Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 633

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 633
---

Task Force on Climate-related Financial Disclosures (‘TCFD’)

| TCFD |

As noted on page 21 , we have considered our ‘comply or explain’ obligation under both UKLR 6.6.6(8) of the Financial Conduct Authority’s (‘FCA’) Listing Rules and Sections 414CA and 414CB of the UK Companies Act 2006. We perform an assessment to ascertain the appropriate level of detail to be included in the climate-related financial disclosures that are set out in this Form 20-F, as part of considering what to measure and publicly report. Our assessment takes into account factors such as the level of our exposure to climate-related risks and opportunities, the scope and objectives of our climate-related strategy, transitional challenges, and the nature, size and complexity of our business. See ‘How we decide what to measure’ for further information. We confirm that we have made disclosures consistent with 11 TCFD Recommendations and Recommended Disclosures, including its annexes and supplemental guidance, which we summarise in the table below:

| Recommendation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Response                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Disclosurelocation |
| Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                    |
| a) Describe the Board’s oversight of climate-related risks and opportunities (Companies Act 2006 - Sections 414CA and 414CB 2A (a))                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                    |
| Process, frequency andtraining                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | –The Board takes overall responsibility for ESG strategy, overseeing executive management in developing theapproach, execution and associated reporting.ESG strategies were considered at eight Board meetings during theyear.                                                                                                                                                                                                                             | Pages72and283      |
| –Board members receive ESG-related training as part of their induction and ongoing development, and seek out furtheropportunities to build their skills and experience in this area.                                                                                                                                                                                                                                                                                                               | Page72                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                    |
| Sub-committeeaccountability,processes andfrequency                                                                                                                                                                                                                                                                                                                                                                                                                                                 | –The Group Audit Committee (‘GAC’) considered ESG and climate reporting matters at six meetings during 2024.Furthermore, as an area of expanded assurance, the GAC, supported by the executive-level ESG Committee, providedclose oversight of the disclosure risks in relation to sustainability and climate reporting, amid rising stakeholderexpectations. The work will continue throughout 2025 in partnership with the Sustainability Working Group. | Page294            |
| –