logo
HSBC's chair hunt going so poorly they're re-approaching people they already rejected

HSBC's chair hunt going so poorly they're re-approaching people they already rejected

Malay Mail20-07-2025
LONDON, July 20 — HSBC has relaunched its global search for a new chair after failing to finalise a shortlist from an initial pool of more than 100 candidates.
The bank, which is Europe's largest lender, is trying to replace Sir Mark Tucker, who will step down in October to chair AIA, with people familiar saying the recruitment process had been slow, the Financial Times reported.
Executives considered by HSBC include Zurich Insurance Group CEO Mario Greco, Goldman Sachs' Kevin Sneader and Richard Gnodde, and former Lloyd's of London chair Bruce Carnegie-Brown.
However, several candidates approached were either unavailable or declined the role, with Zurich confirming Greco 'immediately said no' after being contacted by a headhunter.
HSBC and its recruitment firm MWM Consulting have begun re-approaching individuals who had earlier been ruled out before the board could meet them.
With no firm candidate in place, Brendan Nelson, the head of the audit committee, will take over as interim chair from Oct 1.
The bank may consider appointing someone from its current board if it fails to identify a strong external candidate.
A new chair will need to juggle deep financial experience with geopolitical sensitivity, especially given HSBC's presence in both the US and China.
Familiarity with Asia, where HSBC earns the majority of its profits, and a willingness to commit to a demanding full-time role with extensive travel are seen as essential qualities.
Despite starting the search last year and offering £1.6 million (RM9.1 million) in annual pay and benefits, HSBC's board, led by senior independent director Ann Godbehere, has yet to settle on a successor, with insiders acknowledging some criteria may have to be relaxed.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Vietnam's passport ranking rises to 84th in the world, unlocking new opportunities for global travel and integration
Vietnam's passport ranking rises to 84th in the world, unlocking new opportunities for global travel and integration

The Star

time8 hours ago

  • The Star

Vietnam's passport ranking rises to 84th in the world, unlocking new opportunities for global travel and integration

Vietnamese passport holders can now enter 51 destinations without a traditional visa - on par with several other developing nations. -- Photo: HANOI (Vietnam News/ANN): Vietnam's passport has climbed seven places to rank 84th out of 199 countries and territories in the Henley Passport Index for the third quarter of 2025, up from 91st earlier this year and 87th in 2024. The improvement, announced on July 22 by UK-based Henley & Partners, signals stronger global confidence in Vietnam and presents broader opportunities for its citizens in tourism, trade, and international integration. The Henley Passport Index ranks passports based on the number of destinations their holders can access without a visa, or with simplified procedures such as e-visas, visas on arrival, or electronic travel authorisations (ETAs). Vietnamese passport holders can now enter 51 destinations without a traditional visa - on par with several other developing nations. Though still ranked in the lower-middle tier globally, the recent jump reflects growing trust in Vietnam's foreign policy, administrative transparency, and international reputation. It is also one of Vietnam's most significant upward moves since Henley & Partners began tracking global passport access nearly two decades ago using data from the International Air Transport Association (IATA). Vietnamese citizens can currently travel visa-free or with simplified entry to several Asean countries, including Thailand, Singapore, Indonesia, and the Philippines, as well as to destinations in Africa, South America, Central Asia, and South Asia, such as Kenya, Panama, Kyrgyzstan, Iran, and the Maldives. In South-East Asia, Vietnam's passport ranks above Laos (92nd) and Myanmar (93rd), while Singapore remains at the top worldwide with visa-free access to 195 destinations. According to tourism and policy experts, a passport's ranking reflects more than mobility, it serves as a 'soft measure' of a country's political stability, global standing, and the trust placed in its citizens. The improvement also mirrors Vietnam's efforts in bilateral diplomacy, upgrades in e-passport systems, and negotiations for visa waivers with countries across Asia, Africa, and the Pacific. Experts also noted the broader impact on outbound tourism. Visa-free access stimulates demand for international travel and enables Vietnamese tour operators to design more diverse and high-end packages. Better passport access allows students, businesspeople, and workers to engage internationally with greater ease, enhancing Vietnam's role as a contributor to global culture, trade, and diplomacy. As Vietnam continues to modernise its passport system and expand diplomatic ties, the rising passport ranking not only reflects progress but also serves as a gateway for millions to explore the world and represent their country with pride. According to the National Statistics Office, more than 4 million Vietnamese citizens traveled abroad in the first half of 2025, marking a 53.9% increase compared to the same period in 2024. - Vietnam News/ANN

China, EU need to make the right choice as ‘two big guys' on world stage, says Xi Jinping
China, EU need to make the right choice as ‘two big guys' on world stage, says Xi Jinping

The Star

time9 hours ago

  • The Star

China, EU need to make the right choice as ‘two big guys' on world stage, says Xi Jinping

At a meeting in Beijing recently, President Xi Jinping urged European leaders to 'make the right strategic choice' as the world grapples with profound changes. He made the remarks to European Commission President Ursula von der Leyen and European Council President Antonio Costa, who are in Beijing for a summit that some Chinese analysts expect to be tone-setting for China-EU relations. 'Amid the accelerating transformation unseen in a century and an international landscape fraught with turbulence and transformation, China and Europe must once again demonstrate vision and responsibility by making the right strategic choices that meet people's expectations and stand the test of history,' Xi said. The first face-to-face EU-China summit since December 2023 convenes as the two sides mark 50 years of diplomatic relations, though celebrations are tempered by escalating trade disputes. Beijing is seeking to present itself as a stable alternative partner for Europe, particularly as US President Donald Trump has slapped steep tariffs on the 27-nation bloc. He added that the two sides should reinforce their partnership as a cornerstone in bilateral ties, saying that the West should judge China in a correct way, according to a Chinese statement released after his meeting with senior EU officials. 'If China is measured by the paths taken by the West, perceptions of China will inevitably be skewed,' Xi said, adding that the challenges Europe was facing 'were not from China'. 'It is our hope that Europe will likewise respect China's chosen development path and political system, duly acknowledge China's core interests and major concerns, and support China's pursuit of development and prosperity.' Xi also stressed the autonomy of China-EU relations, which he said were 'not targeted at, dependent on, nor subject to any third party'. 'The two sides should enhance strategic communication, strengthen mutual understanding and trust, and foster a correct perception of each other,' the Chinese leader said. Xi described China and the European Union as 'two big guys' in the world, adding that they should combine their efforts to 'firmly grasp the right direction of China-Europe relations and work together to usher in an even brighter next 50 years'. 'China and the EU must once again demonstrate foresight and responsibility, making strategic choices that meet the expectations of their peoples and stand the test of history.' In his opening remarks, Costa reaffirmed that the EU was committed to 'deepening our bilateral partnership, making concrete progress in addressing concerns with respect, goodwill and honesty and working together to uphold multilateralism'. However, he added that the two sides needed 'concrete progress' to address challenges in trade and the economy, according to an official transcript. 'We need concrete progress on issues related to trade and economy. We both want our relationship to be balanced, reciprocal and mutually beneficial,' he said. Costa also raised the hope of reaching a deal with China on climate change after Thursday's meeting. 'Our cooperation on climate change is an important example, and I look forward, as a result of today's summit, to a strong joint political message ahead of Cop30 in Brazil,' he said. In her remarks, von der Leyen referred to the growing imbalances and declared that the relationship was at an 'inflection point'. 'Rebalancing our bilateral relationship is essential. Because to be sustainable, relations need to be mutually beneficial,' von der Leyen said, adding that it was 'vital' for both China and Europe to acknowledge respective concerns so as to come forward with real solutions. She also reaffirmed the EU's strong commitment to the Paris Agreement, the climate change treaty Trump ordered the US to quit when he returned to the White House in January. After a meeting with Premier Li Qiang in the afternoon, the two sides released a joint statement on climate change, which is widely seen as one of the few areas where the two sides might make progress. While China and the EU agreed that they would lead global efforts to reduce greenhouse gas emissions with pledges of cooperation in green technologies, the seven-point document offered no concrete actions or goals. Still, it could offer a much-needed confidence boost in Beijing and Brussels' ability to cut their emissions further before the Cop30 UN climate change summit in Brazil in November. 'Joining forces here will send a powerful message to the world,' von der Leyen said about climate change cooperation during the meeting with Li. In the meeting at the Great Hall of the People, Xi also tried to ease concerns on the trade imbalance but said that the European Union's push to 'reduce dependence' on China should not undermine bilateral cooperation. 'The essence of China-EU economic and trade relations is complementary advantages and mutual benefit and it should be, and is entirely possible to achieve, a dynamic balance in the course of development.' Despite their shared concerns over Trump's unpredictable and aggressive tariff and security policies, tensions have been mounting between China and the EU on areas from trade to security. The EU, which has long complained about China's lack of progress to ensure a level playing field for a balanced economic and trade relationship, has increased tariffs on Chinese electric vehicles (EVs) to as much as 45 per cent for state-subsidised Chinese manufacturers. Meanwhile, China's recent restrictions on rare earth exports – introduced during the trade war with the US – have added to the frustration in Europe as industries have faced an 'alarming situation' due to a shortage of the minerals, which are essential to making everything from EVs to military tanks and aircraft. China's deep ties with Russia also cast a shadow, with senior officials in Brussels, including von der Leyen, openly accusing Beijing of supporting Moscow in its prolonged war in Ukraine. In a move that touched a nerve in Europe, Foreign Minister Wang Yi told EU officials earlier this month that Beijing did not want to see Moscow lose the war because it feared the US could then shift more attention to China. While expectations for a breakthrough in Thursday's meeting have been low, there is hope that the talks could be a tone-setting moment for China-EU relations. Earlier on Thursday, von der Leyen said on social media that Thursday's summit was 'the opportunity to both advance and rebalance our relationship'. 'I'm convinced there can be a mutually beneficial cooperation. One that can define the next 50 years of our relations,' she wrote. Cui Hongjian, head of European Union studies at Beijing Foreign Studies University, said Beijing and Brussels should use the occasion to establish a shared understanding of their 50-year relationship and outline guiding principles to drive the relationship forward. 'It is hoped that Beijing and Brussels can come up with better and pragmatic ways to manage the interplay of competition and cooperation alongside the bilateral relationship – whether in trade or geopolitical differences – and turn competition into new opportunities for collaboration,' he said. 'I believe this highest level engagement will mark the start of a new phase in bilateral ties, where they must work to find a mutually acceptable way to engage meaningfully.' The meeting offers both China and the European Union a valuable opportunity to understand the concerns and priorities of each side, according to Feng Zhongping, director of the Institute of European Studies at the Chinese Academy of Social Sciences. 'China-EU relations are still undergoing changes, and we should view them objectively. They have cooperation and competition at the same time, but both sides have the willingness to engage in dialogue and negotiate,' Feng said. Cui, a former Chinese diplomat, said the two sides should 'adjust their previous approaches to communication and cooperation'. Noting the cancellation of a high-level EU-China economic and trade dialogue earlier this year, Cui said there had been a gap in terms of each side's goal for the talks, with Brussels seeking tangible outcomes and Beijing viewing the dialogue as a platform for talks, cooperation and management of competition. 'If high-level dialogues are no longer Europe's preferred approach, the critical question is whether China and the EU can identify a mutually acceptable framework to address their persistent challenges.' Observers in Europe said they were less optimistic about the future of bilateral relations. Abigael Vasselier, director of policy and European affairs at the Mercator Institute for China Studies, said on Monday that Europe was entering the summit 'with no illusion that it is going to be a deal-making moment', given that there was a mismatch over various disputes. She said she expected the summit would not change the long-term course of EU-China ties, which were deeply troubled by structural issues. - SOUTH CHINA MORNING POST

Australia should compromise to reach EU trade deal, says minister
Australia should compromise to reach EU trade deal, says minister

Free Malaysia Today

time14 hours ago

  • Free Malaysia Today

Australia should compromise to reach EU trade deal, says minister

Australia and the EU are expected to conclude the second phase of a trade pact by the end of the year. (EPA Images pic) CANBERRA : Australia should accept compromises to reach a trade deal with the EU and demonstrate that such agreements can still be reached in a more protectionist world, trade minister Don Farrell said today. Farrell said in a speech at the Lowy Institute in Sydney that free trade was under threat and that Australia should work with other countries to defend it. In a question and answer session after the speech, Farrell said Australia-EU trade negotiations that restarted this year would be successful and it was in both sides' national interest to make it so. 'It will require some compromises in our negotiations, but I think the imperative here is to show the rest of the world we're fair dinkum about free and open trade and we can do agreements with other countries,' he said, using an Australian phrase meaning honest, genuine or sincere. Asked if he meant that Australian industry would have to step up in the national interest, he said: 'I'm saying exactly that'. A previous attempt to reach a trade deal failed in 2023, with Canberra wanting more ability to sell farm goods in Europe. The EU is seeking greater access to Australian critical minerals and lower tariffs on manufactured goods. Farrell also said a trade agreement with India should be reached 'in the very near future'. The two countries are aiming to conclude the second phase of a trade pact by the end of the year. Australia is also seeking to negotiate with the US to reverse tariffs enacted by President Donald Trump and prevent new ones from being imposed. Yesterday, Canberra loosened biosecurity rules to allow greater access to US beef, though it said this was the result of a long-running scientific assessment rather than a part of trade talks.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store