Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Sponsored Content

Pin to quick picksHSBC Holdings Regulatory News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 673.20
Bid: 672.90
Ask: 673.00
Change: 1.00 (0.15%)
Spread: 0.10 (0.015%)
Open: 674.20
High: 674.80
Low: 667.60
Prev. Close: 672.20

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Overseas Regulatory Announcement - Grant of Awards

19 Aug 2024 10:00

RNS Number : 9108A
HSBC Holdings PLC
19 August 2024
 

 

The following is the text of an announcement released to the Stock Exchange of Hong Kong Limited on 19 August 2024 pursuant to rules 17.06A, 17.06B and 17.06C of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited:

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.

 

19 August 2024

(Hong Kong Stock Code: 5)

 

HSBC HOLDINGS PLC

GRANT OF CONDITIONAL AWARDS

This announcement is made pursuant to Rules 17.06A, 17.06B and 17.06C of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

 

On 15 August 2024, HSBC Holdings plc (the "Company") granted conditional awards ("Awards") to directors, employees and former employees to subscribe for a total of 1,723,807 ordinary shares of US$0.50 each of the Company ("Shares") under the HSBC Share Plan 2011 (the "Plan").

 

The following are the details of the grants:

 

Grants to Directors:

 

Name of grantee

Noel Quinn

Relationship between the grantee and the Company

Director of the Company

Number of shares under Awards

46,219

Individual tax liabilities in respect of the vesting of the Awards were satisfied in cash. The number of Shares is therefore net of tax.

Closing market price of the ordinary shares on the London Stock Exchange on the date of grant

GBP 6.558

Purchase price of Awards granted

GBP 0

Vesting period of the Awards

Fixed Pay Allowance awards ("FPA Awards") are delivered in immediately vested shares subject to a retention period and released on a pro-rata basis over 5 years, starting from March 2025.

The Company views it as appropriate for the FPA Awards to vest immediately and not to be subject to a vesting period for two reasons:

(1) that FPA Awards form part of fixed pay rather than variable pay and vesting conditions would not normally apply to fixed pay; and

(2) the FPA Awards are subject to a retention period, during which time the Directors cannot sell the shares, which has the same effect as a vesting period.

Performance Targets and Clawback

The FPA Awards are not subject to performance conditions as they form part of the director's Fixed Pay.

The FPA Awards are not subject to clawback as they form part of the director's Fixed Pay.

Arrangements for the Company or a subsidiary to provide financial assistance to the grantees

None

 

Name of grantee

Georges Elhedery

Relationship between the grantee and the Company

Director of the Company

Number of shares under Awards

29,498

Individual tax liabilities in respect of the vesting of the Awards were satisfied in cash. The number of Shares is therefore net of tax.

Closing market price of the ordinary shares on the London Stock Exchange on the date of grant

GBP 6.558

Purchase price of Awards granted

GBP 0

Vesting period of the Awards

FPA Awards are delivered in immediately vested shares subject to a retention period and released on a pro-rata basis over 5 years, starting from March 2025.

The Company views it as appropriate for the FPA Awards to vest immediately and not to be subject to a vesting period for two reasons:

(1) that FPA Awards form part of fixed pay rather than variable pay and vesting conditions would not normally apply to fixed pay; and

(2) the FPA Awards are subject to a retention period, during which time the Directors cannot sell the shares, which has the same effect as a vesting period.

Performance Targets and Clawback

The FPA Awards are not subject to performance conditions as they form part of the director's Fixed Pay.

The FPA Awards are not subject to clawback as they form part of the director's Fixed Pay.

Arrangements for the Company or a subsidiary to provide financial assistance to the grantees

None

 

Grants to other grantees:

 

 

Category of grantee

Employees and former employees

Number of shares under Awards

1,648,090

Closing market price of the ordinary shares on the London Stock Exchange on the date of grant

GBP 6.558

Purchase price of Awards granted

GBP 0

Vesting period of the Awards

Under the HSBC Group-wide deferral policy, vesting occurs over a three year period with 33% vesting on the first and second anniversaries of grant and 34% on the third anniversary.

Group and local Material Risk Takers may be subject to longer vesting periods of up to seven years, as required under the relevant remuneration regulations. Awards may be subject to a six- or 12-month retention period following vesting.

Immediately vested share awards may be subject to a six- or 12-month retention period following vesting.

The Company views it as appropriate for the immediately vested share awards to vest immediately and not to be subject to a vesting period for two reasons:

1) The immediately vested share award is a non-deferred portion of the Material Risk Takers remuneration, which must be partly delivered in shares to comply with UK regulation; each employee will also be granted a deferred share award for which the vesting schedule is noted above.

2) The immediately vested share award is subject to a retention period of six- or 12-months, during which time the shares cannot be sold.

The vesting period for certain other awards will align to the completion of the relevant project for which the Award was granted.

The vesting period for buy-out awards for new hires generally mirror those of the forfeited awards from the previous employer. Where the forfeited award was subject to a post vesting retention period, a retention period will be applied to the buy-out award.

Performance Targets and Clawback

Certain awards are subject to the completion of a strategically important project.

No performance targets apply to any other Plan Awards on the basis that the Awards are a form of deferred bonus to meet regulatory requirements in the UK. Performance targets instead attach to the initial award of the Variable Pay.

Buy-out awards are subject to clawback where the forfeited award of the relevant employee's former employer was subject to clawback. Where the employee's forfeited award was not subject to clawback, no clawback terms are applied to the replacement HSBC award.

Clawback applies to all other Plan Awards in line with the Company's regulatory obligations as set out in the Company's internal clawback policy.

Arrangements for the Company or a subsidiary to provide financial assistance to the grantees

None

Number of shares available for future grant under the plan mandate

The Plan is subject to two limits on the number of Shares committed to be issued under all Plan Awards:

1. 10% of the ordinary share capital of the Company in issue immediately before that day, less the number of Shares which have been issued, or may be issued, to satisfy Awards under the Plan, or options or awards under any other employee share plan operated by the Company granted in the previous 10 years. The number of Shares available to issue under this limit is 981,443,023.

2. 5% of the ordinary share capital of the Company in issue immediately before that day, less the number of Shares which have been issued, or may be issued, to satisfy Awards under the Plan. The number of Shares available to issue under this limit is 266,018,966.

 

 

For and on behalf of

HSBC Holdings plc

 

Aileen Taylor

Group Company Secretary and Chief Governance Officer

 

 

The Board of Directors of HSBC Holdings plc as at the date of this announcement comprises:

Sir Mark Edward Tucker*, Noel Paul Quinn, Geraldine Joyce Buckingham†, Rachel Duan†, Georges Bahjat Elhedery, Dame Carolyn Julie Fairbairn†, James Anthony Forese†, Ann Frances Godbehere†, Steven Craig Guggenheimer†, Dr José Antonio Meade Kuribreña†, Kalpana Jaisingh Morparia†, Eileen K Murray†, Brendan Robert Nelson† and Swee Lian Teo†.

 

*  Non-executive Group Chairman

  Independent non-executive Director

 

HSBC Holdings plc

Registered Office and Group Head Office:

8 Canada Square, London E14 5HQ, United Kingdom Web: www.hsbc.com

Incorporated in England with limited liability. Registered in England: number 617987

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCKZGMRNLGGDZG
Date   Source Headline
11th Oct 20245:56 pmRNSTransaction in Own Shares
10th Oct 20246:09 pmRNSTransaction in Own Shares
10th Oct 202410:00 amRNSOverseas Regulatory Announcement - Grant of Awards
10th Oct 20248:52 amRNSHolding(s) in Company
9th Oct 20246:03 pmRNSTransaction in Own Shares
8th Oct 20245:53 pmRNSTransaction in Own Shares
7th Oct 20245:48 pmRNSTransaction in Own Shares
4th Oct 20245:49 pmRNSTransaction in Own Shares
3rd Oct 20245:53 pmRNSTransaction in Own Shares
2nd Oct 20245:58 pmRNSTransaction in Own Shares
2nd Oct 20244:11 pmRNSHolding(s) in Company
2nd Oct 20243:35 pmRNSNotice of redemption
1st Oct 20245:55 pmRNSTransaction in Own Shares
1st Oct 20244:30 pmRNSDirector/PDMR Shareholding
30th Sep 20246:00 pmRNSTransaction in Own Shares
30th Sep 20244:31 pmRNSTotal Voting Rights
30th Sep 20244:30 pmRNSDirector/PDMR Shareholding
30th Sep 202410:00 amRNSChanges in composition of the Board Committees
27th Sep 20246:12 pmRNSTransaction in Own Shares
27th Sep 202411:24 amRNSUpdate on pref securities and subordinated notes
27th Sep 202411:22 amRNSNotice of redemption & cancellation of listing
26th Sep 20246:13 pmRNSTransaction in Own Shares
25th Sep 20246:10 pmRNSTransaction in Own Shares
25th Sep 202411:30 amRNSIssuance of senior unsecured notes
25th Sep 202410:01 amRNSOverseas Regulatory Announcement- Grant of Options
23rd Sep 20245:50 pmRNSTransaction in Own Shares
23rd Sep 20242:50 pmRNSHSBC tender offers - final results
23rd Sep 202410:00 amRNSHSBC tender offers - indicative results
20th Sep 20246:28 pmRNSTransaction in Own Shares
19th Sep 20246:06 pmRNSTransaction in Own Shares
18th Sep 20245:56 pmRNSTransaction in Own Shares
17th Sep 20245:55 pmRNSTransaction in Own Shares
17th Sep 20248:15 amRNSHSBC tender offers - max acceptance amount
16th Sep 20246:10 pmRNSTransaction in Own Shares
16th Sep 20241:15 pmRNSIssuance of senior unsecured notes
16th Sep 20241:00 pmRNSSecond Interim Dividend for 2024 - Exchange Rate
16th Sep 202410:15 amRNSNotice of redemption
16th Sep 20249:20 amRNSPre Stabilisation Notice
16th Sep 20248:16 amRNSHSBC launch of tender offers
13th Sep 20245:57 pmRNSTransaction in Own Shares
12th Sep 20245:57 pmRNSTransaction in Own Shares
11th Sep 20245:50 pmRNSTransaction in Own Shares
11th Sep 20243:00 pmRNSIssuance of USD securities - closing announcement
10th Sep 20245:52 pmRNSTransaction in Own Shares
9th Sep 20245:57 pmRNSTransaction in Own Shares
9th Sep 202410:26 amRNSPre Stabilisation Notice
6th Sep 20245:54 pmRNSTransaction in Own Shares
5th Sep 20245:52 pmRNSTransaction in Own Shares
5th Sep 20245:36 pmRNSHolding(s) in Company
5th Sep 20247:00 amRNSIssuance of contingent convertible securities

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Make Better Investment Decisions

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.