Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 415

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 415
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 services below $1m, considered that it was in the best interests of the Group to use PwC for these services because they were: – audit-related assurance services, with the work closely related to work performed in the audit and in some instances required by local regulators to be performed by the external auditor; or – other assurance services that involve obtaining appropriate audit evidence to express a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the subject matter information, including attestation reports on internal controls of a service organisation primarily prepared for and used by third-party end users. There were no engagements during the year where the fees exceeded $1m, above which GAC approval would be required.

|                                        |  2024 |     |  2023 |
| Auditors‘ remuneration                 |    $m |     |    $m |
| Total fees payable                     | 146.6 |     | 155.9 |
| of which fees for non-audit services   |  43.8 |     |  46.1 |
| Ratio of non-audit fees to audit fees1 | 43.0% |     | 42.0% |

1 The calculation is on a simple ratio and is not based on FRC guidance on non- audit fees ratio thresholds. Whistleblowing and speak-up culture An important part of HSBC’s values is speaking up when something does not feel right. HSBC remains committed to ensuring colleagues have confidence to speak up and acting when they do. A wide variety of channels are provided for colleagues to raise concerns, including the Group’s whistleblowing channel, HSBC Confidential (see page 78 for further information). The Board has delegated responsibility to the GAC to oversee the effectiveness of HSBC’s whistleblowing procedures. The Chair of the GAC is a Group Senior Manager (’SMF7’), and has a prescribed responsibility as the Whistleblowers’ Champion to ensure integrity of HSBC’s policy and procedure on whistleblowing and protecting those who report concerns. As part of his responsibility, the GAC Chair reports to the Board on the GAC’s oversight of whistleblowing as part of his regular reporting updates. The Group Head of Regulatory Compliance regularly updates the GAC on whistleblowing effectiveness, including controls assessments and internal audit findings. In 2024, the GAC has been briefed on actions to improve the timeliness of HSBC Confidential investigations against internal standards. The Committee is also briefed on culture and conduct