HSBC Holdings plc has recently announced changes to its Board, as James (Jamie) Anthony Forese is appointed as an independent non-executive Director of the company. His appointment is set to take effect from May 1, 2020. Mr Forese will also be appointed as a member of the Group Audit Committee, Group Remuneration Committee and the Nomination & Corporate Governance Committee.
Mr Forese formerly served as President of Citigroup. He commenced his career in securities trading with Salomon Brothers, one of Citigroup’s predecessor companies, in 1985. In addition to his most recent role as President and chief executive officer of Citigroup’s Institutional Clients Group, he has been chief executive of its Securities and Banking division and head of its Global Markets business. Mr Forese is a non-executive director of the Princeton University Investment Company and a Trustee of Colby College.
HSBC’s Directors have determined that Mr Forese is independent. In making that decision, the Directors have concluded that there are no other relationships or circumstances which are likely to affect his judgement and that any relationships or circumstances which could appear to do so were not considered to be material.
As an independent non-executive Director, Mr Forese will not have a service contract with HSBC Holdings plc and will be paid total fees of £244,000 per year in line with the Directors’ remuneration policy approved by shareholders at the 2019 Annual General Meeting.
Additionally, the total per annum fees consist of: £127,000 for his role as independent non-executive Director, £40,000 as a member of the Group Audit Committee, £40,000 as a member of the Group Remuneration Committee, £33,000 as a member of the Nomination & Corporate Governance Committee and a £4,000 Travel Allowance.
Mr Forese’s appointment as a Director of HSBC Holdings plc is subject to election by shareholders at the 2021 Annual General Meeting (AGM) and annual re-election thereafter. His initial three year term will run from his initial election, if successful, until the 2024 AGM.