31st Jan 2008 10:40
HSBC Holdings PLC31 January 2008 HSBC HOLDINGS PLC BOARD APPOINTMENT Vincent Cheng Hoi Chuen (59) has been appointed an executive Director of HSBCHoldings plc with effect from 1 February 2008. Mr Cheng, MPhil, BSocSc, joined the HSBC Group in 1978 and was appointed a GroupManaging Director in 2005. He is Chairman of The Hongkong and Shanghai BankingCorporation Limited, having been appointed a Director in 1995. He is Chairman ofHSBC Bank (China) Company Limited and HSBC Investments (Hong Kong) Limited and aDirector of HSBC Bank Australia Limited. Mr Cheng is a Director of Great Eagle Holdings Limited and a Member of theExchange Fund Advisory Committee of the Hong Kong Monetary Authority. He wasDeputy Chairman and Chief Executive Officer of Hang Seng Bank Limited from 1998to 2005. He was a Director of Swire Pacific Limited from 2005 to 31 January 2008and a Member of the Hong Kong Government's highest policy-making body, theExecutive Council, from 1995 to 1997. Stephen Green, HSBC Group Chairman, said: "I am delighted to welcome Vincent tothe HSBC Board where his expertise and deep knowledge of Asia will be aninvaluable asset. As Chairman for our Asia operations, overseeing over 19countries and territories in the region, he has cemented HSBC's position as thenumber one international bank in Asia. It is rare to find someone who brings 30years business experience, particularly in mainland China and Hong Kong, and isalso an expert public policy adviser and economist. "Asia remains the heartbeat of HSBC and the linchpin of our emerging marketsstrategy. It is therefore entirely fitting that the region should be directlyrepresented at the highest level of HSBC, on the main Board." Mr Cheng's appointment shall be subject to re-election by shareholders at the2008 Annual General Meeting. Under his service contract, Mr Cheng receives abasic annual salary of HK$7,500,000 and is eligible for a discretionary annualcash bonus and long-term incentive award. Remuneration policy for executiveDirectors is intended to provide competitive rates of base salary but with thepotential for the majority of the value of the remuneration package to bedelivered in the form of both short and long-term incentives. Cash bonuses forexecutive Directors are based primarily upon performance measured against anumber of key financial and non-financial targets for the Group. The vesting ofPerformance Shares awarded under the long-term incentive plan is based on twoindependent measures, relative Total Shareholder Return and earnings per share.The performance conditions for Performance Share awards are measured over athree-year performance period and awards forfeited to the extent that theperformance conditions have not been met. Mr Cheng has been a member of the Group Management Board of HSBC Holdings plcsince 2005. The Group Management Board is chaired by M F Geoghegan, the GroupChief Executive of HSBC Holdings plc, and D J Flint, the Group Finance Directorof HSBC Holdings plc, is a member. Baroness Dunn, W K L Fung, M F Geoghegan, S KGreen and J W J Hughes-Hallett are Directors of HSBC Holdings plc who are, orpreviously served as, Directors of The Hongkong and Shanghai Banking CorporationLimited, of which Mr Cheng is Chairman. A A Flockhart and S T Gulliver, GroupManaging Directors of HSBC Holdings plc, are also Directors of The Hongkong andShanghai Banking Corporation Limited. Baroness Dunn and J W J Hughes-Hallett areDirectors of Swire Pacific Limited, of which Mr Cheng was also a Director from2005 to 31 January 2008. There are no substantial or controlling shareholders of HSBC Holdings plc. Mr Cheng has a beneficial interest in 241,469 ordinary shares of HSBC Holdingsplc and holds a further interest in 408,022 conditional long-term incentiveawards of Performance Shares under the Restricted Share Plan and The HSBC SharePlan. He also has an interest in 3,070 share options under the HSBC HoldingsSavings-Related Share Option Plan: International. Save as disclosed above there is no other information required to be disclosedpursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities onthe Stock Exchange of Hong Kong Limited. There are no matters relating to the appointment of Mr Cheng that need to bedisclosed pursuant to Listing Rule 9.6.13(2) to (6) of the Listing Rules of theFinancial Services Authority. Biographical details about Mr Cheng are stated below. The Board of Directors of HSBC Holdings plc as at the date of this announcementare: S K Green, Baroness Dunn*, Sir Brian Moffat*, M F Geoghegan, Lord Butler*,J D Coombe+, J L Duran+, R A Fairhead+, D J Flint, W K L Fung*, J W JHughes-Hallett+, W S H Laidlaw+, Sir Mark Moody-Stuart+, G Morgan+, S W Newton+,S M Robertson+ and Sir Brian Williamson+. * Non-executive Director+ Independent non-executive Director For and on behalf ofHSBC Holdings plcR G BarberGroup Company Secretary31 January 2008 Note to editors: HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through around10,000 offices in 83 countries and territories in Europe, the Asia-Pacificregion, the Americas, the Middle East and Africa. With assets of some US$2,150billion at 30 June 2007, HSBC is one of the world's largest banking andfinancial services organisations. HSBC is marketed worldwide as 'the world'slocal bank'. BIOGRAPHY OF VINCENT CHENG Vincent Cheng Hoi Chuen has been Chairman of The Hongkong and Shanghai BankingCorporation Limited since May 2005, and Chairman of HSBC Bank (China) CompanyLimited since March 2007. Mr Cheng joined the HSBC Group in 1978 when he worked in the Group Financedepartment of The Hongkong and Shanghai Banking Corporation. He moved to theGroup Planning department in 1982, before he was appointed Chief Economist in1986. In April 1989, Mr Cheng was seconded to the Hong Kong Government's CentralPolicy Unit and served as an adviser to the Governor of Hong Kong for two years.He rejoined HSBC in 1992 as Senior Manager, Economic and Strategic Research,before becoming the bank's Chief Financial Officer in 1994. He took up the postof General Manager in June 1995 and then Executive Director in November thatsame year. Mr Cheng was appointed Vice-Chairman and Chief Executive of Hang Seng Bank in1998, and became Chairman of The Hongkong and Shanghai Banking CorporationLimited on 25 May 2005. Mr Cheng was also named Chairman of HSBC Bank (China)Company Limited when the company was locally incorporated in mainland China on29 March 2007. In January 2008, Mr Cheng was appointed a member of the National Committee ofthe 11th Chinese People's Political Consultative Conference (CPPCC), and asenior advisor to the 11th Beijing Municipal Committee of the CPPCC. Hisprevious government advisory roles have included Member of the Executive Council(the Hong Kong Government's highest policy-making body) from 1995 to 1997 and aHong Kong Affairs Adviser to the People's Republic of China from 1994 to 1997.He was also a Member of the Legislative Council of the Hong Kong Government from1991 to 1995. His current public service duties include serving as Chairman of the StandingCommittee on Directorate Salaries and Conditions of Service for the Governmentof the Hong Kong Special Administrative Region and Member of the Exchange FundAdvisory Committee of the Hong Kong Monetary Authority. He is also HonoraryPresident of the Hong Kong Society for Rehabilitation. In December 2005, Mr Cheng was conferred the degree of Doctor of Social Science,honoris causa, by The Chinese University of Hong Kong and the degree of Doctorof Business Administration, honoris causa, by The Open University. In July 2005,Mr Cheng was awarded the Gold Bauhinia Star by the Government of the HKSAR forhis distinguished community service. Mr Cheng was educated in Hong Kong and in New Zealand, receiving his Bachelor ofSocial Science degree in Economics from The Chinese University of Hong Kong anda Master of Philosophy degree in Economics from The University of Auckland. Mr Cheng is married with two daughters. 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