Brendan Nelson will retain the chairmanship of the Audit Committee at HSBC until February 2026, when the entity plans to publish its results for the financial year 2025. The bank indicated this in a notification to the London Stock Exchange, in which it was confirmed that Nelson will leave the temporary position he has held since October 1, to officially assume the position of Chairman of the Board of Directors of HSBC Holdings. The decision was made after a selection process that took into account internal and external candidates, with Anne Godber, Senior Independent Director, leading the evaluation process, as reported by the British body itself.
During this procedure, HSBC sought to identify the most suitable profile to meet the future challenges of the banking group, one of the largest banking groups internationally. According to what the bank published, Nelson’s (76 years old) experience played a pivotal role in evaluating his candidacy. The CEO joined the Board in September 2023 and has an extensive career in the global financial sector, including senior positions at KPMG and positions on the boards of companies such as BP and Royal Bank of Scotland (RBS). The company cited Nelson’s background in these areas as indicators of a strong foundation in banking and governance.
During Nelson’s interim presidency, the Bank highlighted the effectiveness of his leadership. Anne Godber said: “Since assuming the role of Acting Group Chairman, Brendan has demonstrated excellent leadership capabilities supported by his strong track record.” This recognition, as detailed in the statement, had an impact on the decision to grant him the final presidency of the Council.
Nelson’s dual role now includes leading the board and overseeing the group’s audit area. HSBC Bank confirmed that this merger strengthens control mechanisms and improves the decision-making process within the group, according to what the media reported in its report. Nelson will play an active role in coordinating with relevant and executive bodies, including George Al-Hudayri and the rest of the management team, as the President himself noted in a statement distributed by the bank: “I look forward to continuing to work with the Board of Directors, George, and the management team overall as we implement our strategy.” The director emphasized commitment to the current strategic lines and consistency with the established vision.
The search leading up to Nelson’s appointment included applicants from inside and outside HSBC, the replacement which aims to promote a structured turnaround and strengthen corporate governance following the departure of the previous incumbent. The bank stressed its interest in ensuring the continuity of key operations, in the context of regulatory and market challenges on a global scale, HSBC stated in its official letter.
Nelson was founded at a complex time for international banking, characterized by regulatory challenges and market shifts. The experience accumulated by the President in the banking and energy sectors, according to the bank, provides a comprehensive perspective for addressing issues related to governance and financial oversight. HSBC stressed that Nelson’s continuity in both positions will be maintained until after the disclosure of the annual results for the year 2025, with the aim of facilitating the gradual transition to new organizational and strategic stages.