BusinessPeople In BusinessHSBC flouts city guidelines to name chairman

HSBC flouts city guidelines to name chairman

Internal appointment of current chief executive Stephen Green continues bank's tradition, but flouts city guidelines

HSBC has announced that its current chief executive Stephen Green is to
become the chairman of the banking group when Sir John Bond steps down next
year.

This continues a 140-year tradition of the bank appointing within its own
ranks, but also flouts city guidelines that discourage such internal
appointments.

The bank said in a statement that the decision had ‘the unanimous support of
the directors and had been made after consultation with representatives of major
institutional investors and explanation of the succession planning and
independent external search process.’

It also said that there were ‘no matters that need to be brought to the
attention of shareholders’.

Green will be replaced by Michael Geoghegan, currently head of the bank’s UK
operation.

Related Articles

Shortlist announced for British Accountancy Awards 2017

Accounting Firms Shortlist announced for British Accountancy Awards 2017

4m Emma Smith, Managing Editor
Pimlico Plumbers to take employment case appeal to Supreme Court

Legal Pimlico Plumbers to take employment case appeal to Supreme Court

4m Alia Shoaib, Reporter
HMRC appoints new director generals

HMRC HMRC appoints new director generals

5m Alia Shoaib, Reporter
Submit your entry for the British Accountancy Awards!

People Business Submit your entry for the British Accountancy Awards!

6m Emma Smith, Managing Editor
BDO appoints two non-executive directors as advisers to leadership team

Accounting Firms BDO appoints two non-executive directors as advisers to leadership team

6m Emma Smith, Managing Editor
Ex-HMRC chief to join ICAS council

HMRC Ex-HMRC chief to join ICAS council

8m Emma Smith, Managing Editor
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Settlement reached between Margaret May and CIMA

Accounting Standards Settlement reached between Margaret May and CIMA

11m Stephanie Wix, Writer