HSBC 2002 Annual Report Download - page 181

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Members of Senior Management are employed
on service contracts which generally provide for a
term of service expiring at the end of a period of up
to two years, or the individual’ s sixtieth birthday,
whichever is earlier.
Non-executive Directors are appointed for fixed
terms not exceeding three years, subject to their re-
election by shareholders at the subsequent Annual
General Meeting. Non-executive Directors have no
service contract and are not eligible to participate in
HSBC's share plans. Non-executive Directors’ terms
of appointment will expire in 2004 – Lord Butler, R
K F Ch’ ien, W K L Fung, S Hintze, Sir John Kemp-
Welch, Lord Marshall, Sir Brian Moffat and Sir
Mark Moody-Stuart; and 2006 – Baroness Dunn, S
W Newton, H Sohmen, C S Taylor and Sir Brian
Williamson.
Other directorships
Executive Directors, if so authorised by the Board,
may accept appointments as non-executive Directors
of suitable companies which are not part of HSBC.
Executive Directors normally would be permitted to
take on no more than one such appointment. Any
remuneration receivable in respect of this
appointment is normally paid to the HSBC company
by which the executive Director is employed, unless
otherwise approved by the Remuneration
Committee.
In October 2000, the Remuneration Committee
granted an exemption for Sir John Bond to retain his
non-executive directors’ fees from the Ford Motor
Company, which are provided partly in the form of
deferred shares, to vest after five years.