Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 403

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 403
---
 year and have no other connection with the Group or members of the Board. Board composition and succession The Committee continued to keep the composition of the Board and of its Committees under review, with assessments focused on the skills, knowledge, and experience necessary to oversee, challenge and support management, in the achievement of the Group’s strategic and business objectives. The Committee has a long-standing policy under which non-executive Directors are expected to serve two three-year terms. Any appointments that extend beyond this are reviewed on an annual basis, with consideration given to the future needs of the Board, and the performance and contributions of the individual. José (’Pepe’) Meade, Workforce Engagement non-executive Director, will complete his second three-year term at the 2025 AGM. As a result, a review was conducted, which took into account the broader needs of the Board and the Group, to determine whether his term should be extended. Pepe has played an important and valuable role, significantly enhancing the Board’s engagements with all colleagues and its understanding of their views. In order to allow him to build on this work, as the business embarks on a period of change under new leadership, the Committee agreed that his appointment should be extended by a year, leading up to the 2026 AGM, subject to his re- election by shareholders. It is the Board’s strong belief that this extension of Pepe’s appointment, given his performance and contributions to the Board in 2024, is in the best interests of the Group and all of its stakeholders. The Committee will continue to monitor the market throughout 2025 for potential candidates for appointment to the Board in both the short and medium-term. This will ensure that the Board has a pipeline of credible successors with the relevant skills, knowledge, and experience. Committee composition As communicated in the 2023 Annual Report and Accounts, the Board-level Group Technology Committee (’GTC’), chaired by Eileen Murray, was established on 1 March 2024. In December 2024, reflecting the changes to the Group COO role and its inclusion in the newly formed Group OpCo, the Committee approved changes to the remit of the GTC, adding responsibility for Operations, in addition to Technology. As a result, the GTC was renamed as the Group Technology and Operations Committee. Additional information on the work undertaken by the Group Technology and Operations Committee since its formation, along with its priorities for the year ahead, can be found from page 306 . As part of the decision to establish