Alt+0 to show this section, Tab to navigate forward, Shift+Tab key to navigate backward, Enter to access link, and Esc to reset

Press tab key to access skip links section. Press Alt+0 to access it anytime.

25 May 2012

AGM: HSBC's Group Chairman and CEO update shareholders

More than 450 HSBC shareholders learned about the bank's achievements and the challenges it faces as Group Chairman Douglas Flint and Group Chief Executive Stuart Gulliver spoke at HSBC's Annual General Meeting (AGM) in London.

Several themes came through - progress on our strategy and the opportunities ahead, regulatory issues, our standards and, of course, our performance.

Questions from shareholders touched on these subjects and other issues, including the eurozone and the remuneration report, which was backed by nearly 90 per cent of shareholders.
Both leaders touched upon the subject of responsibility throughout their presentations.

"We recognise that we have responsibilities not only towards our customers, employees and shareholders but also to the countries and communities in which we operate, and to the generations that follow us," Group Chairman Douglas Flint said. "Those responsibilities go far wider than simply being profitable."
Calling progress in the first year of the ambitious three-year strategy to reshape HSBC "encouraging", Group Chief Executive Stuart Gulliver said the strategic priorities for the year ahead are to simplify, restructure and grow.

"We are getting the bank into shape. And we've identified where we want to be for the future - first and foremost our two home markets of the UK and Hong Kong, and our 20 priority growth markets."

Simplifying the bank, both Stuart and Douglas noted, will help the bank to uphold consistent standards across the organisation. It is in the bank's own long-term interests to abide by the highest standards, Stuart stressed: "We believe in doing the right thing for its own sake but when the costs of failing to live up to our values can include regulatory fines, compensation, and lasting damage to our brand and reputation, it is also vital for protecting the value of your investment."

Read Douglas' and Stuart's statements in full.

Related content

HSBC Holdings plc Annual Results 2011

27 Feb 2012

Reported profit before tax US$21.9bn, up 15% on 2010, including…

HSBC Holdings plc - Interim Management Statement

08 May 2012

HSBC Holdings plc will be conducting a trading update conference call with …