HSBC 2004 Annual Report Download - page 229

Audited Information
227
Directors’ emoluments
The emoluments of the Directors of HSBC Holdings for 2004 were as follows:
Fees
Salary and
other
remuneration
Benefits
in kind1Bonuses
Total
2004
Total
2003
£000 £000 £000 £000 £000 £000
Executive Directors
W F Aldinger .............................. –2559 79 2,18432,822 2,157
Sir John Bond ............................. 55 1,183 5 2,40643,649 2,147
C F W de Croisset5 ...................... 971 –2,11652,196 1,334
W R P Dalton6 ............................. 23 246 –3264595 631
D G Eldon7 .................................. 31 395 435 45641,317 1,180
D J Flint ...................................... 55 60388500
41,166 1,057
M F Geoghegan9 ......................... 46 486 14 –10 546 –
S K Green ................................... 55 695 7 1,00041,757 1,237
AW Jebson .................................. 55 521 –45041,026 958
Non-executive Directors
Lord Butler ................................. 90 –––90 45
R K F Ch’ ien ............................... 18611 –––186 159
Baroness Dunn ............................ 70 –––70 35
R A Fairhead9 .............................. 58 –––58 –
W K L Fung ................................ 11712 –––117 65
S Hintze ...................................... 85 –––85 35
Sir John Kemp-Welch ................. 85 –––85 55
Lord Marshall ............................. 23 –––23 35
Sir Brian Moffat .......................... 115 –––115 50
Sir Mark Moody-Stuart ............... 75 –––75 50
S W Newton ................................ 55 –––55 35
H Sohmen ................................... 3913 –––39 25
C S Taylor.................................... 9514 –––95 64
Sir Brian Williamson .................. 59 –––59 35
Total ............................................ 1,481 4,759 548 9,438 16,226 12,27215
Total (US$000) ........................... 2,713 8,717 1,004 17,288 29,722 20,052
1 Benefits in kind for executive Directors include provision of company car, medical insurance, other insurance cover and travel
assistance.
2 W F Aldinger has elected to waive any fees payable to him by HSBC Holdings (2004: £55,000; 2003: £23,300).
3 Under the terms of his employment contract dated 14 November 2002, W F Aldinger is entitled to a bonus of US$4,000,000 in respect
of 2004, which will be paid in 2005.
4 These discretionary bonuses are in respect of 2004 and will be paid in 2005.
5 Retired as a Director on 27 February 2004. He had a contract of employment dated 7 January 1980 that was in force before he joined
the Board of CCF. The contract had no set term but provided for three months’ notice to be given by either party. Under the terms of
the contract, Mr de Croisset would be entitled to receive one month's salary for each year of service with CCF on termination of his
employment with CCF. In accordance with French legal requirements and practice, this contract was suspended while he served as an
executive Director of CCF. In consideration of Mr de Croisset's early retirement from the Group and in light of French legal
requirements, a review of market practice was undertaken and a one-off payment of €2,633,742 was made to Mr de Croisset, which was
considered to be appropriate in all the circumstances.
6 Retired as a Director on 28 May 2004.
7 The emoluments of D G Eldon include a fee from The Hongkong and Shanghai Banking Corporation and housing and other expatriate
benefits in kind that are normal within the location in which he is employed. Mr Eldon has elected to waive any fees payable to him by
HSBC Holdings (2004: £55,000; 2003: £35,000).
8 Includes an executive allowance of £137,100 (2003: £96,863) paid to fund personal pension arrangements.
9 Appointed a Director on 1 March 2004.
10 In return for the prior waiver of bonus, the employer contribution into the pension scheme has been increased by the amount of
£1,200,000 (2003: nil) which would otherwise have been paid.
11 Includes fees as non-executive Chairman of HSBC Private Equity (Asia) Limited and as a non-executive Director of The Hongkong and
Shanghai Banking Corporation.
12 Includes fee as a non-executive Director of The Hongkong and Shanghai Banking Corporation.
13 Fees as a non-executive Director and member of the Audit Committee of The Hongkong and Shanghai Banking Corporation. H Sohmen
has elected to waive any fees payable to him by HSBC Holdings (2004: £55,000; 2003: £35,000).
14 Includes fees as a non-executive Director of HSBC Bank USA and HSBC USA Inc.
15 Includes the emoluments of a Director who retired in 2003.