Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 6

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 6
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 Board |   |       |   |

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. ¨ Item 17 ¨ Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes þ No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ¨ Yes ¨ No

| HSBC Holdings plcAnnual Report on Form 20-F |

Opening up a world of opportunity Our ambition is to be the preferred international financial partner for our clients. Our purpose, ambition and values reflect our strategy and support our focus on execution. Read more on our values and strategy on pages 8 and 14 .

Contents

1 Cautionary statement regarding forward-looking statements 2 Additional cautionary statement regarding ESG data, metrics and forward-looking statements 3 Certain defined terms Strategic report 4 Performance in 2024 5 Highlights 7 Who we are 9 Group Chairman’s shareholder letter 11 Group CEO’s shareholder letter 14 Our strategy 18 ESG overview 23 Remuneration 24 Financial overview 29 Global businesses 36 Risk overview Environmental, social and governance (‘ESG’) review 40 Environmental 61 Social 71 Governance Financial review 84 Financial summary 107 Global businesses and legal entities 129 Reconciliation of alternative performance measures 135 Other information Risk review 144 Our approach to risk 148 Top and emerging risks 154 Risk factors 167 Our material banking risks Corporate governance report 267 Biographies of Directors and senior management 289 Board committees 309 Directors’ remuneration report Financial statements 361 Report of Independent Registered Public Accounting Firm to the Board of Directors and Shareholders of HSBC Holdings plc (PCAOB ID 876 ) 363 Financial statements 375 Notes on the financial statements Additional information 461 Shareholder information 480 Abbreviations This Strategic Report was approved by the Board on 19 February 2025. Sir Mark E Tucker Group Chairman

A reminder The currency we report in is US dollars. Our approach