Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 385

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 385
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 provide greater clarity and additional guidance for subsidiaries. The role of principal subsidiaries Certain subsidiaries are designated formally by the Board as principal subsidiaries. In addition to their obligations under their respective local laws and regulations, principal subsidiaries – supported by regional company secretaries – perform a critical role in ensuring effective and high standards of governance across the Group and in overseeing the implementation of the subsidiary accountability framework in the regions for which they are responsible. Representatives from principal subsidiaries attend the Board and its committee meetings for relevant topics, including when the Board holds meetings outside of the UK. Chairs of principal subsidiaries’ risk and audit committees are invited to attend relevant Group Risk Committee and Group Audit Committee meetings. Attendance and participation at these meetings enhances subsidiary directors’ understanding of the challenges facing the Group and helps to identify common challenges and facilitates the sharing of lessons learned. Such committee participation supplements the regular reports, certifications and escalations from principal subsidiaries’ boards and their respective committees to the Board and relevant committee(s) of the Board. The Group Chairman interacts regularly with the chairs of the principal subsidiaries, including through the Chairman’s Forum. The Chairman’s Forum comprises the chairs of each of the principal subsidiaries, the Group’s senior independent non-executive Director, the chairs of the Group’s audit, risk and remuneration committees, and where relevant, the Group CEO, other non-executive Directors and members of executive management, advisers and/or external experts.

| 278 | HSBC Holdings plcAnnual Report on Form 20-F |

Report of the Directors | Corporate governance report

In 2024, the Chairman’s Forum covered topics such as strategic business considerations, geopolitical issues and economic outlook, shareholder engagements, Group-wide connectivity of non-executive Directors, key regulatory themes, employee engagement and financial performance. The Group Remuneration Committee Chair hosted dedicated forums with the chairs of principal subsidiaries to share key priorities for 2024 and the future. These sessions provided an opportunity for review and input on proposed pay outcomes and allocation, before approval by the Group Remuneration Committee. The principal subsidiaries are:

| Principal subsidiary                                 | Oversight responsibility                                |
| The Hongkong and Shanghai BankingCorporation Limited | Asia-Pacific                                            |
| HSBC Bank plc                                        | Europe and Bermuda (excludingUK ring-fenced activities) |
| HSBC UK Bank plc                                     | UK ring-fenced bank and itssubsidiaries                 |
| HSBC Middle East Holdings BV                         | Middle East, North Africa andTürkiye                    |
| HSBC North America Holdings Inc.                     | US                                                      |
| HSBC Latin