LONDON - HSBC said on Wednesday that it had created a new board committee to improve oversight, appointing five independent advisers to work with the group of directors.
The group, called the financial system vulnerabilities committee, is part of the renewed focus on compliance and governance after HSBC’s $1.92 billion settlement over money laundering charges. American authorities accused the bank of allowing Mexican drug cartels to launder money and of working closely with Saudi Arabian banks linked to terrorist organizations.
“The new committee, which will benefit from the experience of the expert advisers, will provide invaluable guidance and advice as we strengthen our capabilities and enforce the highest standards, in particular in relation to combating financial crime,†Stuart T. Gulliver, the chief executive of HSBC, said in a statement. “The caliber, status and experience of the individuals reinforce once more how seriously we are taking this.â€
Among the advisers is Davd Hartnett, a former British permanent secretary for tax who was criticized in 2011 by British lawmakers for favoring corporate taxpayers, including Goldman Sachs, and overseeing a mistake in calculating interest owed. He retired from the job last year.
The committee will also be advised by William Hughes, who led Britain’s Serious Organized Crime Agency for six years until 2010, and Juan C. Zarate, a former United States deputy national security adviser for combating terrorism. The other advisers are Nick Fishwick, a former British counterterrorism official, and Leonard H. Schrank, the former chief executive of the global financial messaging system called Swift.
