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Annual Report and Accounts 2009

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Annual Report and Accounts 2009 HSBC Holdings plc Annual Report and Accounts 2009 Strong, steadfast, sustainable www.hsbc.com HSBC HOLDINGS PLC Annual Report and Accounts 2009 Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. Its international network comprises some 8,000 properties in 88 countries and territories in Europe; Hong Kong; Rest of Asia-Pacific; the Middle East; North America and Latin America. With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by over 220,000 shareholders in 121 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Shares. HSBC provides a comprehensive range of financial services to more than 100 million customers through four customer groups and global businesses: Personal Financial Services (including consumer finance); Commercial Banking; Global Banking and Markets; and Private Banking. Certain defined terms Unless the context requires otherwise, ‘HSBC Holdings’ means HSBC Holdings plc and ‘HSBC’ or the ‘Group’ means HSBC Holdings together with its subsidiaries. Within this document the Hong Kong Special Administrative Region of the People’s Republic of China is referred to as ‘Hong Kong’. When used in the terms ‘shareholders’ equity’ and ‘total shareholders’ equity’, ‘shareholders’ means holders of HSBC Holdings ordinary shares and those preference shares classified as equity. This document comprises the Annual Report and Accounts 2009 for HSBC Holdings plc and its subsidiaries. It contains the Report of the Directors and Financial Statements, together with the Independent Auditor’s Report thereon, as required by the UK Companies Act 2006. The Annual Review 2009 of HSBC Holdings plc is published as a separate document. The Report of the Directors on pages 12 to 333 and the Directors’ Remuneration Report on pages 334 to 348 have each been drawn up in accordance with the requirements of English law, and liability in respect thereof is also governed by English law. In particular, the liability of the Directors for these reports is solely to HSBC Holdings. HSBC HOLDINGS PLC Contents Financial Highlights ...................................................................................................................................................................... 2 Cautionary Statement Regarding Forward-Looking Statements ................................................................... 6 Group Chairman’s Statement ................................................................................................................................................ 8 Report of the Directors ............................................................................................................................................................... 12 Operating and Financial Review Principal activities ................................................................ 12 Group performance by income and expense item ......... 26 Strategic direction ................................................................. 12 Consolidated balance sheet ........................................... 42 Challenges and uncertainties ................................................ 12 Critical accounting policies .................................................. 61 Key performance indicators ................................................. 18 Customer groups and global businesses1 ............................. 66 Reconciliation of reported and underlying profit ................. 21 Geographical regions1 .......................................................... 85 Financial summary1 .............................................................. 23 Products and services ........................................................... 145 Consolidated income statement ..................................... 23 Other information ................................................................. 147 Impact of Market Turmoil Background and disclosure policy ....................................... 151 Nature and extent of HSBC’s exposures ............................. 157 Overview of exposure ........................................................... 152 Fair values of financial instruments ..................................... 166 Business model ..................................................................... 156 Special purpose entities ........................................................ 181 Risk management .................................................................. 157 Other off-balance sheet arrangements and commitments .... 194 Accounting policies .............................................................. 157 Risk1 Regulation and supervision .................................................. 196 Operational risk .................................................................... 262 Risk management .................................................................. 199 Pension risk .......................................................................... 263 Credit risk ............................................................................. 201 Reputational risk .................................................................. 263 Liquidity and funding ........................................................... 244 Sustainability risk.................................................................. 264 Market risk ............................................................................ 250 Risk management of insurance operations .......................... 265 Residual value risk ............................................................... 261 Capital management and allocation ..................................... 285 Governance1 Corporate governance report ................................................ 294 Corporate sustainability ....................................................... 326 Directors and senior management ........................................ 294 Share capital ......................................................................... 328 Board of Directors ................................................................ 302 Dividends, shareholders and meetings ................................. 331 Employees ............................................................................. 318 Directors’ Remuneration Report1 ......................................................................................................................................... 334 Statement of Directors’ Responsibilities ......................................................................................................................... 349 Independent Auditor’s Report ............................................................................................................................................... 350 Financial Statements1 .................................................................................................................................................................. 352 Notes on the Financial Statements .................................................................................................................................... 365 Shareholder Information ........................................................................................................................................................... 472 Enforceability of judgements made in the US ..................... 472 Memorandum and Articles of Association .......................... 476 Limitations affecting equity security holders ....................... 472 Annual General Meeting ...................................................... 477 Fourth interim dividend for 2008 ......................................... 472 Interim Management Statements and Interim Results ......... 478 Fourth interim dividend for 2009 ......................................... 472 Shareholder enquiries and communications ........................ 478 Interim dividends for 2010 ................................................... 473 Investor relations .................................................................. 479 Dividends on ordinary shares of HSBC Holdings ............... 473 Where more information about HSBC is available ............. 480 American Depositary Shares ................................................ 474 Taxation of shares and dividends ......................................... 480 Nature of trading market ....................................................... 475 History and development of HSBC ..................................... 482 Shareholder profile ............................................................... 476 Organisational structure ....................................................... 484 Glossary and Index ....................................................................................................................................................................... 485 1 Detailed contents are provided on the referenced pages. 1 HSBC HOLDINGS PLC Financial Highlights Highlights / Ratios For the year • Total operating income down by 11 per cent to US$78,631 million (2008: US$88,571 million). • Net operating income before loan impairment charges and other credit risk provisions down by 19 per cent to US$66,181 million (2008: US$81,682 million). • Underlying group pre-tax profit up by US$15,308 million to US$13,286 million. • Group pre-tax profit down by 24 per cent to US$7,079 million (2008: US$9,307 million).
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