Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 381

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 381
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 Directors’Remuneration PolicyRead more from page309                              |

Board and executive governance The Board, led by the Group Chairman, is responsible for, among other matters: – promoting the Group’s long-term success and delivering sustainable value to shareholders; – establishing and approving the Group’s strategy and objectives, and monitoring the alignment of the Group’s purpose, strategy and values with the desired culture and standards; – setting the Group’s risk appetite and monitoring the Group’s risk profile; – approving and monitoring capital and financial resource plans for achieving strategic objectives, including material transactions; – considering and approving the Group’s technology and environmental, social and governance strategies; – reviewing the effectiveness of stakeholder engagement mechanisms, including engagement with the workforce; – approving the appointment and remuneration of Directors, including Board roles; – reviewing the Group’s overall corporate governance arrangements; and – providing entrepreneurial leadership of the Group within a framework of prudent and effective controls, which enable risks to be assessed and managed. A schedule of matters reserved to the Board is set out within its terms of reference, which are available on our website at www.hsbc.com/who-we-are/our-people/board-of-directors/board- responsibilities. The Board’s powers are subject to relevant laws, regulations and HSBC’s articles of association. The role of the independent non-executive Directors is to support the development of strategy, oversee risk, hold management to account and ensure the executive Directors are discharging their responsibilities properly, while creating the right culture to encourage constructive challenge. Further details on the independence of the Board can be found on page 352 . Non-executive Directors also review the performance of management in meeting agreed goals and objectives. The Group Chairman meets with the non-executive Directors without the executive Directors in attendance after Board meetings and otherwise, as necessary. The roles of Group Chairman and Group CEO are held by two different individuals. There is a clear division of responsibilities between the leadership of the Board by the Group Chairman, and the executive responsibility for day-to-day management of HSBC’s business undertaken by the Group CEO. The majority of Board members are independent non-executive Directors. As at 31 December 2024, the Board comprised the Group Chairman, 11 non-executive Directors, and one executive Director who is the Group CEO. From 1 January 2025, the newly appointed Group CFO will be an executive Director. For further details of Board members’ career backgrounds, skills, experience and external appointments, see their biographies on page 267 , and for a breakdown of