Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 426

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 426
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 the Committee alongside me in March. Each director has brought their unique skills, experience and perspectives to the matters we have spent time on. Since our first meeting in March 2024, a key area of oversight and focus has been oversight of the enterprise-wide programme established to simplify the Group’s technology infrastructure, enhance system resilience, and accelerate digital transformation across the bank. The GTOC has challenged management on its plans and prioritisation and has overseen progress in execution of what is a multi-year deliverable, seeking assurance from Risk and Global Internal Audit on the robustness of the approach. The GTOC has worked closely with management since its inception to reinforce and enhance the guardrails supporting technology investments and transformation, the tracking of benefits and outcomes, and to enhance accountability for delivery. It has received updates on key projects and programmes, and has considered the technology deliverables within our payments, core banking, and global private banking and wealth strategies. The GTOC has also received regular updates on management’s programme to meet regulatory deliverables and address technology- related risk and control matters and we have again challenged the approach to prioritisation and delivery timelines. Other areas of focus for the GTOC during the year have included the Group’s data and cybersecurity programmes. We provided input and challenge to management’s remediation plans and efforts to enhance technology, cybersecurity, and data metrics and key performance indicators. We also considered the innovation agenda, including opportunities in respect of artificial intelligence and digital assets. To support engagement and connectivity across the Group on key technology matters, I invited observers from each of the four largest principal subsidiaries to join the GTOC meetings. We held two subsidiary-focused meetings during 2024, with a focus on operational resilience, including data and third-party risks. We discussed regulatory regimes across the different markets, progress against agreed timelines, challenges to meet expectations, and dependencies on Group-level programmes and deliverables. In October 2024, the GTOC hosted a training session to which all Board members were invited, to hear external insights and perspectives on third-party suppliers, including key risks and trends. Further details on these and other areas of GTOC oversight during the year are set out below.

| HSBC Holdings plcAnnual Report on Form 20-F | 307 |

Committee governance The GTOC operates under delegated authority from the Board and advises the Board on matters concerning the Group’s technology and operations strategies and related matters. The GTOC Chair reports on the key matters and discussions at the subsequent Board meeting, and the Board also