Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 506

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 506
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. Based on the assessment performed, the Directors concluded that for the year ended 31 December 2024, the Group’s internal control over financial reporting was effective. PwC has audited the effectiveness of HSBC’s internal control over financial reporting and has given an unqualified opinion.

Other information included in the Annual Report and Accounts 2024 We include other non-statutory information in the Annual Report and Accounts to enable a broader perspective of our performance for the period, including ESG and regulatory capital and liquidity information. On page 41 we highlight the challenges we face in our sustainability and climate reporting alongside the key changes we have made to our 2024 climate disclosures. Strengthening our global regulatory reporting processes with an aim to enhance data, consistency, and controls remains a key priority for the Group and regulatory authorities. See page 231 for further details. The GAC provides oversight to our reporting across these areas, including the disclosure risks in relation to sustainability and climate reporting, and monitoring of the programme of work to address the quality and reliability of regulatory reporting. See page 295 for further details.

Going concern The Directors considered it appropriate to prepare the financial statements on a going concern basis. In making the going concern assessment, the Directors have considered a wide range of detailed information relating to present and future conditions, including future projections for profitability, liquidity, capital requirements and capital resources. In carrying out their assessment of the principal risks (as detailed on page 148 of this annual report on Form 20-F), the Directors considered a wide range of information including: – details of the Group’s business and operating models, and strategy (see page 14 in this annual report on Form 20-F); – details of the Group’s approach to managing risk and allocating capital; – a summary of the Group’s financial position considering performance, its ability to maintain minimum levels of regulatory capital, liquidity funding and the minimum requirements for own funds and eligible liabilities over the period of the assessment. Notable are the risks which the Directors believe could adversely impact the Group’s future results or operations; – enterprise risk reports, including the Group’s risk appetite profile (see page 144 of this annual report on Form 20-F) and top and emerging risks (see page 148 of this annual report on Form 20-F); – the impact on the Group due to the Russia-Ukraine war and conflict in the Middle East; uncertainty around Hong Kong and mainland China’s commercial real estate sector, potential trade restrictions and tariff increases and strained economic and diplomatic relations between China