HSBC 2012 Annual Report Download - page 367

365
Overview Operating & Financial Review Corporate Governance Financial Statements Shareholder Information
1 Includes additional shares arising from scrip dividends.
2 Retired as an executive Director on 30 April 2012. The vesting of the awards will continue in line with the vesting schedule set at the
date of grant and will also continue to accrue scrip dividends subject to the terms of the plan.
3 The non-deferred award vested immediately on 28 February 2012. At the date of vesting the market value per share was £5.59.
4 At the date of the award, 12 March 2012, the market value per share was £5.56. 50% of these deferred awards are subject to a six month
retention period upon vesting. 33% of the awards vest on each of the first and second anniversaries of the date of the awards, with the
balance vesting on the third anniversary of the date of the award.
5 The non-deferred award vested immediately on 12 March 2012 and the shares (net of tax) were subject to a six month retention period.
At the date of vesting, the market value per share was £5.56.
Conditional Awards under the GPSP
HSBC Share Plan 2011
(Audited)
HSBC Holdings ordinary shares
Year in
which
Awards
held at
Awards made
during year1
Awards
held at
31 Dec 2012
Date of
award
awards
may vest
1 Jan
2012 Number
Monetary
value
(or date of
retirement)2
£000
A A Flockhart3 ................................... 23 Jun 2011 2016 178,373 – – 185,319
S T Gulliver ....................................... 23 Jun 2011 2016 392,119 – – 415,270
12 Mar 2012 2017 – 673,370 3,744 704,583
I J Mackay ......................................... 23 Jun 2011 2016 109,626 – – 116,099
12 Mar 2012 2017 – 125,695 699 131,522
The GPSP is the long-term incentive plan under the HSBC Share Plan 2011. Vesting of GPSP awards is normally subject to the Director
remaining an employee on the vesting date. Any shares (net of tax) which the Director becomes entitled to on the vesting date are subject to
a retention requirement until cessation of employment. Under the Securities and Futures Ordinance of Hong Kong, interests in awards are
categorised as the interests of a beneficial owner.
1 At the date of award, 12 March 2012, the market value per share was £5.56.
2 Includes additional shares arising from scrip dividends.
3 Retired as an executive Director on 30 April 2012. The vesting of the awards will continue in line with the vesting schedule set at the
date of grant and will also continue to accrue scrip dividends.
Pensions
Defined Benefit Pension arrangements
(Audited)
Accrued
annual
pension at
31 December
2012
Increase in
accrued
pension
during
2012
Increase in
accrued
pension
during 2012,
excluding
any increase
for inflation
Transfer
value
of accrued
pension at
31 December
20111
Transfer
value
of accrued
pension at
31 December
20121
Increase of
transfer value
of accrued
pension (less
personal
contributions)
in 20121
Transfer value
(less personal
contributions) at
31 December 2012
relating to increase
in accrued pension
during 2012,
excluding any
increase for inflation1
£000 £000 £000 £000
£000 £000 £000
A A Flockhart2 . 339 32 15 5,638 6,105 467 251
1 The transfer value represents a liability of HSBC’s pension fund (the International Staff Retirement Benefits Scheme (‘ISRBS’)) and not
a sum paid or due to the individual; it cannot therefore meaningfully be added to annual remuneration.
2 A A Flockhart ceased accrual of pension in the ISRBS on 30 November 2008 and he has deferred commencement of his pension. The
ISRBS retains a liability for a contingent spouse’s pension of £140,000 per annum as at 31 December 2012. Although A A Flockhart
retired as an executive Director on 30 April 2012, this does not affect his benefits within the ISRBS.
The following table shows unfunded pension payments, in respect of which provision has been made, during 2012 to
six former Directors of HSBC Holdings.
The payments in respect of R Delbridge and Sir Brian Pearse were made by HSBC Bank plc as former directors of
that bank. The payment in respect of C F W de Croisset was made by HSBC France as a former director of that bank.