Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 399

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 399
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, and as a result was renamed as the Group Technology and Operations Committee (‘GTOC’). Further details of the work of the GTC/GTOC can be found on pages 306 to 308 . In addition, the Board approved a revised set of Key Performance Indicators, ensuring that the Board can effectively oversee the performance of the business, and receive insights into execution, trends, and emerging areas of risk. These are kept under regular review. Other actions have resulted in changes to the Board’s operating practices, including through greater training on effective Board reporting and enhanced stakeholder engagement plans to ensure the Board has the opportunity for regular engagement with the full spectrum of key stakeholder groups. 2024 Board and committee performance review process Performance reviews are an important part of the effective governance and operation of the Board and its committees. In 2024, the Nomination & Corporate Governance Committee invited Independent Board Evaluation (‘IBE’) to conduct a follow-up review to the 2023 external performance review. IBE is an independent external service provider with no other connection with the Group or any individual Directors. A comprehensive brief was provided to IBE to ensure focus on priority areas relevant to the Board and committees, IBE were also asked to provide an independent view as to whether the actions taken following the 2023 review had appropriately addressed the findings of that review. The review took the form of detailed 1-2-1 interviews with members of the Board and select members of management and advisers. IBE also attended and observed the Board and committee meetings in December 2024, and were provided with relevant meeting materials for review in advance. Initial observations were shared with the Board in December 2024, following which a report was compiled by IBE based on the views supplied by those interviewed as well as IBE’s observations as part of the review process. The process and findings set out in this report were shared and agreed with the Group Chairman, committee chairs and IBE.

| 288 | HSBC Holdings plcAnnual Report on Form 20-F |

Report of the Directors | Corporate governance report | Board committees

Findings and recommendations Overall, the review concluded that the Board and its committees continued to operate effectively, with the 2023 report findings having been appropriately addressed and a few minor areas identified for further improvement. Positive feedback and practices were highlighted in relation to succession planning for the Board and senior management, with the pace and robustness of the Group CEO selection process considered to be particularly strong. Key strengths highlighted included the efficient, inclusive