Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 401

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 401
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2024. |                                                                                                                                                                                                              |                            |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

I am pleased to present the Nomination & Corporate Governance Committee report, which provides an overview of the Committee’s activities during 2024. Succession planning was central to the Committee’s agenda during the year. The main area of focus was the Group CEO succession planning, which was triggered by Sir Noel Quinn’s decision to retire as Group CEO. The Committee undertook a formal search process, which built upon the Committee’s long-term work to develop potential internal and external succession options for the Group CEO role. Additional details on this process, which unanimously concluded that Georges Elhedery was an outstanding candidate and the right person for the role, are set out later in this report. The rigorous and detailed work undertaken by the Committee over the prior years on Group CEO succession enabled us to conduct a thorough, robust and market-leading process, at pace. The process received positive feedback from key stakeholders, including from Committee members, as part of the 2024 Board and Committee performance review. The Committee also oversaw and supported the changes made to the Group’s organisational structure and leadership team. This included endorsing the establishment of the new Group Operating Committee (‘Group OpCo’), which serves as the leading decision-making executive committee of the Group. The Committee was fully supportive of Georges' recommendations for appointments to the Group OpCo. We have full confidence in Georges and the new senior leadership team. They have the skills, experience and track record necessary to deliver the next exciting phase of the Group’s development and growth. We were delighted to welcome Pam Kaur to the Board as an Executive Director, following her appointment as Group CFO. Pam is well known to the Board, having served as Group Chief Risk Officer since 2020, and in the expanded role of Group Chief Risk and Compliance Officer since 2021, and we look forward to working closely with her in this new capacity. Georges and Pam formed an effective partnership in their prior roles, and I am confident that the Group and its stakeholders will continue to benefit from this relationship in the years ahead. I would also like to thank Jonathan Bingham, for his excellent work and valuable contributions during his tenure as Interim Group CFO. We have continued to review our governance structure in light of evolving business needs to ensure that it remains appropriate in supporting the delivery of Group strategy and aligned with stakeholder expectations. During 2024, this led to several changes to our Board and Committee operations, including the establishment of the Group Technology Committee and of