HSBC 2006 Annual Report Download - page 288

HSBC HOLDINGS PLC
Directors’ Remuneration Report (continued)
Directors emoluments / Pensions / Share plans
286
Directors’ emoluments
(Audited)
The emoluments of the Directors of HSBC Holdings for 2006 were as follows:
Fees Salary Allowance1
Benefits
in kind2 Bonuses3
Total
2006
Total
2005
£000 £000 £000 £000 £000 £000 £000
Executive Directors4
Sir John Bond5 ................. – 602 – 16 1,458 2,076 4,479
D J Flint ........................... – 563 275 17 500 1,355 1,190
M F Geoghegan ............... – 939 375 19 1,5356 2,868 671
S K Green ........................ – 1,170 – 14 1,750 2,934 2,529
AW Jebson5 ..................... – 227 – 7 573 807 1,547
Non-executive Directors
Lord Butler ...................... 115 – – – – 115 90
R K F Ch’ien7 .................. 200 – – – – 200 187
J D Coombe ..................... 97 – – – – 97 53
Baroness Dunn ................. 85 – – – – 85 70
R A Fairhead .................... 85 – – – – 85 70
W K L Fung8 .................... 136 – – – – 136 117
S Hintze ........................... 105 – – – – 105 85
J W J Hughes-Hallett ....... 77 – – – – 77 46
Sir John Kemp-Welch5 .... 44 – – – – 44 85
Sir Brian Moffat ............... 145 – – – – 145 115
Sir Mark Moody-Stuart ... 125 – – – – 125 85
G Morgan9 ....................... 16 – – – – 16 –
S W Newton ..................... 65 – – – – 65 55
S M Robertson10 .............. 65 – – – – 65 –
H Sohmen11 ...................... – – – – – – 16
Sir Brian Williamson ....... 85 – – – – 85 70
Total12 .............................. 1,445 3,501 650 73 5,816 11,485 15,541
Total (US$000) ................ 2,660 6,444 1,196 134 10,705 21,139 28,233
1 Executive allowance paid to fund personal pension arrangements.
2 Benefits in kind for executive Directors include provision of company car, medical insurance, other insurance cover, accountancy
advice and travel assistance.
3 These discretionary bonuses are in respect of 2006.
4 Each of the executive Directors waived their right to receive a fee from HSBC Holdings (2006: £27,083; 2005: £55,000).
5 Retired as a Director on 26 May 2006.
6 In return for the prior waiver of part of his bonus, an employer contribution has been made into a pension arrangement for
M F Geoghegan equal to £215,000 (2005: £1,818,750) which would otherwise have been paid.
7 Includes fees as non-executive Chairman of HSBC Private Equity (Asia) Limited and as a non-executive Director of The Hongkong and
Shanghai Banking Corporation.
8 Includes fee as a non-executive Director of The Hongkong and Shanghai Banking Corporation.
9 Appointed as a Director on 1 October 2006.
10 Appointed as a Director on 3 January 2006.
11 H Sohmen has elected to waive any fees payable to him by HSBC Holdings (2006: £65,000; 2005: £55,000).
12 Total emoluments for 2005 include the emoluments of Directors who retired in that year.
Pensions
(Audited)
S K Green ceased membership of the HSBC Bank
(UK) Pension Scheme on 5 April 2006. From 6 April
2006 Mr Green has been entitled to receive benefits
from an Employer-Funded Retirement Benefits
Scheme (EFRBS). The benefits from the HSBC
Bank (UK) Pension Scheme will be calculated based
on completed service to the date of opting out and on
pensionable salary calculated at the date employment
with HSBC Holdings plc ceases. The intention of
this arrangement is to provide benefits to Mr Green
that would be broadly comparable to an accrual rate
of one-thirtieth of pensionable salary for each year of
pensionable service.
M F Geoghegan ceased membership of the
HSBC International Staff Retirement Benefits
Scheme on 31 March 2006. From 1 April 2006 Mr
Geoghegan transferred all past service benefits into
the HSBC Asia Holdings Pension Plan, on a defined
contribution basis (see below). An employer
contribution was made to the HSBC Asia Holdings
Pension Plan in respect of 2006 of £215,000 (2005:
£1,818,750) arising entirely from a bonus sacrifice.
There were no other employer contributions made to
this plan. From 1 April 2006 Mr Geoghegan has