Narayana Murthy, the only Indian on HSBC board to exit by year-end

UK-based global banking giant HSBC Holdings today said N R Narayana Murthy, co-founder of IT giant Infosys and the only Indian on its board, would retire as its director at the end of 2012.

Announcing the changes in its board and board-committees, HSBC Holdings Plc said in a regulatory filing here that Renato Fassbind, former Chief Financial Officer of Credit Suisse Group, has been appointed a Director with effect from January 1, 2013.

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Besides, Fassbind would also become a member of the Group Audit Committee and the Group Remuneration Committee with effect from March 1, 2013. He will be an independent on-executive Director.

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Murthy will retire as a Director of HSBC Holdings plc on December 31, 2012 and will be succeeded as Chairman of the Corporate Sustainability Committee by Laura Cha. While Cha is already a director, Murthy had joined the board in 2008.

James Hughes-Hallett has also been appointed a member of the Corporate Sustainability Committee from January 1, 2013.

On Murthy’s retirement, HSBC Group Chairman Douglas Flint said: “Narayana has made an important contribution to the Group since his appointment in 2008, in particular on technology matters, where his guidance and experience was invaluable to the Board, and also very importantly in leading the Corporate Sustainability Committee.

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“On behalf of the Board I thank him for his counsel and service,” Flint said. On Fassbind’s appointment, Flint said that “his international trade experience makes him ideally suited to offer independent advice and challenge from within the Board as we implement our strategy to become the world’s leading international bank.”

Fassbind was the Chief Financial Officer and a member of the executive board of Credit Suisse Group from June 2004 until September 2010. He is Vice Chairman of Supervisory Board of Swiss Reinsurance Company, and a member of the Supervisory Board of the Swiss Federal Audit Oversight Authority.

Fassbind’s appointment will be for an initial three-year term, subject to re-election by shareholders as appropriate. After these changes, the Board of HSBC Holdings plc on January 1, 2013 will comprise of 16 directors, of which three will be executive Directors and 13 will be independent non-executive directors.

As a non-executive Director, Fassbind will not have a service contract with HSBC Holdings plc and will be paid a director’s fee of 95,000 pound per annum. He will also receive fees totalling 60,000 pound per annum as a member of the Group Audit Committee and the Group Remuneration Committee.

PTI