed to providing US$50
million in funding over five years in supporting these
partnerships. Further information is available in the
HSBC in the Community brochure.
Donations
During the year, HSBC made charitable donations
totalling US$34,500,000. Of this amount,
US$16,700,000 was given for charitable purposes in
the United Kingdom.
No political donations were made during the
year.
At the Annual General Meeting in 2002
shareholders gave authority for HSBC Holdings and
HSBC Bank plc to make political donations and
incur political expenditure up to a maximum
aggregate sum of £250,000 and £50,000 respectively
as a precautionary measure in light of the wide
definitions in The Political Parties, Elections and
Referendums Act 2000. These authorities have not
been used and it is not proposed that HSBC's
longstanding policy of not making contributions to
any political party be changed. However, as a
precautionary measure a resolution will again be
proposed at the Annual General Meeting. On this
occasion it is intended that these precautionary
authorities should cover a period of four years. At
the Annual General Meeting in 2002 shareholders
gave authority in these amounts for one year.
Annual General Meeting
The Annual General Meeting of HSBC Holdings will
be held at the Barbican Hall, Barbican Centre,
London EC2 on Friday 30 May 2003 at 11.00 am.
An informal meeting of shareholders will be
held at Level 28, 1 Queen’ s Road Central, Hong
Kong on Tuesday 27 May 2003 at 4.30 pm.
A live webcast of the Annual General Meeting
will be available on www.hsbc.com. From shortly
after the conclusion of the Meeting until 30 June
2003 a recording of the proceedings will be available
on www.hsbc.com.