This announcement is made in compliance with section 430(2B) of the Companies Act 2006.
Douglas Flint retires from the Board of the Company on 30 September 2017.
Douglas will continue to be paid his salary and pension allowance (amounting in aggregate to £487,500), and receive his contractual benefits (amounting in aggregate to a value of £24,068), until he ceases to be employed by the Company on 31 December 2017 (the Retirement Date).
In December 2017 Douglas will receive a payment of £377,500 from the Company in lieu of his salary and pension allowance for the period from the Retirement Date to 11 March 2018 (being the remainder of Douglas’ contractual notice period) and a payment of £180,000 in lieu of unused holiday entitlement up to the Retirement Date.
In accordance with the terms of the directors’ remuneration policy, Douglas will also receive medical coverage (amounting to £10,431 p.a. at current rates) for a period of up to seven years from the Retirement Date.
Douglas will receive no compensation or payment for his ceasing to be a director of the Company.
The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,492bn at 30 June 2017, HSBC is one of the world’s largest banking and financial services organisations.