FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the
month of March
HSBC Holdings plc
42nd
Floor, 8 Canada Square, London E14 5HQ, England
(Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form
20-F X Form 40-F
(Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934).
Yes
No X
(If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
).
HSBC HOLDINGS PLC
2019 DIRECTORS' REMUNERATION POLICY (the '2019
Policy')
In advance of its 2019 Annual General Meeting ('2019 AGM'), HSBC
Holdings plc (the 'Company') wishes to clarify for
shareholders certain aspects of the 2019 Policy, as set out in the
2018 Annual Report & Accounts, which will be subject to a
binding shareholder vote at the 2019 AGM to be held on Friday, 12
April 2019.
The Group Remuneration Committee ('RemCo') has engaged with a
number of its key shareholders regarding the remuneration policy
for the executive directors. This dialogue has taken into account
recent developments in market practice and shareholder
expectations, with the aim of ensuring that the policy is
considered by reference to the pension contribution available for
the majority of the UK workforce.
The RemCo has carefully considered this feedback and wishes to now
clarify that for any new executive director, the cash in lieu of
pension allowance will reduce to 10% of base salary from its
current level of 30%, as set out in the 2019 Policy. Although the
current executive directors are compensated under the provisions of
the directors' remuneration policy approved by shareholders in
2016, they have asked that their own arrangements in respect of the
pension allowance are also brought into line with the level set out
above.
The RemCo has therefore agreed to apply this change to the pension
contribution element in respect of both the existing executive
directors and any new executive director under the 2019 Policy. The
Chair of the RemCo, Pauline van der Meer Mohr, commented: "Today we
are announcing an important clarification of our new remuneration
policy to reduce executive director pension contributions following
consideration of emerging market practice. We have consulted
closely with shareholders and listened to their views. Our guiding
principle has been to create a policy that is simple, transparent
and in the interests of all stakeholders. We believe this is the
right thing to do for the business, for our employees and for our
shareholders. I would like to express the Committee's appreciation
for the engagement by our shareholders on this issue and, in
particular, the request made by the current executive directors to
conform their pension allowance with the new remuneration
policy."
The 2018 Annual Report & Accounts and the 2019 AGM Notice are
available on the Company's website at https://www.hsbc.com
Ben J S Mathews
Group Company Secretary
HSBC Holdings plc
Media enquiries to:
Note to editors:
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide
across 66 countries and territories in Europe, Asia, North and
Latin America, and the Middle East and North Africa. With assets of
US$2,558bn at 31
December 2018, HSBC is one of the world's largest banking and
financial services organisations.
ends/all
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
HSBC
Holdings plc
|
|
|
|
|
|
By:
|
|
|
Name:
Ben J S Mathews
|
|
|
Title:
Group Company Secretary
|
|
|
|
|
|
Date:
15 March
2019
|