HSBC (HSBA) AGM 2025 summary

Opening remarks and agenda

• AGM opened with a welcome, highlighting the hybrid format for increased shareholder flexibility and engagement, and addressing potential technical issues.

• Formal notice was given to open voting on 20 resolutions, with instructions provided for both in-person and virtual attendees.

Financial performance review

• Achieved record profit before tax of $32.3 billion in 2024, up $2 billion from 2023, with a reported return on tangible equity of 14.6%.

• Returned $26.9 billion to shareholders in 2024, including a total dividend of $0.87 per share and four share buybacks totaling $11 billion.

• Total shareholder return for 2024 exceeded 30%, with a 20%+ share price increase.

• Announced a $0.10 interim dividend for 2025 and a new $3 billion share buyback.

• Targeting a 50% dividend payout ratio and mid-teens return on tangible equity for 2025-2027.

Board and executive committee updates

• Georges Elhedery appointed Group CEO in September, Pam Kaur as Group CFO and Executive Director effective January 2025.

• Board composition now includes two executive directors, 11 independent non-executive directors, and the Non-Executive Group Chairman.

• Chairman Mark Tucker announced his intention to step down before year-end.