Group Management Board
The GMB meets frequently and exercises the powers, authorities and discretions of the Board in so far as they concern the management and day-to-day running of HSBC Holdings.
The GMB is a key element of our management reporting and control structure such that all of our line operations are accountable either to a member of the GMB or directly to the Group Chief Executive, who in turn reports to the Group Chairman. The Board has set objectives and measures for the GMB. These align senior executives' objectives and measures with the strategy and operating plans throughout HSBC. The members of the GMB are S T Gulliver (Chairman) and I J Mackay, who are executive Directors, and A Almeida, S Assaf, I M Dorner, J M Flint, A M Keir, S A Levey, A M Losada, M M Moses, S P O'Sullivan, B Robertson, and P T S Wong, all of whom are Group Managing Directors.
Group Audit Committee
The Group Audit Committee (GAC) has non-executive responsibility for oversight of and advice to the Board on matters relating to financial reporting and for non-executive oversight of internal controls over financial reporting. The members of the GAC are J D Coombe (Chairman), M K T Cheung, R A Fairhead, R Fassbind and J R Lomax. All members of the Committee are independent non-executive Directors.
Group Risk Committee
The Group Risk Committee (GRC) is responsible for advising the Board on high-level risk-related matters and risk governance and for non-executive oversight of risk management and internal controls (other than over financial reporting). The members of the GRC are R A Fairhead (Chairman), J D Coombe, J Faber, J P Lipsky and J R Lomax, all of whom are independent non-executive Directors.
Group Remuneration Committee
The Group Remuneration Committee is responsible for approving remuneration policy. As part of its role, it considers the terms of annual incentive plans, share plans, other long-term incentive plans and the individual remuneration packages of executive Directors and other senior Group employees, including all in positions of significant influence and those having an impact on our risk profile and in doing so takes into account the pay and conditions across the Group. No Directors are involved in deciding their own remuneration. The members of the Group Remuneration Committee are J L Thornton (Chairman), J D Coombe, R Fassbind and W S H Laidlaw.
The Nomination Committee leads the process for Board appointments, and identifies and nominates candidates, for approval by the Board, with the support of external consultants as appropriate, and satisfies itself that appropriate plans are in place for orderly succession to the Board reflecting an appropriate balance of skills and experience on the Board.
Before recommending an appointment to the Board, the Committee evaluates the balance of skills, knowledge and experience of the Board and, in light of this, and taking into account the needs of the Group's businesses, identifies the role and capabilities required for a particular appointment. Candidates are considered on merit against these criteria. Care is taken to ensure that appointees have enough time to devote to us. Prospective Directors are asked to identify any significant other commitments and confirm they have sufficient time to discharge what is expected of them. The members of the Nomination Committee are Sir Simon Robertson (Chairman), R A Fairhead, J W J Hughes-Hallett and J P Lipsky, all of whom are independent non-executive Directors.
Corporate Sustainability Committee
The Corporate Sustainability Committee is responsible for advising the Board, committees of the Board and executive management on corporate sustainability policies across the Group, including environmental, social and ethical issues.
Corporate Sustainability exists as a global function. Senior executives are charged with implementing sustainable business practice in all major regions through inclusion in the HSBC Global Standards Manual; and, through induction and developmental training. The members of the Corporate Sustainability Committee are L M L Cha (Chairman), a non-executive Director, J W J Hughes-Hallett, a non-executive Director, and Lord May and Dame Mary Marsh, who are co-opted non-director members.
Financial System Vulnerabilities Committee
The Financial System Vulnerabilities Committee (FSVC) has non-executive responsibility for governance, oversight and policy guidance over HSBC's framework of controls and procedures designed to identify areas where HSBC and the financial system more broadly may become exposed to financial crime or system abuse. The FSVC will oversee matters relating to anti-money laundering, sanctions, terrorist financing and proliferation financing, including the establishment, implementation, maintenance and review of adequate policies and procedures sufficient to ensure the continuing obligations to regulatory and law enforcement agencies are met. The members of the FSVC are R A Fairhead (Chairman), J B Comey, Sir Simon Robertson, all of whom are non-executive Directors, and N Fishwick, D Hartnett, W Hughes, L H Schrank and J C Zarate, all of whom are co-opted non-director members.