HSBC 2010 Annual Report Download - page 185

HSBC HOLDINGS PLC
Report of the Directors: Governance
Corporate Governance Report / Directors
183
Overview Operating & Financial Review Governance Financial Statements Shareholder Information
Governance
Page
Corporate Governance Report ...................................... 183
Directors ....................................................................... 183
Secretary ....................................................................... 187
Adviser to the Board ..................................................... 187
Group Managing Directors ........................................... 187
Board of Directors ........................................................ 189
The Board ................................................................. 189
Corporate governance codes ................................... 194
Board committees ......................................................... 194
Group Management Board ....................................... 194
Group Audit Committee ............................................ 195
Group Risk Committee ............................................. 197
Remuneration Committee ......................................... 201
Nomination Committee ............................................. 201
Corporate Sustainability Committee ........................ 202
Internal control ............................................................. 202
Going concern basis ..................................................... 204
Directors’ interests ........................................................ 204
Employees .................................................................... 206
Employment of disabled persons .............................. 207
Remuneration policy ................................................ 207
Employee share plans ............................................... 207
Subsidiary company share plans .............................. 209
Employee compensation and benefits ...................... 211
Bank payroll tax ....................................................... 212
Corporate sustainability ................................................ 212
Sustainability governance ........................................ 213
Sustainability risk ..................................................... 213
Health and safety ...................................................... 214
Supplier payment policy ........................................... 214
Share capital .................................................................. 214
Issued share capital .................................................. 214
Rights and obligations attaching to shares .............. 214
Share capital during 2010 ........................................ 216
Dividends, shareholders and meetings ......................... 217
Dividends for 2010 ................................................... 217
Dividends for 2011 ................................................... 218
Communication with shareholders .......................... 218
Notifiable interests in share capital ......................... 218
Dealings in HSBC Holdings shares ......................... 218
Annual General Meeting .......................................... 219
Corporate Governance Report
The statement of corporate governance practices set
out on pages 183 to 236 and information
incorporated by reference constitutes the Corporate
Governance Report of HSBC Holdings.
Directors
D J Flint, CBE, Group Chairman
Age 55. Group Chairman and chairman of the
Nomination Committee with effect from 3 December
2010. Joined HSBC as Group Finance Director in
1995 and served as Chief Financial Officer, Executive
Director, Risk and Regulation from 1 February 2010
until 3 December 2010. A non-executive director of
BP p.l.c. since January 2005 and chairman of its
Audit Committee since April 2010 but will retire at
the BP AGM in April 2011. Director of The Hong
Kong Association with effect from 6 February 2011.
Co-chairman of the Counterparty Risk Management
Policy Group III in 2008. Chaired the Financial
Reporting Council’s review of the Turnbull
Guidance on Internal Control in 2004. Served on the
Accounting Standards Board and the Standards
Advisory Council of the International Accounting
Standards Board from 2001 to 2004. Served on the
Large Business Forum on Tax and Competitiveness
and the Consultative Committee of the Large
Business Advisory Board of HM Revenue and
Customs. A former partner in KPMG.
Mr Flint has extensive governance experience gained
through membership of the Boards of HSBC and BP as well as
considerable knowledge of finance and risk management in
banking, multinational financial reporting, treasury and
securities trading operations. In 2006 he was honoured with a
CBE in recognition of his services to the finance industry. He
is a member of the Institute of Chartered Accountants of
Scotland and the Association of Corporate Treasurers and he
is a Fellow of The Chartered Institute of Management
Accountants.
S T Gulliver, Group Chief Executive
Age 51. Group Chief Executive and chairman of the
Group Management Board since 1 January 2011. An
executive Director since 2008. Joined HSBC in
1980. Appointed a Group General Manager in 2000
and a Group Managing Director in 2004. Chairman
of The Hongkong and Shanghai Banking
Corporation Limited with effect from 1 January
2011. Chairman of HSBC France since January 2009
and of HSBC Private Banking Holdings (Suisse) SA
since 25 February 2010. Deputy chairman of HSBC
Trinkaus & Burkhardt AG since 2007 and a member
of its Supervisory Board since 2006. Chairman,
Europe, Middle East and Global Businesses until
31 December 2010. Chairman of HSBC Bank plc
from 21 April 2010 to 31 December 2010 and of
HSBC Bank Middle East Limited from 15 February
2010 to 31 December 2010. Head of Global Banking
and Markets from 2006 to 2010 and co-head from
2003 to 2006. Head of Global Markets from 2002 to
2003. Head of Treasury and Capital Markets in Asia-
Pacific from 1996 to 2002.