HSBC 2008 Annual Report Download - page 326

HSBC HOLDINGS PLC
Directors’ Remuneration Report (continued)
Directors emoluments / Pensions
324
Directors’ emoluments
(Audited)
The emoluments of the Directors of HSBC Holdings for 2008 were as follows:
Fees Salary Allowance1
Benefits
in kind2 Bonuses3
Total
2008
Total
2007
£000 £000 £000 £000 £000 £000 £000
Executive Directors
V H C Cheng4 .................. – 534 67 545 – 1,146 –
D J Flint ........................... – 700 385 22 – 1,107 1,878
A A Flockhart5 ................. – 229 – 355 – 584 –
M F Geoghegan ............... – 1,070 535 62 – 1,667 3,536
S K Green ........................ – 1,250 – 15 – 1,265 3,012
S T Gulliver5 .................... – 533 – 14 – 547 –
Non-executive Directors
Lord Butler6 ..................... 40 – – – – 40 103
S A Catz5 .......................... 43 – – – – 43 –
J D Coombe ..................... 105 – – – – 105 105
Baroness Dunn6 ............... 35 – – – – 35 85
J L Durán7 ........................ 65 – – – – 65 –
R A Fairhead .................... 127 – – – – 127 103
W K L Fung8..................... 122 – – – – 122 122
J W J Hughes-Hallett ....... 105 – – – – 105 97
W S H Laidlaw7 ............... 77 – – – – 77 –
J R Lomax9 ...................... 5 – – – – 5 –
Sir Brian Moffat6 ............. 35 – – – – 35 110
Sir Mark Moody-Stuart ... 125 – – – – 125 125
G Morgan.......................... 85 – – – – 85 77
N R N Murthy5 ................. 45 – – – – 45 –
S W Newton10 .................. 66 – – – – 66 77
S M Robertson ................. 115 – – – – 115 94
J L Thornton9,11 ................ 89 – – – – 89 –
Sir Brian Williamson ....... 95 – – – – 95 91
Total12 .............................. 1,379 4,316 987 1,013 – 7,695 9,738
Total (US$000)12 ............. 2,529 7,916 1,810 1,858 – 14,113 19,493
1 Executive allowance paid to fund personal pension arrangements.
2 Benefits in kind for executive Directors include provision of company car, medical insurance, other insurance cover, accountancy
advice and travel assistance. V H C Cheng and A A Flockhart receive housing and other benefits in kind that are normal within the
location in which they are employed.
3 These discretionary bonuses are in respect of 2008. See page 318 for comparison with 2007.
4 Appointed a Director on 1 February 2008.
5 Appointed a Director on 1 May 2008.
6 Retired as a Director on 30 May 2008.
7 Appointed a Director on 1 January 2008.
8 Includes fees as a non-executive Director of The Hongkong and Shanghai Banking Corporation.
9 Appointed a Director on 1 December 2008.
10 Retired as a Director on 10 October 2008.
11 Includes fees as non-executive Chairman of HSBC North America Holdings Inc.
12 Total emoluments for 2007 include the emoluments of Directors who retired in that year.
Pensions
(Audited)
V H C Cheng ceased membership of, and accrual of
benefits under, the HSBC Group Hong Kong Local
Staff Retirement Benefit Scheme – Defined Benefit
Section on 31 July 2008. The rules of the Scheme
provide for a lump sum payment of benefit (rather
than an annual pension) and Mr Cheng received a
cash retirement benefit payment of HK$46,614,583
on 3 September 2008 in respect of reaching the age
of 60, the normal retirement age under the Scheme.
Mr Cheng’s accrued benefit and its transfer value
under the Scheme at 31 December 2007 was
HK$32,906,250 and the increase of the accrued
benefit and transfer value during 2008 (less personal
contributions) was HK$13,708,333. As Mr Cheng
has ceased membership of the Scheme, no accrued
benefit or transfer value remained in the Scheme at
31 December 2008. The employer contribution to Mr
Cheng’s retirement benefits Scheme for the period
1 January 2008 to 31 July 2008 was HK$626,250.
With effect from 1 August 2008 Mr Cheng has
been a member of the Hong Kong Special
Administrative Region Mandatory Provident Fund