2023 AGM Poll results, Board and Committee changes

HSBC Holdings PLC
05 May 2023
 

 

 

 

 

 


5 May 2023

(Hong Kong Stock Code: 5)

 

HSBC Holdings plc

 

Poll results of 2023 Annual General Meeting

and

Changes to Board and Committee Composition


1.       Poll Results

Following its Annual General Meeting ("AGM") held today, HSBC Holdings plc (the "Company") announces the results of the poll vote for each of the resolutions set out in the Notice of AGM.

Resolutions 1 to 7, 10 and 13 were passed as ordinary resolutions and resolutions 8, 9, 11, 12, 14 and 15 were passed as special resolutions.

In line with the Board's recommendation, the shareholder-requisitioned resolutions 16, 17 and 18 failed.

The table below shows the votes cast on each resolution.

The Board notes that over 20% of votes cast were against the Board's recommendations in respect of resolutions 2, 3(l), 6, 7, 14 and 15.

In this context, it should be noted that the largest shareholder, Ping An, voted against the Board's recommendations on these resolutions and a number of others. Ping An's votes account for approximately 18-19% of all votes cast at the AGM based on a turnout of around 50%. This turnout is consistent with prior years.

The Board is pleased that a large majority of shareholders voting at the AGM supported HSBC's strategy. The Board and the management team remain focused on executing the strategy and continuing to deliver shareholder value, as demonstrated by the Group's recent Q1 results.

The Board will continue to engage with shareholders in respect of resolutions 2, 3(l), 6, 7, 14 and 15 to ensure their views are understood. In accordance with provision 4 of the UK Corporate Governance Code, the Board will provide an update on this engagement within 6 months of the AGM, as well as a final summary in the Company's 2023 Annual Report.

Mark Tucker, HSBC Group Chairman, said, "I'm delighted that the large majority of HSBC's shareholders have voted overwhelmingly to support the bank's strategy and draw a line under the debate on the structure of the bank. The Board, HSBC colleagues and our shareholders can now move forward with the shared objective of focusing on our customers, driving stronger performance, and creating more value for our investors."

Votes cast on each resolution

 

 

VOTES
FOR

% OF VOTES CAST

VOTES
AGAINST

% OF VOTES CAST

VOTES
TOTAL

% OF ISC VOTED*

 

VOTES
WITHHELD

1. To receive the Annual Report and Accounts 2022

10,233,064,011

99.75

26,084,776

0.25

10,259,148,787

51.35%

120,976,684

2. To approve the Directors' Remuneration Report

8,251,001,243

79.75

2,094,952,768

20.25

10,345,954,011

51.78%

32,990,533

3. (a) To elect Geraldine Buckingham as a       Director

10,322,621,950

99.77

23,841,406

0.23

10,346,463,356

51.79%

33,811,091

3. (b) To elect Georges    Elhedery as a Director

10,317,243,440

99.71

29,645,546

0.29

10,346,888,986

51.79%

33,085,717

3. (c) To elect Kalpana      Morparia as a Director

10,068,760,143

97.57

251,199,068

2.43

10,319,959,211

51.65%

60,207,803

3. (d) To re-elect Rachel    Duan as a Director

10,296,244,867

99.51

50,482,196

0.49

10,346,727,063

51.79%

33,441,275

3. (e) To re-elect Dame Carolyn Fairbairn as a Director

10,243,188,642

99.00

103,135,679

1.00

10,346,324,321

51.79%

33,805,851

3. (f) To re-elect James Forese as a Director

10,320,308,024

99.75

25,924,066

0.25

10,346,232,090

51.79%

33,723,999

3. (g) To re-elect Steven Guggenheimer as a Director

10,295,627,028

99.51

50,646,471

0.49

10,346,273,499

51.79%

33,716,654

3. (h) To re-elect Dr José Antonio Meade Kuribreña as a Director

10,323,137,881

99.78

23,268,007

0.22

10,346,405,888

51.79%

33,495,971

3. (i) To re-elect Eileen Murray as a Director

10,296,576,893

99.52

49,837,914

0.48

10,346,414,807

51.79%

33,438,124

3. (j) To re-elect David Nish as a Director

10,312,988,379

99.68

33,291,993

0.32

10,346,280,372

51.79%

33,378,033

3. (k) To re-elect Noel Quinn as a Director

8,353,076,156

80.72

1,995,697,166

19.28

10,348,773,322

51.80%

31,016,338

3. (l) To re-elect Mark E Tucker as a Director

8,254,853,196

79.77

2,093,442,464

20.23

10,348,295,660

51.80%

31,202,120

4.    To re-appoint PricewaterhouseCoopers LLP as Auditor of the Company

10,260,407,546

99.11

91,855,105

0.89

10,352,262,651

51.82%

27,591,360

5.    To authorise the Group Audit Committee to determine the remuneration of the Auditor

10,325,937,070

99.76

24,936,324

0.24

10,350,873,394

51.81%

29,054,393

6.    To authorise the Company to make political donations

8,213,557,645

79.96

2,058,994,772

20.04

10,272,552,417

51.42%

107,281,878

7.    To authorise the Directors to allot shares

8,097,079,990

78.23

2,252,699,705

21.77

10,349,779,695

51.80%

30,073,594

8.    To disapply pre-emption rights (special resolution)

8,431,876,147

81.52

1,910,866,604

18.48

10,342,742,751

51.77%

36,906,366

9.    To further disapply pre-emption rights for acquisitions (special resolution)

8,333,746,174

80.57

2,009,297,269

19.43

10,343,043,443

51.77%

36,635,153

10.  To authorise the Directors to allot any repurchased shares

8,310,408,680

80.31

2,037,526,674

19.69

10,347,935,354

51.79%

31,741,719

11.  To authorise the Company to purchase its own ordinary shares (special resolution)

10,246,142,306

98.99

104,600,696

1.01

10,350,743,002

51.81%

28,948,464

12. To approve the form of share repurchase contract (special resolution)

10,250,057,120

99.06

96,964,488

0.94

10,347,021,608

51.79%

32,555,084

13.  To authorise the Directors to allot equity securities in relation to Contingent Convertible Securities

8,357,283,619

80.78

1,987,978,980

19.22

10,345,262,599

51.78%

34,354,644

14.  To disapply pre-emption rights in relation to the issue of Contingent Convertible Securities (special resolution)

8,244,663,916

79.71

2,098,793,894

20.29

10,343,457,810

51.77%

36,022,719

15. To call general meetings (other than an AGM) on 14 clear days' notice (special resolution)

7,937,949,564

76.70

2,411,828,197

23.30

10,349,777,761

51.80%

29,210,963

16.  Shareholder requisitioned resolution: Midland Bank defined benefit pension scheme (special resolution)

328,614,188

3.19

9,988,150,427

96.81

10,316,764,615

51.64%

62,957,322

17. Shareholder requisitioned resolution: Strategy Review (special resolution)

2,045,731,221

19.78

8,298,913,938

80.22

10,344,645,159

51.78%

40,277,868

18. Shareholder requisitioned resolution: Dividend Policy (special resolution)

1,984,613,026

19.20

8,354,492,685

80.80

10,339,105,711

51.75%

45,924,209

* based on total issued share capital (the "ISC") (excluding 325,273,407 ordinary shares held in treasury) as at 12.01am (London time) on Thursday 4 May 2023.


2.        Changes to Board and Committee Composition

Jackson Tai retired from the Board at the conclusion of the AGM. For the purposes of section 430(2B) of the Companies Act 2006, he will receive his pro-rata entitlement to non-executive director fees for the month of May 2023 and is not entitled to any payments for loss of office.

The following changes to the Committee structure took effect from the conclusion of the AGM:

·    Jackson Tai stepped down from the Committees of which he was a member following his retirement from the Board;

·    James Forese succeeded Jackson Tai as Chair of the Group Risk Committee;  

·   James Forese also stepped down as a member of the Group Remuneration Committee and was appointed as a member of the Group Audit Committee; and

·    Eileen Murray was appointed as a member of the Group Remuneration Committee.

Accordingly, at the conclusion of the 2023 AGM, the composition of the principal Board Committees will be as follows:

Group Audit Committee

Group Risk Committee

Group Remuneration Committee

Nomination & Corporate Governance Committee

David Nish (Chair)

Rachel Duan

James Forese

Eileen Murray

James Forese (Chair)

Geraldine Buckingham

Dame Carolyn Fairbairn

Steven Guggenheimer

Kalpana Morparia

David Nish

 

Dame Carolyn Fairbairn (Chair)

Geraldine Buckingham

Rachel Duan

Dr José Antonio Meade Kuribreña

Eileen Murray

Mark Tucker (Chair)

Geraldine Buckingham

Rachel Duan

Dame Carolyn Fairbairn

James Forese

Steven Guggenheimer

Dr José Antonio Meade Kuribreña

Kalpana Morparia

Eileen Murray

David Nish

 

3.         Other

·    Computershare Investor Services PLC, the Company's Share Registrar, acted as scrutineer of the poll on all resolutions.

·    A copy of the resolutions passed at the AGM (other than resolutions concerning ordinary business) has been submitted to the UK Financial Conduct Authority for publication, and will shortly be available for inspection via the National Storage Mechanism which is located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

·    As at 12.01am (London time) on Thursday 4 May 2023, the total number of issued ordinary shares of US$0.50 each entitling the holders to attend and vote on all the resolutions at the AGM was 19,978,794,575, which excludes 325,273,407 ordinary shares held in treasury. A 'vote withheld' is not a vote in law and is therefore not counted in the calculation of the proportion of the votes 'for' and 'against' a resolution.

·    In accordance with Rule 13.39(5A) of the Hong Kong Listing Rules all Directors attended the AGM.

·   In accordance with Rule 13.40 of the Hong Kong Listing Rules there were no shares entitling the holder to attend and abstain from voting in favour of any of the resolutions. No shareholder was required under the Hong Kong Listing Rules to abstain from voting.

 

As at the time of this announcement, the following are Directors of the Company: Mark Tucker*, Noel Quinn, Geraldine Buckingham, Rachel Duan, Georges Elhedery, Carolyn Julie Fairbairn, James Anthony Forese, Steven Guggenheimer, José Antonio Meade Kuribreña, Kalpana Morparia, Eileen K Murray and David Nish.

 

 

* Non-executive Group Chairman

Independent non-executive Director

 

For and on behalf of

HSBC Holdings plc

 

Aileen Taylor

Group Company Secretary and Chief Governance Officer

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