Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 456

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 456
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2023 |
| Group income protection (non-taxable)        |             57 |   84 |               49 |   49 |
| Accommodation in Hong Kong (taxable)         |             18 |   67 |                — |    — |
| Car and driver in UK and Hong Kong (taxable) |             15 |   47 |                — |    — |

Determining executive Directors’ incentive outcomes (Audited) Both executive Directors met the minimum standard of conduct and behaviour for an annual incentive award to be made. The award is determined by applying the outcome of their annual scorecard to the maximum opportunity, set at 215% of base salary. Sir Noel Quinn has been assessed on full-year performance against the Group CEO annual scorecard with his pay outcome pro-rated for time in role up to and including 1 September 2024. Georges Elhedery has been assessed on full-year performance against both the Group CEO and Group CFO scorecards with his pay outcome pro-rated based on the time spent and salary received in each role. The financial measures, weightings and targets were set at the start of the year to align with our reported financial performance, excluding notable items, to ensure that out-turns were not impacted by one- offs. In setting the targets, the Committee considered the 2024 financial plan, 2023 performance, external commitments, scenario testing of upside and downside risks in the plan, and analyst consensus where available. Diversity representation target ranges were set based on a trajectory to meet our external commitments. Other strategic m easures were set based on maintaining or improving when compared with 2023 performance and/or market benchmarks. In assessing performance, the Committee considered, and made no adjustment for, the impact of interest rates, re-confirming that variations in the macroeconomic environment and their impact on business outcomes remain for our executives to manage. The Committee considered carefully the wider context in which performance was delivered in 2024 and judged that the overall scorecard outcome for both Sir Noel Quinn and Georges Elhedery was appropriate against the targets set at the start of the year for financial, strategic and personal measures. Taking into account inputs from the Group Risk Committee, the Committee concluded that the risk and compliance modifier should not be applied for 2024 based on the Group’s performance against key risk metrics for either Sir Noel Quinn or Georges Elhedery.

| 328 | HSBC Holdings plcAnnual Report on Form 20-F |

Report of the Directors | Corporate governance report | Directors