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HSBC HOLDINGS Plc Silent Social Report 1999-2000

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HSBC HOLDINGS Plc Silent Social Report 1999-2000 HSBC HOLDINGS plc Silent Social Report 1999-2000 Report collated from information provide in the company’s reports and other documents issued directly by the company 1 DRAFT HSBC Holdings plc – Silent Social Report Mission and Policy Statement MISSION AND POLICY STATEMENTS HSBC is a global banking and financial services organisation headquartered in the United Kingdom. (…) We conduct business in a wide variety of social and business cultures and in a broad range of political environments. ......The HSBC Group’s international network comprises some 6,500 offices in 79 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With listings on the London, Hong Kong, New York and Paris stock exchanges, shares in HSBC Holdings plc are held by around 190,000 shareholders in some 100 countries and territories. The HSBC Group is committed to five Core Business Principles: outstanding customer service; effective and efficient operations; strong capital and liquidity; conservative lending policy; strict expense discipline; through loyal and committed employees who make lasting customer relationships and international teamwork easier to achieve. (YL:11) 2 DRAFT HSBC Holdings plc – Silent Social Report Corporate Governance Statement CORPORATE GOVERNANCE STATEMENT The Group is committed to high standards of corporate governance. The Company has complied throughout the year with the provisions of Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong and with the best practice provisions of the Combined Code on corporate governance introduced by the London Stock Exchange. As a commercial organisation, our governing objective is to provide a satisfactory return on shareholders’ capital. We do this by having a talented and motivated staff who offer our customers competitive services and products. We meet our financial obligations, we invest to develop our business for the future; our investments are made primarily on a financial basis, but with regard to the principles and values set out in this document. HSBC has always striven to maintain the highest ethical standards. HSBC codifies its key business principles and values in its Group Standards Manual which is in force throughout our operations. GROUP BUSINESS PRINCIPLES AND VALUES HSBC also operates according to certain Key Business Values: the highest personal standards of integrity at all levels; commitment to truth and fair dealing; hands-on management at all levels; openly esteemed commitment to quality and competence; a minimum of bureaucracy; fast decisions and implementation; putting the Group’s interests ahead of the individual’s; the appropriate delegation of authority with accountability; fair and objective employer; a merit approach to recruitment/selection/promotion; a commitment to complying with the spirit and letter of all laws and regulations wherever we conduct our business; the promotion of good environmental practice and sustainable development and commitment to the welfare and development of each local community. ) These principles and values, which apply throughout the Group’s operations, were affirmed by the Board of Directors of HSBC Holdings plc at its meeting on 26 March 1999. Senior managers of Group companies are responsible for ensuring conformity with these principles and values through employee awareness programmes, Codes of Conduct and operating procedures. In conducting business with due skill, care and diligence, HSBC seeks always to comply with both the letter and the spirit of relevant laws, rules, regulations, codes and standards of good market practice. We address any irregularities that arise promptly, we seek to resolve them promptly in a way that protects our reputation and minimises financial loss. We believe in transparency in our financial and regulatory reporting with swift disclosure of any breaches. BOARD AND COMMITTEE STRUCTURE Board of Directors The objectives of the management structures within the Group, headed by the Board of Directors and led by the Group Chairman, are to deliver sustainable value to shareholders. Implementation of the strategy set by the Board is delegated to the Group Executive Committee under the leadership of the Group Chief Executive. The Board meets regularly and Directors receive information between meetings about the activities of committees and developments in the Group business. All Directors have full and timely access to all relevant information and may take independent professional advice if necessary. Executive Directors, if so authorised by the Board, may accept appointments as non-executive Directors of suitable companies which are not part of the Group. Executive directors normally would be permitted to take on no more than two such appointments. Any remuneration receivable DRAFT 3 HSBC Holdings plc – Silent Social Report Corporate Governance Statement in respect of these appointments is paid to the Group company by which the Executive Director is employed. Board Committees The Board has appointed a number of committees consisting of certain Directors and senior executives. The following are the principal committees: Group Executive Committee (GEC) The Group Executive Committee meets regularly and operates as a general management committee under the direct authority of the Board. Group Audit Committee (GAC) The Group Audit Committee meets regularly with the Group’s senior financial, internal audit and compliance management and the external auditor to consider the Company’s financial reporting, the nature and scope of audit reviews and the effectiveness of the systems of internal control and compliance. Remuneration Committee (RC) The Remuneration Committee meets regularly to consider human resource issues, particularly terms and conditions of employment, remuneration, retirement benefits, development of high potential employees and key succession planning. Nomination Committee (NC) The Nomination Committee carries out the process of nominating candidates to fill vacancies on the Board of Directors. All Directors are subject to election by shareholders at the Annual General Meeting following their appointment and to re-election at least every three years. The Directors, together with their committee membership, offices held and emoluments are: Name Details Other Offices Held Total Emoluments 1999 (£000) Sir John Bond Age 58. Chairman, Institute of International Finance. Fees: 25 Group Chairman Exec. Director 1990. Member, Banking Advisory Group of Salary: 524 GEC, NC Group chief Exec. International Finance Corporation Benefits: 1 1993-1998. Bonuses: 200 Joined HSBC 1961. Total: 750 1998 total: 655 *The Baroness Age 59. Exec Director, John Swire & Sons Limited. Fees: 33 Dunn, DBE Non-exec Director Director, Swire Pacific Limited. Total: 33 Deputy Chairman since 1990. Director, Marconi Plc. 1998 total: 33 Senior Non- Deputy Chairman Executive Director since 1992. RC, NC †Sir Peter Walters Age 68. Non-exec Chairman,SmithKline Beecham Plc. Fees: 30 Deputy Chairman Non-exec Director Non-exec Director, Saatchi & Saatchi Plc. Total: 30 Senior Non- since 1992. 1998 total: 30 Executive Director Deputy Chairman RC,NC since 1993. K R Whitson Age 56. Non-exec Director, Financial Services Authority Fees: 25 Group Chief Exec Director since Salary: 412 Executive 1994. Benefits: 23 GEC Joined HSBC in Bonuses: 160 1961. Total: 620 1998 total: 526 † The Lord Butler, Age 62. Was UK Cabinet Secretary and Home Civil Fees: 25 GCB, CVO Non-exec Director service Head 1988-98. Total: 25 since 1998. Master, University College, Oxford. 1998 total: 17 Non-exec Director, Imperial Chemical Industries † R K F Ch’ien, Age 48. Director, Inchcape Plc. Fees: 141 CBE Non-exec Director Chairman, Inchcape Greater China. Total: 141 since 1998. Chairman, Chinadotcom Corporation. 1998 total: 92 Member, Exec Council Hong Kong SAR. Chairman, Hong Kong Industrial Technology Centre Corporation. Chairman, Hong Kong/Japan Business Co- operation Committee. Member, Economic Advisory Committee to Financial Secretary, Hong Kong SAR. D E Connolly, OBE Age 68. Director, Kowloon-Canton Railway Corporation Fees: 33 GAC Chartered Total: 33 Accountant. 1998 total: 33 Non-exec Director since 1990 DRAFT 4 HSBC Holdings plc – Silent Social Report Corporate Governance Statement W R P Dalton Age 56. Deputy Chairman, The Chartered Institute of Fees: 25 GEC Executive Director Bankers. Salary: 400 since 1998. Non-exec Director, Mastercard International Inc. Benefits: 16 Joined HSBC 1980. Non-exec Director & Chairman, Young Bonuses: (2) Enterprise Limited. Total: 441 1998 total: 415 D G Eldon (3) Age 54. Non-exec Chairman, Hang Seng Bank Ltd. Fees: 20 GEC Exec Director since Non-exec Director, Swire Pacific Limited. Salary: 397 Jan 1999. Non-exec Director, Mass Transit Railway Benefits: 603 Joined HSBC 1968. Corporation Bonuses: (4)94 Total: 1,114 1998 total: - D J Flint Age 44. Member, Urgent Issues Task Force, Accounting Fees: 25 Group Finance Exec Director since Standards Board. Salary: 361 Director 1995. Former Partner KPMG. Benefits: 7 GEC Bonuses: 110 Total: 503 1998 total: 465 † W K L Fung Age 51. Group Managing Director & CEO< Li & Fung Fees: 45 OBE Non-exec Director Limited. Total: 45 RC since 1998. Past Chairman, Hong Kong General Chamber of 1998 total: 30 Commerce. Member, Economic Advisory Committee to Financial Secretary, Hong Kong SAR. Chairman, Hong Kong Committee for Pacific Economic cooperation. S K Green Age 51. Fees: 25 Executive Director, Executive
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