Board committees

Committees are smaller groups with authority delegated by the full Board on specific matters within the remit of the Board. Each standing committee is chaired by a non-executive Board member.

Members: Jonathan Symonds (Chairman), Kathleen Casey, David Nish and Jackson Tai.

All members of the Committee are independent non-executive Directors.

The Group Audit Committee (GAC) has non-executive responsibility for:

  • Monitoring the integrity of financial statements;
  • Overseeing the internal controls systems relating to financial reporting;
  • Monitoring and reviewing the effectiveness of the Global Internal Audit function;
  • Reviewing the Company’s financial and accounting policies and practices;
  • Oversight and remuneration of the external auditor and making recommendations to the Board on the appointment of the external auditor;
  • Reviewing with management steps for recovery and resolution planning.

Members: Jack Tai (Chairman), Heidi Miller, Jonathan Symonds and Pauline van der Meer Mohr.

All members of the Committee are independent non-executive Directors.

The Group Risk Committee (GRC) has non-executive responsibility for:

  • Advising the Board on high-level risk-related matters and risk governance, including current and forward looking risk exposures, future risk strategy and management of risk within the Group;
  • Advising the Board on risk appetite and risk tolerance;
  • Reviewing the effectiveness of the Group’s risk management framework and internal control systems (other than internal financial control systems which is the responsibility of the GAC);
  • Monitoring executive control and management of risk including top and emerging risks;
  • Oversight of matters relating to HSBC’s information security environment and cyber security framework; and
  • Advising the Group Remuneration Committee on the alignment of remuneration with risk appetite.

Members: Lord Evans of Weardale (Chairman), Jack Tai and Laura Cha, who are independent non-executive Directors.

Nick Fishwick, Dave Hartnett, Lord Hogan-Howe, David Irvine, John Raine and Juan Zarate, who are co-opted non-director members.

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;
  • Oversight of matters relating to anti-money laundering, sanctions, terrorist financing, proliferation financing and anti-bribery and corruption, 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 and oversight of implementation of the actions necessary to build assurance in these areas; and
  • Providing a forward-looking perspective to the Board on financial crime risk.

Members: Pauline van der Meer Mohr (Chair), Henri de Castries, David Nish and Irene Lee.

All members of the Committee are independent non-executive Directors.

The Group Remuneration Committee has non-executive responsibility for:

  • Making recommendations to the Board, for approval by shareholders, on the remuneration policy of the Company;
  • Setting the over-arching principles, parameters and governance framework of the Group’s remuneration policy;
  • Approving the remuneration of executive Directors and other senior Group employees;
  • Regularly reviewing the effectiveness of the remuneration policy of the Company and its subsidiaries in the context of consistent and effective risk management.

No Directors are involved in deciding their own remuneration.

Members: Mark E Tucker (Chairman), Laura Cha, Jonathan Symonds, Pauline van der Meer Mohr, Kathleen Casey, Henri de Castries, Lord Evans of Weardale, Irene Lee, Heidi Miller, David Nish and Jack Tai.

All members of the Committee are independent non-executive Directors.

The Nomination & Corporate Governance Committee has non-executive responsibility for:

  • Leading the process for Board appointments and for identifying and nominating, for approval by the Board, candidates for appointment to the Board and its Committees;
  • Considering and approving appointments to the boards of directors of HSBC principal subsidiaries;
  • Giving full consideration to succession planning for Board members and other senior executives;
  • Overseeing and monitoring the corporate governance framework of the Company and its subsidiaries and making recommendations to the Board to ensure that the framework is consistent with best corporate governance standards and practices.

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Operating with high standards of conduct is central to our long-term success. We have processes, policies and a culture designed to ensure fair outcomes for customers and protect the integrity of financial markets.

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