The world's local bank Annual Report and Accounts CCF - HSBC

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CCF Chairman’s report on corporate governance and internal control procedures (continued) b Accounting and financial controls Financial control is decentralised at business unit and subsidiary level. The business units and subsidiaries report to senior management and to CCF Group Finance on a monthly basis. The Chief Financial Officer holds a monthly meeting with each core business division to examine its results, and particularly any variances against budget. The CFO presents the results to the Executive Committee each month and reports to the Board of Directors at each Board meeting. All these procedures form the backbone of CCF’s internal control system. They are updated and improved regularly. The ongoing development and implementation of more appropriate tools will, in time, lead to better assessment of the adequacy and effectiveness of internal controls. 32
CCF Corporate social responsibility policy Continuously improving our social and environmental impacts The HSBC Group, of which CCF is a principal member, has made corporate social responsibility (CSR) a key pillar of its business strategy. It has underlined this commitment publicly through its support for the United Nations Global Compact, designed to encourage companies to comply with and promote a set of CSR principles. HSBC is also a member of two ethical indices: Dow Jones Sustainability Index and FTSE4Good. Like its parent company, CCF is keenly aware of its duties in a world that has ever higher expectations of businesses. Its approach to CSR is one of continuous improvement. The direction is set by a CSR Committee, headed by the Chief Executive Officer and with a cross-functional representation including lending, human resources, asset management, purchasing, real estate, finance and communications. The committee is responsible for setting guidelines and identifying areas of potential progress in terms of ethics, human resources, community and the environment. CCF publishes an annual CSR report 1 ,which describes its commitments and practices, provides social and environmental data, and reviews the CSR work carried out by its subsidiaries. Promoting socially responsible financing The HSBC Group, including CCF, recognises that it has a responsibility for the social, ethical and environmental impacts that result from the activities of those organisations to which it lends money. The HSBC Group has had in place, for a long time, the safeguards needed to ensure that the finance it provides is made in a socially and environmentally responsible manner. However, as the world has changed, and the impacts of industrial development have multiplied, it has been necessary for the HSBC Group to take steps to ensure that it keeps up to date with the requirements of responsible lending. To facilitate this, the HSBC Group has expressed its support for a number of international codes of conduct which enshrine the values it seeks to uphold. These codes include the Universal Declaration of Human Rights, the UN Global Compact and the Global Sullivan Principles. The HSBC Group also makes its lending decisions in line with the Equator Principles, a set of guidelines that helps banks to assess the social and environmental impacts of financing major infrastructure projects. These codes augment the HSBC Group own internal standards and those which are higher always apply. Promoting socially responsible investment There is an increasing demand from institutions and individual customers for financial products that have been screened using social, ethical and environmental criteria. These socially responsible investment products invest only in those companies that have adopted acceptable practices, which support human development in a sustainable manner. Of course, the standard business and financial performance criteria also apply. Through its subsidiary, HSBC Asset Management (Europe) SA, CCF has developed significant experience in socially responsible investment products and services. 1 The 2002 and 2003 reports are available on request from CCF’s Corporate Communications. 33
Page 1 and 2: CCF Annual Report and Accounts The
Page 3 and 4: CCF Annual Report and Accounts 2003
Page 5 and 6: CCF Report of the Board of Director
Page 7 and 8: 400 customers are now authorised to
Page 9 and 10: In light of these results, the Boar
Page 11 and 12: Special business Pursuant to the pr
Page 13 and 14: Peter Boyles Senior Corporate Vice
Page 15 and 16: CCF Corporate Governance Compositio
Page 17 and 18: William P. Dalton Born in 1943 Hold
Page 19 and 20: Jean-Claude Jolain Born in 1943 Hol
Page 21 and 22: CCF Corporate governance Remunerati
Page 23 and 24: CCF Chairman’s report on corporat
Page 25 and 26: Special committees Nomination and R
Page 27 and 28: controls are documented in the Acco
Page 29 and 30: d e performed to assess compliance
Page 31 and 32: CCF regularly issues internal circu
Page 33: c • HSBC reporting: This principa
Page 37 and 38: Due to its robust financial structu
Page 39 and 40: Back testing The chart below presen
Page 41 and 42: International solvency ratio (BIS r
Page 43 and 44: Compliance and money laundering The
Page 45 and 46: CCF International Financial Reporti
Page 47 and 48: Discussion of the main items of the
Page 49 and 50: Consolidated profit and loss accoun
Page 51 and 52: Consolidated balance sheets 2003 -
Page 53 and 54: CCF Notes to the consolidated finan
Page 55 and 56: 2 Group accounting policies and val
Page 63 and 64: 3 Presentation of financial stateme
Page 65 and 66: 6 Treasury bills, debt securities a
Page 67 and 68: 7 Long term securities and other pa
Page 69 and 70: 9 Tangible fixed assets (in € mil
Page 71 and 72: 12 Prepayments and accrued income (
Page 73 and 74: 16 Debt securities in issue (in €
Page 75 and 76: 20 Subordinated liabilities (in €
Page 77 and 78: 23 Consolidated shareholders’ fun
Page 79 and 80: 25 Sovereign risks In 1989, CCF sec
Page 81 and 82: 27 Financial instruments (continued
Page 83 and 84: 31 Dealing profits (in € million)
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37 Exceptional items (in € millio
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40 List of consolidated companies (
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40 List of consolidated companies (
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Change in consolidation method: Non
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Balance sheets 2003 - 2002 - 2001 (
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Statement of reported net profit an
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Five-year highlights (articles 133
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List of equity shares and debt secu
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Dividends Book value Loan and recei
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Shareholders’ funds* Attributable
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Attributable net profitCCF group’
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Shareholders’ funds* Attributable
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- Disposal of CCF’s 33.4 per cent
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CCF CCF group offices CCF’s main
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Statutory auditors’ report on the
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Statutory auditors’ report on the
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Statutory auditor’s report, prepa
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Agreements approved in prior years
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CCF Annual General Meeting of 12 Ma
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Thirteenth resolution Having heard
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CCF Information on CCF and its shar
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2001 2000 1999 ddddddddddddddddddd
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Changes in ownership of share capit
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Employee relations and collective b
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Profit-sharing agreement The profit
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dddddddddddddddddddddddddddd 7.5.19
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Options granted by subsidiaries to
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CCF Recent developments and outlook
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CCF Persons responsible for the ref
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Names and addresses of Statutory Au
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CCF Network of offices RETAIL BANK
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© Copyright CCF S.A. 2004 All righ
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The world's local bank Annual Report and Accounts CCF - HSBC

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