HSBC 2002 Annual Report Download - page 180

HSBC HOLDINGS PLC
Directors’ Remuneration Report (continued)
178
Employees’ Emoluments
The basic salaries of Group General Managers are
within the following bands:
Number of Group
General Managers
£150,001 – £250,000 15
£250,001 – £350,000 10
£350,001 – £450,000 1
£450,001 – £550,000 1
Set out below is information in respect of the
five individuals, who are not Directors of HSBC
Holdings, whose emoluments (excluding
commissions or bonuses related to the revenue or
profits generated by employees individually or
collectively with others engaged in similar activities)
were the highest in HSBC for the year ended 31
December 2002.
£000
Basic salaries, allowances and
benefits in kind................................ 1,286
Pension contributions.......................... 98
Bonuses paid or receivable ................. 26,237
Compensation for loss of office
– contractual .......................................
– other ...............................................
–
–
Total (£) ............................................. 27,621
Total (US$) ........................................ 41,446
Their emoluments are within the following bands:
Number of
Employees
£4,100,001 – £4,200,000 1
£4,500,001 – £4,600,000 1
£5,300,001 – £5,400,000 1
£6,000,001 – £6,100,000 1
£7,400,001 – £7,500,000 1
Service contracts and terms of appointment
HSBC’ s policy is to employ executive Directors on
one-year rolling contracts, although on recruitment
longer initial terms may be approved by the
Remuneration Committee. The Remuneration
Committee will, consistent with the best interests of
the Company, seek to minimise termination
payments.
No executive Director has a service contract
with HSBC Holdings or any of its subsidiaries with a
notice period in excess of one year or with
provisions for predetermined compensation on
termination which exceeds one year’ s salary and
benefits in kind save as referred to below. There are
no provisions for compensation upon early
termination of executive Directors' service contracts
save for C F W de Croisset, details of which are set
out below.
Sir John Bond is employed on a rolling contract
dated 1 January 1993 which requires 12 months’
notice to be given by either party.
C F W de Croisset has a contract of
employment dated 7 January 1980 that was in force
before he joined the Board of CCF. The contract has
no set term but provides 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.
However, in accordance with French legal
requirements and practice, this contract is suspended
while he serves as an executive Director of CCF.
W R P Dalton is employed on a rolling contract
dated 5 January 1998 which requires 12 months’
notice to be given by either party.
D G Eldon is employed on a rolling contract
dated 1 January 1968 which requires three months’
notice to be given by either party.
D J Flint is employed on a rolling contract dated
29 September 1995 which requires 12 months’
notice to be given by the Company and nine months’
notice to be given by Mr Flint.
S K Green, who is to stand for re-election at the
forthcoming Annual General Meeting, is employed
on a rolling contract dated 9 March 1998 which
requires 12 months’ notice to be given by either
party.
A W Jebson, who is to stand for re-election at
the forthcoming Annual General Meeting, is
employed on a rolling contract dated 14 January
2000 which requires 12 months’ notice to be given
by either party.
Sir Keith Whitson is employed on a rolling
contract dated 1 August 1992 which requires 12
months’ notice to be given by either party.