HSBC 2009 Annual Report Download - page 318

HSBC HOLDINGS PLC
Report of the Directors: Governance (continued)
Board of Directors > Going concern / Directors’ interests
316
Going concern basis
The financial statements are prepared on a going
concern basis as the Directors are satisfied that the
Group and parent company have the resources to
continue in business for the foreseeable future. In
making this assessment, the Directors have considered
a wide range of information relating to present and
future conditions including future projections of
profitability, cash flows and capital resources. Further
information relevant to the assessment is provided
elsewhere in this Report. In particular, HSBC’s
principal activities, strategic direction and challenges
and uncertainties are described in the ‘Operating and
Financial Review’; a financial summary, including a
review of the consolidated income statement and
consolidated balance sheet, is provided in the
‘Operating and Financial Review’; HSBC’s objectives,
policies and processes for managing credit, liquidity
and market risk, and its approach to capital
management and allocation, are described in the
‘Risk’ section; and the impact of the recent market
turmoil in markets for securitised and structured assets
is disclosed in the ‘Impact of Market Turmoil’ section.
Directors’ interests
Pursuant to the requirements of the UK Listing Rules
and according to the register of Directors’ interests
maintained by HSBC Holdings pursuant to section
352 of the Securities and Futures Ordinance of
Hong Kong, the Directors of HSBC Holdings at
31 December 2009 had the following interests, all
beneficial unless otherwise stated, in the shares and
loan capital of HSBC and its associated
corporations:
Directors’ interests
HSBC Holdings ordinary shares of US$0.50
At 31 December 2009
At
1 January
2009
Beneficial
owner
Child
under 18
or spouse
Controlled
corporation
Jointly
with
another
person Trustee
Total
interests1
V H C Cheng .............................. 300,790 283,273 182,892 – – – 466,165
J D Coombe ................................ 13,250 19,676 – – – – 19,676
R A Fairhead ............................... – – – – 21,300 – 21,300
D J Flint ...................................... 119,456 144,439 – – – 32,6622 177,101
A A Flockhart ............................. 172,583 269,008 – – – – 269,008
W K L Fung ................................ 328,000 294,666 – 170,000 – – 464,666
M F Geoghegan .......................... 477,434 724,757 – – – – 724,757
S K Green .................................... 667,421 836,959 – – 64,252 100,0003 1,001,211
S T Gulliver ................................ 2,279,861 2,553,592 177,465 – – – 2,731,057
J W J Hughes-Hallett .................. 381,049 – – – – 67,7553 67,755
W S H Laidlaw ........................... 21,693 29,532 – – – 1,4163 30,948
Sir Mark Moody-Stuart .............. 10,840 7,083 1,190 – – 7,0833 15,356
G Morgan .................................... 52,873 78,515 – – – – 78,515
S M Robertson ............................ 98,620 8,343 – – – 131,7503 140,093
Sir Brian Williamson .................. 24,496 36,378 – – – – 36,378
1 Includes HSBC Holdings ordinary shares of US$0.50 taken up under the rights issue (as described on page 466). The Directors entitled
to acquire new ordinary shares under the rights issue took up their rights in full, other than the rights arising in connection with any
ordinary shares held by the executive Directors through the HSBC Holdings UK Share Ownership Plan. Details of executive Directors’
other interests in HSBC Holdings ordinary shares of US$0.50 arising from the HSBC Holdings savings-related share option plans and
the HSBC Share Plan are set out in the Directors’ Remuneration Report on pages 334 to 348. At 31 December 2009, the aggregate
interests under the Securities and Futures Ordinance of Hong Kong of V H C Cheng, D J Flint, A A Flockhart, M F Geoghegan,
S K Green and S T Gulliver in HSBC Holdings ordinary shares of US$0.50, including interests arising through employee share plans
were: V H C Cheng – 1,439,533; D J Flint – 961,587; A A Flockhart – 1,151,811; M F Geoghegan – 2,536,837; S K Green – 2,809,790
and S T Gulliver – 3,540,006. Each Director’s total interests represents less than 0.02 per cent of the shares in issue.
2 Non-beneficial interest in 21,775 shares.
3 Non-beneficial.
M F Geoghegan has an interest as beneficial
owner in 280,000 ordinary shares of HK$5 each in
Hang Seng Bank (representing less than 0.02 per
cent of the shares in issue), which he held throughout
the year.
S K Green had an interest as beneficial owner
in €75,000 of HSBC Holdings plc 5½ per cent
Subordinated Notes 2009 until they were redeemed
by HSBC Holdings on 15 July 2009.
As directors of HSBC France during 2009,
S K Green and S T Gulliver each held an interest as
beneficial owner in one share of €5 in that company
(representing less than 0.01 per cent of the shares
in issue). The Directors have waived their rights to
receive dividends on these shares and have
undertaken to transfer these shares to HSBC on
ceasing to be directors of HSBC France. Following
his resignation as a director of HSBC France on