HSBC Holdings plc (LON:HSBA) has announced the appointment of Pam Kaur as Group Chief Financial Officer (GCFO) and an Executive Director of the Board of Directors effective 1 January 2025.
Pam, who joined the Group in April 2013 as Group Head of Audit, is currently Group Chief Risk and Compliance Officer (GCRCO). She is a highly experienced financial services executive with almost 40 years’ experience having worked in the UK and the US for British, American and German Banks.
A qualified chartered accountant, Pam has strong technical knowledge and experience in treasury, capital, balance sheet and risk management. She has served on the Group Executive Committee for over a decade and brings a global perspective and an appreciation of the strategic challenges and opportunities, locally and globally, facing the banking industry in general and HSBC in particular.
Jon Bingham, interim GCFO, will resume his role of Global Financial Controller.
Sir Mark Tucker, HSBC Group Chairman, said: “I would like to congratulate Pam on her appointment as GCFO. She is highly respected and well known to the Board and was the unanimous choice. I wish Pam every success in her new role and thank Jon for his excellent support as interim GCFO.”
HSBC Group Chief Executive, Georges Elhedery, said: “We had a strong bench of internal and external candidates to choose from and Pam was the exceptional candidate to recommend to the Board. I look forward to partnering with her for the next stage of the Bank’s growth and development. I would also like to thank Jon for his outstanding support during the interim period.”
We will update on Mrs Kaur’s successor as Group Chief Risk and Compliance Officer in due course.
Supplementary information
Pam Kaur, aged 60, joined HSBC in April 2013. She is currently the Group Chief Risk and Compliance Officer. Her appointment as an Executive Director of the Board is subject to election at the next annual general meeting of the Company.
Mrs Kaur’s remuneration as Executive Director and Group Chief Financial Officer of the Company under her service contract will consist of a base salary of £803,000 per annum, a fixed pay allowance of £1,085,000 per annum and a pension allowance of £80,300 per annum equal to 10% of her base salary. She will receive benefits in accordance with the approved Directors’ Remuneration Policy.
Mrs Kaur is eligible to be considered for discretionary variable pay that consists of an annual incentive award up to a maximum value of 215% of base salary, and a long-term incentive award up to a maximum of 320% of base salary. This is determined by the Group Remuneration Committee with reference to the performance of the Company and her personal performance, in accordance with the terms of the Directors’ Remuneration Policy approved at the 2022 Annual General Meeting.
The Company’s current Directors’ Remuneration Policy expires at the 2025 AGM. The Group Remuneration Committee is currently engaging with major shareholders on a revised policy, which, subject to approval by shareholders at the 2025 AGM, will apply to both Executive Directors of the Company.
Mrs Kaur does not have any relationships with any directors, senior management, substantial or controlling shareholders of the Company. As at the date of this announcement, Mrs Kaur has interests in 1,960,245 shares of the Company, representing approximately 0.01% of the issued shares of the Company, within the meaning of Part XV of the Securities and Futures Ordinance of Hong Kong.
