22 October 2024
HSBC HOLDINGS
PLC
HSBC ANNOUNCES
APPOINTMENT OF PAM KAUR AS GROUP CHIEF FINANCIAL OFFICER
(GCFO)
HSBC Holdings plc ('HSBC', the
'Company' or the 'Group') announces the appointment of Pam Kaur as
Group Chief Financial Officer (GCFO) and an Executive Director of
the Board of Directors (the 'Board') effective 1 January
2025.
Pam, who joined the Group in April
2013 as Group Head of Audit, is currently Group Chief Risk and
Compliance Officer (GCRCO). She is a highly experienced financial
services executive with almost 40 years' experience having worked
in the UK and the US for British, American and German
Banks.
A qualified chartered accountant,
Pam has strong technical knowledge and experience in treasury,
capital, balance sheet and risk management. She has served on the
Group Executive Committee for over a decade and brings a global
perspective and an appreciation of the strategic challenges and
opportunities, locally and globally, facing the banking industry in
general and HSBC in particular.
Jon Bingham, interim GCFO, will
resume his role of Global Financial Controller.
Sir Mark Tucker, HSBC Group
Chairman, said: "I would like to congratulate Pam on her
appointment as GCFO. She is highly respected and well known to the
Board and was the unanimous choice. I wish Pam every success
in her new role and thank Jon for his excellent support as interim
GCFO."
HSBC Group Chief Executive, Georges
Elhedery, said: "We had a strong bench of internal and external
candidates to choose from and Pam was the exceptional candidate to
recommend to the Board. I look forward to partnering with her for
the next stage of the Bank's growth and development. I would also
like to thank Jon for his outstanding support during the interim
period."
We will update on Mrs Kaur's
successor as Group Chief Risk and Compliance Officer in due
course.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Company Secretary
HSBC Holdings plc
Registered Office and Group Head Office:
8 Canada Square, London E14 5HQ,
United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered in
England: number 617987
Supplementary information
Pam Kaur, aged 60, joined HSBC in
April 2013. She is currently the Group Chief Risk and Compliance
Officer. Her appointment as an Executive Director of the Board is
subject to election at the next annual general meeting of the
Company.
Mrs Kaur's remuneration as Executive
Director and Group Chief Financial Officer of the Company under her
service contract will consist of a base salary of £803,000 per
annum, a fixed pay allowance of £1,085,000 per annum and a pension
allowance of £80,300 per annum equal to 10% of her base salary. She
will receive benefits in accordance with the approved Directors'
Remuneration Policy.
Mrs Kaur is eligible to be
considered for discretionary variable pay that consists of an
annual incentive award up to a maximum value of 215% of base
salary, and a long-term incentive award up to a maximum of 320% of
base salary. This is determined by the Group Remuneration Committee
with reference to the performance of the Company and her personal
performance, in accordance with the terms of the Directors'
Remuneration Policy approved at the 2022 Annual General
Meeting.
The Company's current Directors'
Remuneration Policy expires at the 2025 AGM. The Group Remuneration
Committee is currently engaging with major shareholders on a
revised policy, which, subject to approval by shareholders at the
2025 AGM, will apply to both Executive Directors of the
Company.
Mrs Kaur does not have any
relationships with any directors, senior management, substantial or
controlling shareholders of the Company. As at the date of this
announcement, Mrs Kaur has interests in 1,960,245 shares of the
Company, representing approximately 0.01% of the issued shares of
the Company, within the meaning of Part XV of the Securities and
Futures Ordinance of Hong Kong.
There are no matters relating to the
appointment of Mrs Kaur that need to be disclosed pursuant to
Listing Rule 6.4.8(2) to (6) of the Listing Rules of the Financial
Conduct Authority. Save as disclosed above and in the Appendix,
there is no other information required to be disclosed pursuant to
Rule 13.51(2) of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited.
Note to editors:
1.
Professional qualifications of Mrs Kaur
1989: Fellow, The
Institute of Chartered Accountants in England and Wales
1986: MBA, Finance -
Punjab University, India
1984: BCom Hons,
Accountancy - Punjab University, India
2.
HSBC career history and other appointments of Mrs
Kaur
2021 - date:
Group Chief Risk and Compliance Officer,
HSBC
2020 - 2021:
Group Chief Risk Officer, HSBC
2019 - 2020: Head
of Wholesale Market and Credit Risk, HSBC
2013 - 2019:
Group Head of Internal Audit, HSBC
2023 - date:
Non-executive Director, The Hongkong and
Shanghai Banking Corporation Limited
2022 - date:
Non-executive Director, abrdn
plc
3.
Board of Directors
The Board of Directors of HSBC
Holdings plc as at the date of this announcement
comprises:
Sir Mark Edward Tucker*, Georges
Bahjat Elhedery, Geraldine Joyce Buckingham†, Rachel
Duan†, Dame Carolyn Julie Fairbairn†, James
Anthony Forese†, Ann Frances Godbehere†,
Steven Craig Guggenheimer†, Dr José Antonio Meade
Kuribreña†, Kalpana Jaisingh Morparia†,
Eileen K Murray†, Brendan Robert Nelson† and
Swee Lian Teo†.
*
Non-executive Group Chairman
† Independent non-executive
Director
4.
HSBC Holdings plc
HSBC Holdings plc, the parent
company of HSBC, is headquartered in London. HSBC serves customers
worldwide from offices in 60 countries and territories. With assets
of US$2,975bn at 30 June 2024, HSBC is one of the world's largest
banking and financial services organisations.
Media enquiries to:
Heidi
Ashley +44 (0) 7920
254057
heidi.ashley@hsbc.com