HSBC 2001 Annual Report Download - page 140

HSBC HOLDINGS PLC
Report of the Directors (continued)
138
Banque du Louvre
shares of no par value
Date of award
Exercise
price()
Exercisable
from
Exercisable
until
Options at
1 January
2001
Options
awarded
during year
Options
exercised
during year
Options
lapsed
during year
Options at
31 December
2001
31 Mar 1999 68.65 1 Jul 2000 31 Mar 2009 43,750  20,750 5,400 17,600
7 Sep 2001 154.75 7 Sep 2005 7 Oct 2007  78,600   78,600
Sinopia Asset Management
shares of €0.5 each
Date of award
Exercise
price()
Exercisable
from
Exercisable
until
Options at
1 January
2001
Options
exercisable
during year
Options
lapsed
during year
Options at
31 December
2001
24 Jun 1997 6.13 24 Jun 2002 24 Dec 2002 91,200   91,200
18 Mar 1998 8.61 18 Mar 2003 18 Sep 2003 94,400   94,400
22 Mar 1999 21.85 22 Mar 2004 22 Sep 2004 87,500  6,500 81,000
15 Oct 1999 18.80 15 Oct 2004 15 Apr 2005 45,000   45,000
18 Feb 2000 18.66 18 Feb 2005 18 Aug 2005 126,000  5,500 120,500
Valuation of freehold and leasehold
land and buildings
HSBCs freehold and long leasehold properties,
together with all leasehold properties in the Hong
Kong SAR, were revalued in September 2001 in
accordance with HSBCs policy of annual valuation.
As a result of this revaluation, the net book value of
land and buildings has decreased by US$271 million.
Further details are included in Note 25 of the
Notes on the Financial Statements.
Board of Directors
The objectives of the management structures within
HSBC, headed by the Board of Directors of HSBC
Holdings and led by the Group Chairman, are to
deliver sustainable value to shareholders.
Implementation of the strategy set by the Board is
delegated to the Group Executive Committee under
the leadership of the Group Chief Executive.
The Board meets regularly and Directors receive
information between meetings about the activities of
committees and developments in HSBCs business.
All Directors have full and timely access to all
relevant information and may take independent
professional advice if necessary.
The Directors who served during the year were
Sir John Bond, Baroness Dunn, Sir Brian Moffat, Sir
Peter Walters, K R Whitson, Lord Butler, R K F
Chien, D E Connolly, C F W de Croisset, W R P
Dalton, D G Eldon, D J Flint, W K L Fung, S K
Green, S Hintze, A W Jebson, Sir John Kemp-
Welch, Lord Marshall, C Miller Smith, Sir Mark
Moody-Stuart, M Murofushi, C E Reichardt, H
Sohmen and Sir Adrian Swire.
Sir Peter Walters and D E Connolly retired on
25 May 2001; C Miller Smith retired on 31
December 2001.
S Hintze and Sir Mark Moody-Stuart were
appointed Directors on 1 March 2001.
Sir John Bond, D G Eldon, D J Flint, Lord
Marshall, M Murofushi, C E Reichardt and Sir
Adrian Swire will retire by rotation at the
forthcoming Annual General Meeting. With the
exception of M Murofushi, C E Reichardt and Sir
Adrian Swire, who will retire, they offer themselves
for re-election.
Brief biographical particulars for each Director
are set out on pages 127 to 129.
None of the Directors had, during the year or at
the end of the year, a material interest, directly or
indirectly, in any contract of significance with HSBC
Holdings or any of its subsidiary undertakings.
Board Committees
The Board has appointed a number of committees
consisting of certain Directors and Group General
Managers. The following are the principal
committees: