standard chartered

Annual Report Summary 2024

Connecting the world's most dynamic markets

Strategic report

Connecting the world’s most dynamic markets

Standard Chartered is a global bank connecting corporate, institutional and affluent clients to a network that offers unique access to sustainable growth opportunities across Asia, Africa and the Middle East.

Our strategy combines differentiated cross-border capabilities and leading wealth management expertise. Our purpose is to drive commerce and prosperity through our unique diversity.

This is underpinned by our brand promise, here for good.

Financial KPIs^{1}		Non-financial KPIs^{2}
Return on tangible equity (RoTE)	Common Equity Tier 1 ratio (CET1)	Diversity and inclusion: women in senior roles^{4}
11.7% ↑160bps	14.2% ↑19bps	33.1% ↑0.6ppt
Underlying basis	Above our 13-14% target range	Mobilising sustainable finance
9.7% ↑130bps	Total shareholder return	$121bn ↑$34bn
Reported basis	47.5% 2023: 9.4%	Employee net promoter score (eNPS)
		20.44 ↓5.42 points
Other financial measures^{1,3}
---	---	---
Operating income	Profit before tax	Earnings per share
$19,696m ↑14%	$6,811m ↑21%	168.1 cents ↑39.2 cents
Underlying basis	Underlying basis	Underlying basis
$19,543m ↑10%	$6,014m ↑19%	141.3 cents ↑32.7 cents
Reported basis	Reported basis	Reported basis
Tangible net asset value per ordinary share
1,541 cents ↑148 cents

Reconciliations from underlying to reported and definitions of alternative performance measures can be found on pages 54 to 56.
For more information on our culture of inclusion see page 40, and for more on our Sustainability Aspirations see page 64.
Year-on-year growth on Operating income and Profit before tax is on constant currency basis.
Senior leadership is defined as Managing Directors and Band 4 roles (including the Group Management Team).

In this report

Strategic report

02 Who we are and what we do
04 Where we operate
06 Group Chairman's statement
08 Group Chief Executive's review
12 Key performance indicators
14 Market environment
18 Our strategy
19 Business model
21 Client segment reviews
24 Group Chief Financial Officer's review
27 Group Chief Risk Officer's review
35 Stakeholders

Financial review

43 Financial summary
49 Underlying versus reported results reconciliations

Sustainability review

52 Sustainability review
63 Sustainable finance
68 Climate
84 Nature
85 Social impact
87 Managing Environmental and Social Risk
92 Sustainability governance

Directors' report

98 Group Chairman's governance overview
99 Board of Directors
104 Corporate governance
115 Directors' remuneration report
132 Shareholder information

About this report

Whilst this document contains extracts from various sections of Standard Chartered PLC's 2024 Annual Report, it should not be treated as a substitute for the more extensive reporting and disclosures found in the full version of that report.

Sustainability and ESG reporting

The Group includes Environmental, Social and Governance (ESG) and sustainability information in this Annual Report, providing investors and stakeholders with an understanding of the implications of relevant sustainability-related risks and opportunities and progress against our objectives.

We have observed our obligations under: (i) sections 414CA and 414CB of the UK Companies Act 2006; (ii) the UK's Financial Conduct Authority's Listing Rules in respect of climate-related disclosures; and (iii) the ESG Reporting Guide contained in Appendix C2 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. We have made disclosures consistent with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations and recommended disclosures throughout this Annual Report.

In preparing this report we have given consideration to (but do not align in full with) the guidance provided by the International Sustainability Standards Board (ISSB) Standards finalised in 2023: IFRS S1 and IFRS S2, noting that IFRS S2, although largely based on TCFD, requires a more granular level of disclosure. IFRS S1 and S2 are voluntary standards and compliance is not yet required in the Group's listing locations.

Additionally, we publish an ESG reporting index against the voluntary Global Reporting Initiative (GRI) Universal Standards and select GRI Topic Standards, and the World Economic Forum Stakeholder Capitalism Metrics framework

The Group's sustainability-related disclosures can be accessed via sc.com/sustainabilitylibrary

Alternative performance measures

The Group uses a number of alternative performance measures in the discussion of its performance. These measures exclude certain items which management believes are not representative of the underlying performance of the business and which distort period-on-period comparison. They provide the reader with insight into how management measures the performance of the business.

For more information on Standard Chartered please visit sc.com

All information presented in the Group Chairman's statement, and Group CEO and CFO reviews are on an underlying basis unless otherwise stated. A reconciliation from underlying to reported and definitions of alternative performance measures can be found on pages 54 to 56 of the 2024 Annual Report.

Unless another currency is specified, the word 'dollar' or symbol $\mathbb{S}$ in this document means US dollar and the word 'cant' or symbol $\mathbb{S}$ means one-hundredth of one US dollar. Disclosures in the Strategic report, Financial review, Sustainability review, Directors' report, Risk review and Capital review and Supplementary information are unsudited unless otherwise stated. Unless context requires within the document, 'China' refers to the People's Republic of China and, for the purposes of this document only, excludes Hong Kong Special Administrative Region (Hong Kong), Macau Special Administrative Region (Macau) and Taiwan. 'Korea' or 'South Korea' refers to the Republic of Korea. Asia includes Australia, Bangladesh, Brunei, Cambodia, India, Indonesia, Laos, Malaysia, Myanmar, Nepal, Philippines, Singapore, Sri Lanka, Thailand, Vietnam, China, Hong Kong, Japan, Korea, Macau and Taiwan; Africa includes Botswana, Côte d'Ivoire, Egypt, Ghana, Kenya, Mauritius, Nigeria, South Africa, Tanzania, Uganda and Zambia. The Middle East includes Bahrain, Iraq, Oman, Pakistan, Qatar and Saudi Arabia and the UAE. Europe includes Belgium, Falkland Islands, France, Germany, Jersey, Luxembourg, Poland, Sweden, Turkey and the UK. The Americas includes Argentina, Brazil, Colombia and the US. Within the tables in this report, blank spaces indicate that the number is not disclosed, dashes indicate that the number is zero and 'nm' stands for not meaningful. Standard Chartered PLC is incorporated in England and Wales with limited liability, and is headquartered in London. The Group's head office provides guidance on governance and regulatory standards. Standard Chartered PLC Stock codes are: LSE STAN LN and HKSE 02888.

Standard Chartered - Annual Report Summary 2024

Strategic report
Who we are and what we do

Who we are and what we do

Our client segments

We serve three client segments, with support from seven global functions.

Client segment	Operating income
1. Corporate & Investment Banking (CIB)
Supports large corporations, development organisations, governments, banks and investors in accessing cross-border trade and investment opportunities.	$11,818m
Underlying basis
$11,863m
Reported basis
2. Wealth & Retail Banking (WRB)
Serves the local and international banking needs of clients across the wealth continuum from Personal to Priority and Private Banking, as well as small and medium enterprises.	$7,816m
Underlying basis
$7,839m
Reported basis
3. Ventures
Promotes a culture of innovation across the Group, investing in disruptive financial technology and creating alternative financial service business models, as well as growing our digital banks — Max and Trust.	$183m
Underlying basis
$183m
Reported basis
4. Central & Other Items	$(121)m
Underlying basis
$(342)m
Reported basis

Global functions

Our client-facing businesses are supported by our global functions, which work together to ensure the Group's operations run smoothly.

Group Chief Financial Office (GCFO)	Partners with the business and collaborates with other functions to execute on the Group strategy. GCFO comprises four areas: Finance, Treasury, Investor Relations and Corporate Development.
Strategy & Talent	Brings together the Corporate Strategy, Group-wide Transformation, Corporate Affairs, Brand & Marketing, Corporate Real Estate Services, Human Resources, Supply Chain Management and Fit for Growth programme teams. The function plays a critical role in how we develop, execute and communicate our strategy and build and deploy our skills and resources to transform the Bank and achieve sustainable growth.
Technology & Operations	Responsible for reshaping the Group's systems and technology platforms to ensure we provide robust, responsive and innovative technology and digital solutions. Also manages all client operations, seeking to provide an optimal client service and experience across the board.
Group Internal Audit	An independent function with the primary role of supporting the Board and Management Team, and protecting the assets, reputation and sustainability of the Group.
Compliance, Financial Crime & Conduct Risk (CFCR)	Partners internally and externally to achieve the highest standards in conduct and compliance to enable a sustainable business and to fight financial crime.
Legal	Provides legal advice and support to the Group in managing legal risks and issues.
Risk	Provides oversight and challenge on the Group's risk management, ensuring that business is conducted in line with regulatory expectations.

Standard Chartered – Annual Report Summary 2024

Our culture

With our focus on cross-border banking and helping generations of families grow their wealth – we remain the bank we set out to be over 170 years ago.

Our distinctive culture has been developed in pursuit of our purpose – to drive commerce and prosperity through our unique diversity. We deliver innovative solutions that create long-term value for our clients and the communities within which we operate.

We're committed to promoting equality and inclusion, as it's our diversity – of people, cultures and networks – that sets us apart and helps us drive business growth.

We are guided by our valued behaviours, our Stands and our brand promise, here for good.

Valued behaviours

Our valued behaviours are key to delivering on our strategy. As the guiding principles for the way we do business every day, they help us learn from our successes and take on new challenges.

When we live our valued behaviours, we question, innovate and make bold decisions, allowing us to take opportunities to go above and beyond for our clients.

Do the right thing

Doing the right thing means acting in the best interests of our clients, colleagues and stakeholders.

Never settle

We're ambitious in our constant pursuit of excellence and market-leading innovation.

Better together

We build relationships with our clients and each other so we can share our unique capabilities.

Our Stands

We set long-term ambitions to address some of the most pressing societal challenges of our time.

Climate change, deepening inequality and the inequities of globalisation remain as urgent today as ever before.

Read more on our Stands sc.com/who-we-are

Strategic report
Where we operate

Where we operate

We operate in the world's most dynamic markets, which set the pace for global growth and prosperity.

Our locations

Our unique geographic footprint connects high-growth and emerging markets in Asia, Africa and the Middle East with more established economies in Europe and the Americas, allowing us to channel capital to where it's needed most. For more than 170 years, we have used the power of our network to maximise opportunities for people and businesses who trade, operate or invest in these regions. Our diverse experience, capabilities and culture set us apart.

Americas

Argentina
Brazil
Colombia
US

Europe

Belgium
Falkland Islands
France
Germany
Jersey
Luxembourg
Poland
Sweden
Türkiye
UK

Middle East

Bahrain
Iraq
Oman
Pakistan
Qatar
Saudi Arabia
UAE

Africa

Botswana
Côte d'Ivoire
Egypt
Ghana
Kenya
Mauritius
Nigeria
South Africa
Tanzania
Uganda
Zambia

Asia

Australia
Bangladesh
Brunei
Cambodia
Hong Kong
India
Indonesia
Japan
Korea
Laos
Macau
China
Malaysia
Myanmar
Nepal
Philippines
Singapore
Sri Lanka
Taiwan
Thailand
Vietnam

Markets across the world

Standard Chartered – Annual Report Summary 2024

Together, we run further

Our marathon series covered new ground in 2024.

We launched the 10th race in our global marathon portfolio, the Standard Chartered Hanoi Marathon Heritage Race, which commemorates our 120-year presence in Vietnam.

At a special edition race in Hong Kong, we gave runners a once-in-a-lifetime opportunity to race on the runway at Hong Kong International Airport.

Across the year, more than 244,000 participants took part in our marathons and races from Shanghai to Nairobi.

Our global marathon series demonstrates our presence, network and experience in the world's most dynamic markets.

Group Chairman's statement

"The strength of our performance reflects not only the progress we are making but stronger external confidence and understanding of our business"

Dr Jose Viñals
Group Chairman

Throughout 2024, we made demonstrable progress in delivering on our strategy, as evidenced by our financial performance for the full year. Our high-growth markets, where we have prioritised investment, continue to deliver strongly and provide the basis for us to pursue our role as a super connector across the established and emerging global corridors of trade, investment and wealth.

This performance was achieved in a year when the geopolitical environment saw the transition and transfer of power as roughly half the world's population participated in the global election 'super cycle', with approximately two billion eligible voters in over 70 national elections. Despite many changes, and in some cases disruption, our strategy endures. This has been driven by our own internal discipline as well as our tireless execution in delivering outstanding service to our clients. The leadership of our Group Chief Executive, Bill Winters, and his Management Team continues to inspire confidence and focus across the organisation. Their expertise and dedication remain essential to our success, and my deepest thanks go to each of them and their teams.

The refinement of our strategy announced with our Q3 2024 results brings together two complementary strengths of our business, which are well positioned as drivers of future growth: the pursuit of cross-border opportunities through our corporate and investment banking capability and network; and an unrelenting focus on the fast-growing affluent segment of clients through our leading wealth management offering.

In sharpening our focus, it has likewise been necessary to make changes to our business model, including the decision to reshape our mass retail business to focus on developing our pipeline of future affluent and international banking clients, and optimise our resource allocation by exiting some markets. While such changes are difficult, particularly where our presence has been longstanding, we must consider where we can have the greatest impact and where our capabilities can be delivered both efficiently and effectively in service of future growth, value creation and the evolving needs of our clients.

Performance with purpose

In my statement last year, I highlighted that our growth must be achieved in a strong, safe and sustainable manner, while

maintaining both cost and capital discipline. I am delighted to say that 2024 saw us maintain this level of rigour in our approach. This led to an improvement in our return on tangible equity reaching 11.7 per cent, which sets a notable milestone for us ahead of our 2026 target of approaching 13 per cent. When combined with income growth of 14 per cent on a constant currency basis it becomes clear that our underlying business is connected to meaningful opportunities across our markets.

The strength of our performance in 2024 has also been observed in our share price over the period, which not only reflects the progress we are making, but the renewed confidence and understanding of our business in the eyes of our investors and external stakeholders. The Board and Group Management Team are pleased to see such results flow through and remain committed to building on this further. This year, we are pleased to be able to provide an increased full-year dividend of 37 cents per share (a 37 per cent increase) and are announcing a further share buyback of $1.5 billion, in addition to the $2.5 billion already announced over the course of the year. Overall, this amounts to a total of $4.9 billion announced since full-year 2023 results.

Across both Corporate & Investment Banking (CIB) and our Wealth & Retail Banking (WRB) businesses, we are focused on driving income growth in high-returning areas. In CIB, our commitment to deepening our relationship with financial institutions and leveraging our unique network in support of our corporate client base was underpinned by strong growth in both our Global Markets and Global Banking business. While in WRB, our decision to make a $1.5 billion investment commitment in service of the affluent client segment underlines our role as a Bank that offers services throughout the full wealth continuum. We are targeting $200 billion in net new money and double-digit CAGR in Wealth Solutions income over the next five years, a business which saw a record performance in 2024, up 29 per cent at constant currency when compared with 2023, with double-digit growth in both Investment Products and Bancassurance.

Beyond financial performance, our purpose and brand promise, here for good, remain critically important in defining who we are as a business. They aid us in determining our ambition and help guide our decision making. As a Group, we continue to play our part in helping to address some of the most pressing

Standard Chartered - Annual Report Summary 2024

societal changes through our Stands: Accelerating Zero, Lifting Participation and Resetting Globalisation.

In this report we outline further progress against our net zero roadmap as we disclose the interim targets and science-based methodologies for our financed emissions in all 12 of the high-emitting sectors as defined by the Net-Zero Banking Alliance. The addition of a target for the Agriculture sector fulfils our commitment to target setting in support of our clients as they navigate the transition of the real-world economy. As a reminder, 2025 is also the year in which we aim to be net zero in our Scope 1 and 2 emissions, an important milestone in our own net zero journey as a Group.

This year we also published the Group's inaugural Transition Plan which outlines our approach to deliver this change and achieve net zero by 2050, demonstrating to clients, suppliers, customers and other key stakeholders that the bank has a clear plan to deliver on the commitments we have made. Our sustainable and transition finance capabilities are a significant part of our commercial offering and demonstrate the value of our deep expertise in this space as a trusted, expert adviser. The growth of this business and the broadening diversity of our product offering give us a leading advisory capability that is in high demand in our markets, as they look to deliver progress against their own adaptation, transition, and sustainability ambitions.

Confident and accountable

As a Board, our role is to ensure the highest standards in corporate governance and to take a long-term view on how we can responsibly achieve success for the Group, through both our oversight and constructive partnership with the Group Management Team.

As I reach the end of my nine-year term and prepare to step down from the Board after this year's Annual General Meeting (AGM), I am especially proud that my successor comes from our existing non-executives. I have every confidence that Maria Ramos will build on the constructive partnership we have built with the Group Management Team and in her ability to lead the Group in its next phase of growth. Under her stewardship, I believe that the Group will continue to seek out opportunity, leverage the talent of our people, remain client-centric and resilient, and ensure we can successfully navigate the challenges that may lie ahead.

In reflecting on my time with the Group, I look back to my original priorities when joining. These were to deliver long-term value by helping the Bank achieve its potential, safeguard and strengthen its resilience; and to leave in place an enhanced model of governance. By these measures, I am proud of what we have achieved, and grateful for the contribution of the many colleagues and partners over the years who were integral in helping us to, collectively, make credible progress.

While such work is never complete in any organisation, our financial performance highlights the value of our franchise. And as we look to the future, we must set a renewed level of ambition. Our ability to adapt and evolve in a fast-changing external and competitive environment will be the measure of our long-term success.

I would like to acknowledge the contribution of my fellow Board members during my tenure, and thank those who retired from the Board. Since our last AGM, David Conner stepped down in December 2024 after nine years. During his tenure we greatly benefited from his insights and expertise gained over many years of working across some of our key markets. He has likewise played a key role as a member of the Board and our committees and led the Board Risk Committee with distinction. Importantly, we also welcomed new members to the Board. This includes Diane Jurgens, who was announced last year, and subsequently joined the Board in March 2024, as well as Lincoln Leong, who joined the Board in November 2024.

Each of our Board members brings valuable personal perspectives and the weight of their experience in terms of expertise in markets and industries. The multi-faceted

diversity of our Board remains critically important, and while all appointments are based on merit, they must also be representative of the diverse clients we serve and markets in which we operate.

From possibilities to prosperity

The early months of 2025 have already proven that, alongside growth, success and opportunity, there is always risk. Circumstances can and will change and what we consider to be norms cannot always be taken for granted. As a Group, it is incumbent on us to aid our clients through such circumstances, to help them navigate the possibilities that provide a pathway to growth and prosperity.

The world is in a period of transition, from a western-led and progressively more integrated global economy to an era of 'multi-alignment' where major players may act more independently and assertively. The long-running trends of environmental, technological and demographic change are being brought into sharper relief by these tensions. This is re-shaping the way markets interact – and, in turn, the where, how and who of globalisation.

In 2024, we saw profound changes across geopolitics, technology, and the need for a better and more sustainable model of growth. The full scale of the AI opportunity started to dawn on businesses and governments alike, with greater appreciation for how incremental investments can drive near-term growth and impact. In the context of ongoing climate negotiations, the planet exceeded the 1.5C warming threshold for the first time, bringing us close to a long-term trend that may be irreversible.

Our role is to help our clients, communities and stakeholders navigate transition with confidence, underpinned by the belief that change is most powerful and inclusive when it is delivered in partnership. Although we expect global growth to slow slightly in 2025, on the back of strong activity in Asia, Gulf Cooperation Council markets and the US, there is persistent uncertainty in the outlook, in large part because of the geopolitical context.

This uncertainty will create new risks, but also new opportunities in fast-growing trade corridors, sustainable development, and cross-border wealth. This context isn't new: in recent years, trade routes have been rewired, with many of our markets acting as a channel between east and west. There are opportunities for our business, anchored in our footprint markets. And also for the world at large, as we have seen concerted efforts to improve supply chain resilience, including reducing carbon footprints.

At the same time, we must guard against unnecessary friction that raises costs for all involved. We should all remember that, over the last half a century, trade has been a key driver in powering global economic growth, improving living standards and reducing household consumption costs. And open trade and investment will be crucial if we are to leverage the full benefits of the global technology transformation, and to continue to invest in addressing climate change – including in the resilience of markets most exposed to its impacts.

I remain optimistic that, working together, businesses and governments around the world can power world trade and the next wave of global growth. In that, our role as a super connector is critical in realising our value as a Group that operates in service of our clients and other stakeholders.

Dr José Viñals

Group Chairman

21 February 2025

Standard Chartered - Annual Report Summary 2024

Strategic report
Group Chief Executive's review

Group Chief Executive’s review

Our team has worked hard to make our bank focused, strong and profitable. We made good progress over the past several years and 2024 marked further improvement. We have more that we can do and remain focused on further strengthening our business and growing our returns.

We are a global bank connecting corporate, institutional and affluent clients to a network that offers unique access to sustainable growth opportunities across Asia, Africa and the Middle East. This distinctive proposition puts us in good stead to help our clients navigate the dynamic conditions we saw throughout the year.

As a result, we performed strongly in 2024, delivering on our target to continue to increase our return on tangible equity (RoTE), posting 11.7 per cent for 2024, up 160 basis points on 2023, and we remain on-track to achieve our 2026 target of approaching 13 per cent.

Income of $19.7 billion was up 14 per cent on a constant currency basis, supported by an encouraging performance across our big engines of non-net interest income, including a record performance in Wealth Solutions, with income up 29 per cent, and double-digit growth in Global Markets and Global Banking.

Good cost discipline has enabled us to generate positive income-to-cost jaws, even with continued underlying investments. Credit impairment rose 5 per cent year-on-year, mainly from higher charges in Wealth & Retail Banking (WRB), while Corporate & Investment Banking (CIB) benefitted from recoveries. The broader portfolios have proved resilient, and we remain vigilant in the face of a volatile global environment. All this has helped to increase underlying profit before tax by 21 per cent year-on-year to $6.8 billion.

Our strategy of combining differentiated cross-border capabilities for corporate and institutional clients with leading wealth management expertise for affluent clients is working. In CIB, we have increased cross-border (network) income by 11 per cent compound annual growth rate (CAGR) since 2019,

and it is now 61 per cent of total CIB income. We also recently announced a long-term strategic partnership with Apollo to support and accelerate financing for infrastructure, clean transition and renewable energy globally. In WRB, we continue to build on our strengths in affluent, with $44 billion of net new money in 2024, up 61 per cent on prior year. This is equivalent to a strong 16 per cent growth of affluent assets under management coming from net new money. Also, earlier in 2024 we set-up our first global variable capital company in Singapore, through which we offer hard-to-access custom-created investment strategies exclusively to our clients, and have subsequently launched two such sub-funds.

We remain highly liquid, with a diverse and stable deposit base, and a liquidity coverage ratio of 138 per cent. We are well capitalised, finishing the year with a Common Equity Tier 1 (CET1) ratio of 14.2 per cent, above our target range, allowing us to increase our full-year ordinary dividend by 37 per cent to 37 cents per share. With the proposed final dividend and the $1.5 billion share buyback announced today, our total shareholder returns announced since the full-year 2023 results is $4.9 billion, well on our way to the at least $8 billion three-year cumulative target.

As we look to the year ahead, I would like to offer my thanks to our much valued and long-standing colleague, José Viñals, who will step down as our Group Chairman later this year. José has been a great partner to me and the members of our Board. During his tenure he has been a tireless advocate and champion of our business. Under his diligent stewardship as Chairman, he has helped steer the Group and made a meaningful contribution to the strong position we hold today. By embodying our brand promise, here for good, he has also played critical roles in contributing to the development of the international finance sector and in mobilising sustainable finance in service of our markets.

In wishing José a fond farewell, I would also like to extend a warm welcome to Maria Ramos who will succeed José as the Group Chair, subject to regulatory approval. Maria first joined

Standard Chartered – Annual Report Summary 2024

our Board as an Independent Non-Executive Director in January 2021, and she was appointed Chair of the Board Risk Committee and Senior Independent Director in 2022. Maria is a seasoned leader and former banker, with a wealth of experience from leadership positions within the private and public sectors. She also has extensive international non-executive and Chair experience as well as a deep understanding of operating across emerging and developing markets.

Taking action to concentrate resources on areas of greatest strength

Our strategy is designed to deliver our purpose, to drive commerce and prosperity through our unique diversity. This is underpinned by our brand promise, here for good. In our Q3'24 results, we set out a series of further actions to double down on our strategy of combining differentiated cross-border capabilities for corporate and institutional clients with leading wealth management expertise for affluent clients. We will concentrate capital and investment in our areas of greatest differentiation and competitive strength, further simplifying our business and helping us to generate higher quality growth, deliver sustainably higher returns and improve our RoTE over the medium term.

We have set ourselves ambitious goals that align to delivering this strategy and we also upgraded our 2026 RoTE target from 12 per cent to approaching 13 per cent. These goals, outlined below, supersede the commitments we previously announced with our 2023 results in February last year.

In our CIB business, we will continue to sharpen our focus on serving the cross-border needs of our larger global corporate and financial institution clients. We are optimising resource allocation by reducing the number of clients whose needs do not play directly to our strengths.
As a result of these actions, we are targeting to increase income from financial institution clients to around 60 per cent of CIB over the medium-term (51 per cent in 2024), and to increase the percentage of cross-border (network) income to around 70 per cent (61 per cent in 2024).
In our WRB business, we are solidifying our position as a leading wealth manager in Asia, Africa and the Middle East with a differentiated, fast-growing and high-returning international affluent franchise. This will be enabled by investing $1.5 billion over five years in our wealth and digital platforms, client centres, people and brand and marketing, to accelerate income growth and returns. This investment will be funded by reshaping our mass retail business to focus on developing a strong pipeline of future affluent and international clients.
We are confident that our increased investment and greater concentration will help us to outperform the market in terms of asset gathering and income growth over the medium term, and we are therefore targeting $200 billion of net new money from 2025 to 2029, a double-digit CAGR in Wealth Solutions income from 2024 to 2029, and for affluent income share of WRB income to reach 75 per cent by 2029, from 68 per cent in 2024.
In Ventures, SC Ventures will continue to promote a culture of innovation across the Group, investing in disruptive financial technology and creating alternative financial services and business models. As our portfolio matures, we expect to generate gains on sales or mergers of our ventures and will increasingly obtain third party funding for expansion of ventures, demonstrating the economic value we are creating. And we expect our two digital banks, Max and Trust, to be profitable in 2026.

Strong progress in our leading sustainability business

Our leading sustainability capabilities are an integral part of our client offering across all our business segments, and the Group as a whole. We have had another year of strong growth in Sustainable Finance income, which is up 36 per cent year-on-year in 2024, to $982 million, and is very close to our 2025 target of over $1 billion. We have mobilised $121 billion of Sustainable Finance since the beginning of 2021, making good progress as we advance towards our $300 billion target by 2030.

Looking forward, in CIB we will continue to scale Sustainable Finance and support our clients' transition journeys across our markets. In WRB, we will integrate sustainable investments into our Wealth Solutions propositions and leverage bank-wide sustainability capabilities as a key differentiator to our affluent clients.

Turning to our net zero roadmap, in 2024 we continued to deliver against our net zero commitments, completing the baseline and target setting for our 12 highest emitting sectors. But we also recognise that achieving our net zero by 2050 target requires active collaboration and engagement with our clients to support and accelerate their transition and I am therefore pleased to share that we have published our inaugural Transition Plan alongside this Annual Report.

This year, we also demonstrated our commitment to protecting and restoring nature by becoming an early adopter of the Taskforce on Nature-related Financial Disclosures. Building on our ambition to shift financial flows towards nature-positive outcomes, we also partnered with the Government of The Bahamas, The Nature Conservancy, the Inter-American Development Bank, and other financial partners to launch an innovative debt conversion, expected to generate $124 million for marine conservation.

Improving operational leverage through the Fit for Growth programme

In February last year, we launched our bank-wide, three-year, Fit for Growth programme, which is focused on taking actions to transform the way we operate, addressing structural inefficiencies and complexity to simplify, standardise and digitise key elements of our business, setting the stage for accelerated growth.

This programme is targeting to deliver around $1.5 billion of expense savings over three years, and we expect to incur a similar amount in terms of the cost to achieve these sustainable organisational and financial benefits, creating lasting capacity to reinvest in our growth.

Since its launch we have progressed the programme at pace, having mobilised over 200 projects during 2024, with initiatives that focus on sustainable structural improvements. We expect the majority of the $1.5 billion of savings to ramp up from 2025, with a tail of efficiency effects continuing after 2026, albeit several projects executed in 2024 have achieved the equivalent of around $0.2 billion of annualised savings. We expect to incur around 60 per cent of the $1.5 billion cost-to-achieve by the end of 2025. We remain committed to delivering positive jaws each year on an underlying basis, and for costs to be below $12.3 billion in 2026.

Delivering substantial shareholder distributions

Our equity generation and discipline on risk-weighted assets this year have created capacity for us to continue to deliver substantial shareholder distributions, and in our Q3'24 results we substantially increased our shareholder distribution target from at least $5 billion to at least $8 billion from 2024 to 2026.

Standard Chartered - Annual Report Summary 2024

Strategic report
Group Chief Executive's review

We remain committed to sharing our success with our shareholders and will continue to actively manage our capital position with this objective in mind. We are therefore announcing today a further share buyback programme of $1.5 billion, to commence imminently. This new share buyback, and a proposed final dividend of $679 million, brings our total shareholder returns announced since the full-year 2023 results to $4.9 billion, well on our way to our improved target of at least $8 billion.

Optimistic outlook for the markets in our footprint

Looking forward, we expect the global growth rate to be broadly flat in 2025, moderating down slightly to 3.1 per cent from 3.2 per cent in 2024, but then accelerating in 2026 to 3.3 per cent. Support from looser financial conditions and expansionary fiscal policy may be partly offset by protectionist trade policies and interest rates that remain high.

Growth in our footprint markets across Asia, Africa and the Middle East, is set to outpace global growth, with Asia expanding by 4.8 per cent in 2025, Africa growing by 4.3 per cent and the Middle East (including Pakistan) by 3.6 per cent. We expect growth in the Association of Southeast Asian Nations (ASEAN) and India to remain healthy, despite the moderating outlook for key western trade partners, and we are uniquely positioned to take advantage of this with our unparalleled presence in all 10 ASEAN markets, as well as being one of the largest international banks in South Asia.

Our clients find immense value in partnering with us to solve complicated problems for them in the markets we call home. While we are anchored in Asia, Africa and the Middle East, our footprint is global and our deep knowledge of, and expertise in, doing business across our network is hard to replicate.

This is our time

We are a unique organisation – a diverse, global business with unparalleled cross-border reach and capabilities. As the world gets more complicated, we become more critical to our clients because we, like no other, understand how to navigate those complexities.

We have delivered a strong financial performance in 2024 demonstrating the value of our franchise and the strength of our strategy.

Looking forward, we are targeting a RoTE approaching 13 per cent in 2026, and for it to progress thereafter. We aim to deliver this through strong income growth, improving operational leverage aided by our Fit for Growth programme and maintaining our responsible approach to risk and capital.

Our recent success has made us ambitious and confident for more. My Management Team and I remain focused on delivering on our targets, seizing the structural underlying growth opportunities we have, transforming how we work, delivering better experiences for clients and colleagues, and creating exceptional long-term value for our shareholders.

Finally, I would like to acknowledge the remarkable efforts of our colleagues again this year. Their impressive dedication to our clients and the communities that we serve help to manifest our brand promise of here for good.

Bill Winters

Group Chief Executive
21 February 2025

Standard Chartered – Annual Report Summary 2024

Management Team

Bill Winters, CBE
Group Chief Executive

Diego De Giorgi
Group Chief Financial Officer

Alvaro Garrido
Interim Group Chief Information Officer

Roberto Hoornweg
Global Co-Head, Corporate & Investment Banking

Benjamin Hung
President, International

Judy Hsu
CEO, Wealth & Retail Banking

Mary Huen
CEO, Hong Kong and Greater China & North Asia

Tanuj Kapilashrami
Chief Strategy & Talent Officer

Sunil Kaushal
Global Co-Head, Corporate & Investment Banking

Alex Manson
CEO, SC Ventures

Sadia Ricke
Group Chief Risk Officer

Darrell Ryman
Interim Group Chief Operating Officer

Read more on the management team on pages 110 to 112 of the 2024 Annual Report.

Standard Chartered – Annual Report Summary 2024
11

Strategic report
Key performance indicators

Key performance indicators

We measure our progress against Group key performance indicators (KPIs), as detailed below, as well as client KPIs, which can be found on pages 21 to 23. Our Group KPIs include non-financial measures reflecting our commitment to build an engaged, diverse and inclusive culture and support social and environmental outcomes.

Financial KPIs

Underlying return on tangible equity (RoTE)^{1} %	Alignment to remuneration	Common Equity Tier 1 ratio (CET1)^{1} %	Alignment to remuneration
+160bps		+19bps
2024	11.7%	2024	14.2%
2023	10.1%	2023	14.1%
2022^{2}	7.7%	2022	14.0%
2021^{2}	6.5%	2021	14.1%
2020	3.0%	2020	14.4%

Aim Deliver sustainable improvement in the Group's profitability as a percentage of the value of shareholders' tangible equity.

Progress in 2024 Our strategy to drive improved levels of return on tangible equity (RoTE) is working. RoTE for the year of 11.7 per cent is 160 basis points higher year-on-year.

The underlying profit attributable to ordinary shareholders expressed as a percentage of average ordinary shareholders' tangible equity.
2021 and 2022 have been restated to reflect market and business exits announced in Q1 2023.

Aim Maintain a strong capital base and Common Equity Tier 1 (CET1) ratio.

Progress in 2024 The Group remains well capitalised and highly liquid with a CET1 ratio of 14.2 per cent above our target range, enabling the Board to announce a 37 per cent increase in the full-year dividend and a $1.5 billion share buyback programme to start imminently.

The components of the Group's capital are summarised in the Capital review on pages 270 to 274 of the 2024 Annual Report.

Total shareholder return (TSR)³ %

Alignment to remuneration

Aim Deliver a positive return on shareholders' investment through share price appreciation and dividends paid.

Progress in 2024 Our total shareholder return for the full year was 47.5%.

Combines simple share price appreciation with dividends paid to show the total return to the shareholder and is expressed as a percentage total return to shareholders.

Standard Chartered – Annual Report Summary 2024

Alignment to remuneration

Reward for all Group employees, including executive directors, continues to be aligned to the Group's strategic priorities, through our annual and long-term incentive scorecards. Our approach to remuneration is consistent for all employees and is designed to create alignment with our Fair Pay Charter, which applies globally. However, our pay structures may vary according to location (to comply with local requirements). Variable remuneration falls into two categories: annual incentive and a long-term incentive plan (LTIP) which are aligned to the KPIs indicated.

Annual incentive is based on measurable performance criteria linked to the Group's strategy and assessed over a period of one year.
LTIP awards are granted to senior executives who have the ability to influence the long-term performance of the Group. Awards are performance dependent based on measurable, long-term criteria.
Read more in our Directors' remuneration report on pages 115 to 131.

Non-financial KPIs

Diversity and inclusion: women in senior roles^{4} %	Alignment to remuneration
+0.6ppt	■ ■
2024	33.1%
2023	32.5%
2022	32.1%
2021	30.7%
2020	29.5%

Aim Increase representation* of women in senior leadership roles $^5$ globally to 35 per cent by the end of 2025.

Progress in 2024 In 2024, the proportion of senior leadership roles occupied by women has increased to 33.1 per cent. This is up by 0.6 percentage points from December 2023 (32.5 per cent) and up 7.8 percentage points since December 2016 (25.3 per cent).

4 Subject to local legal requirements
5 Senior leadership is defined as Managing Director and Band 4 roles (including the Group Management Team).

Mobilisation of sustainable finance^{6,7}	Alignment to remuneration
+$34bn	■ ■
2024	$121bn
2023	$87bn
2022	$57bn

2021 The Group announced this target in Q4 2021.

Aim Cumulative progress towards our commitment to mobilise $300 billion between 2021 and 2030.

Progress in 2024 We made strong progress against this target during the year.

Read more on pages 63 to 67

6 We define mobilisation of sustainable finance as any investment or financial service provided to clients that supports: (i) the preservation and/or improvement of biodiversity, nature or the environment; (ii) the long-term avoidance/decrease of GHG emissions, including the alignment of a client's business and operations with a 1.5 degree Celsius trajectory (known as transition finance); (iii) a social purpose; or (iv) incentivising our clients to meet their own sustainability objectives (known as sustainability-linked finance). It is a measure of total capital mobilised and considers the total value of the committed facilities provided.
7 Figures reflect cumulative sustainable finance mobilised since January 2021 up to September of each year.

Employee net promoter score (eNPS) $^8$

-5.42 points

2024 20.44
2023 25.86
2022 17.55
2021 12.94
2020 17.51

Aim Improve the overall employee experience across the Group by creating a better work environment for our colleagues that should translate into an improved client experience.

Progress in 2024 While the eNPS score dropped by 5.42 points to 20.44 from 25.86 in 2023 (which was our highest ever score), it continues to be stronger than previous years.
8 eNPS ranges from -100 to +100 and is based on a single question which measures whether colleagues would recommend working for the Bank. It is calculated by deducting the percentage of detractors from the percentage of promoters.

Standard Chartered – Annual Report Summary 2024

Strategic report
Market environment

Market environment

Global macro trends: Macroeconomic factors affecting the global landscape

Trends in 2024

Global GDP growth held at 3.2 per cent in 2024, the same as 2023, as central banks began to loosen policy in the face of declining inflation.
Asia was the best-performing region, recording growth of 5.0 per cent as ASEAN economies in particular were supported by improving tourism and the semiconductor upcycle. Growth in China was slower relative to 2023, but appeared to have accelerated in Q4 helped by policy support. Growth in India normalised to 6.2 per cent from 8.2 per cent in 2023.
Sub-Saharan Africa likely saw growth of 3.4 per cent in 2024, an improvement from 3.1 per cent in 2023, supported by easing global financial conditions, the region's continued recovery from COVID-19 crisis and country-specific factors.
Among the majors, the US economy remained resilient, with growth improving to 2.7 per cent from 2.5 per cent in 2023, led by personal consumption, despite recent signs of softening in the labour market. Growth also recovered in the UK to 0.9 per cent in 2024 as inflation fell and demand recovered. The euro-area economy grew by 0.7 per cent in 2024, following 0.4 per cent growth in 2023, as growth was constrained by weak investment. In most majors, labour markets remained strong, but there are signs of softening.
Major central banks like the Federal Reserve and European Central Bank started to loosen monetary policy from mid-2024 onwards as inflation showed clearer signs of returning to target levels, while fiscal policy remained accommodative in the US.

Outlook for 2025

We expect global economic growth to be broadly flat in 2025, slowing slightly to 3.1 per cent from 3.2 per cent in 2024. Support from looser financial conditions and expansionary fiscal policy may be partly offset by protectionist trade policies and still-high interest rates in the US and elsewhere.
The US economy is set to moderate in 2025, after a resilient 2024 performance despite elevated interest rates. The euro area continues to struggle; major European economies including Germany and France risk slipping into recession. Asia is relatively healthy, although growth at the regional level is set to moderate slightly in 2025 as both China and India slow. The Gulf Cooperation Council (GCC) should also remain a bright spot for global growth, with the region's non-oil growth exceeding overall global growth.
The global economy is facing heightened uncertainty following the US elections. The risk of a tit-for-tat tariff war has increased with US tariffs on China already resulting in retaliatory tariffs on US imports. The US is also threatening to impose tariffs on other trading partners. Tariff wars are likely to result in further trade diversion and a reorientation of supply chains.
Expectations of a shallower rate cutting cycle from the Fed is likely to translate into a stronger USD and a steeper US yield curve. Higher US rates and a stronger USD will make it harder for emerging market issuers to borrow in international capital markets, and could significantly reduce portfolio flows to emerging markets. In addition, emerging market central banks may be constrained from cutting rates meaningfully.
On the geopolitical front, markets will be eager to see if President Trump is able to end the war in Ukraine and whether the cautious hope which has emerged on the Middle East's front outlook proves sustainable.

Medium- and long-term view

Broader global trends

Long-term growth in the developed world is constrained by ageing populations and high levels of debt.
Rising nationalism, anti-globalisation and protectionism are threats to long-term growth prospects in emerging markets.
However, there are potential offsets. Higher capex to meet sustainability targets, and moves towards digitalisation could boost productivity growth, proving an antidote to economic scarring concerns. Within emerging markets, countries in Asia are best placed to take advantage of digitalisation, including generative artificial intelligence (AI).
Relatively younger populations, and the adoption of digital technology, will allow emerging markets to become increasingly important to global growth.
In order to meet net-zero targets, energy-related spending will have to increase significantly; headwinds include insufficient funds across emerging markets, labour shortages and supply chain constraints.

The world under Trump 2.0

Trump's victory in the US elections is likely to have significant implications for the existing geopolitical environment through the impact for global climate policy, the UN, Bretton Woods institutions, and US relations with the EU.
Trump has pledged to use import tariffs to reduce the US trade deficit and bring production back to the US. While this process has begun, uncertainty around the scope and extent of tariff action from the US and likely retaliation by trade partners might act as drags on consumer and investor confidence, slowing growth.
Global trade has remained resilient in the face of rising protectionism over the past decade. However, an escalation in tariff wars has the potential not only to accelerate the reorientation of supply chains already under way but also lead to lower global trade overall.
Expectations of spending on defence and infrastructure together with possible tax cuts is likely to be inflationary and could see the Fed terminal rate settling at a higher level than in the pre-pandemic period.
This would significantly change the global funding environment for emerging markets. The external funding environment for emerging markets will likely be tougher as US Money Market rates could stay elevated with a higher Fed terminal rate.
Emerging market economies that are more domestically driven and have better fiscal and monetary buffers to offset external shocks are likely to be more resilient to external shocks.

Standard Chartered – Annual Report Summary 2024

Regional outlook

Greater China and North Asia

Actual and projected growth by market

China	2025	4.5%
	2024	5.0%
Hong Kong	2025	2.2%
	2024	2.5%
Korea	2025	1.6%
	2024	2.0%

China is likely to bear the brunt of US tariff policy, with initial US tariffs being met by retaliatory tariffs from China. The authorities are preparing for the potential fallout by delivering additional stimulus to support the domestic economy. In late September, China pivoted towards more aggressive policy easing that helped generate a Q4 rebound. In December, the top planning meeting adopted a pro-growth stance for 2025, pledging to raise the deficit ratio and loosen monetary policy. The authorities appear determined to tap the policy space to offset a potentially sharp increase in the US tariffs, focusing more on consumption than investment.
Net exports have contributed significantly to China's growth in 2024; this contribution is expected to decline substantially in 2025. However, the real-estate sector – which has weighed heavily on growth for the past few years – is likely to be less of a drag in 2025 as supportive policies take effect.
While The People's Bank of China is expected to keep monetary policy loose, expansionary fiscal policy will be the biggest source of support for 2025 growth, in our view. We expect China's economy to grow 4.5 per cent in 2025.
Hong Kong is likely to be disproportionately affected by outsized US trade measures targeted against China. The US–China trade war under Trump 1.0 pushed Hong Kong to trade more with China and ASEAN (at the expense of trade with the US and Europe); this secular trend could accelerate as global supply chains reorient around new US tariff threats. We believe Hong Kong still has a key role to play as China's 'super-connector' as South-South trade and investment links expand in an increasingly fragmented world.
Growth in South Korea is likely to slow in 2025, reflecting rising uncertainty on external demand due to likely protectionist policies under Trump 2.0. This may weigh heavily on firms' investment incentives, particularly in export-driven industries.

ASEAN and South Asia

Actual and projected growth by market

India	2025	6.5%
	2024	6.2%
Indonesia	2025	5.0%
	2024	5.0%
Singapore	2025	2.5%
	2024	3.8%

India's growth has likely moderated to 6.2 per cent in 2024 and 6.5 per cent in 2025 from 8.2 per cent in 2023, owing to a cyclical slowdown in urban demand, and delays in the private sector investment cycle. However, the likelihood of more measures to improve INR liquidity, a shallow rate cutting cycle and a large income tax cut delivered in the recent budget are likely to provide a floor. The government remains focused on fiscal consolidation, albeit gradually amid slowing domestic growth and external uncertainty.
We expect growth in ASEAN to remain healthy but slow slightly in 2025 versus 2024 due to the effects of monetary tightening and the moderating economic outlook for key trade partners – namely the US, the euro area and China. Trade-reliant economies like Singapore, Vietnam, Malaysia and Thailand are exposed to US trade policies. Even if they are not directly targeted by tariffs or other measures, Asia's small, open economies could be hit by spillover from China in the short term.
Larger and more domestically driven economies – including India, Indonesia and the Philippines – may be less affected but are not immune to a significant hit to China and/or global trade. Over the medium term, however, we expect ASEAN to continue to attract strong foreign direct investment flows as investors seek to diversify their operational capacity and tap new markets.
Asian central banks focused on FX stability are likely to scale back their rate-cutting cycles due to sharply reduced Fed easing expectations, the spectre of a stronger USD in 2025, and an uncertain Asian trade environment. For India, we maintain our call for 50bps of rate cuts; we think monetary policy will focus more on the growth and inflation impact of US trade policies than on FX concerns. For the region's small, open economies, negative currency spillover may have less influence on policy decisions in the coming year. Singapore has already eased monetary policy in January and we expect Thailand to lower rates further in 2025.

Americas

Actual and projected growth by market

US	2025	1.8%
	2024	2.7%

The US economy is likely to stay on a healthy footing, with layoffs remaining low and consumer and business sentiment staying strong. Tighter financial conditions towards end-2024 could bring some growth softness in H1 2025 before returning to trend in H2 2025.
Slowing growth and a softening labour market should allow the Fed to continue with cautious easing.
Trade and fiscal policies pledged by the incoming administration increase uncertainty around monetary policy decisions in the wider region; the Fed may have to tighten slightly in 2026 when the impact of stimulus and tariffs hits.
A more accommodative regulatory environment in the US could further boost investment sentiment and productivity growth.
In Latin America, rising fiscal risks have weighed on investor sentiment towards the region. High borrowing costs, legislative uncertainty and lacklustre growth momentum are likely to continue challenging the fiscal outlook.

Strategic report
Market environment

Regional outlook

Africa

Actual and projected growth by market

Nigeria
2025	3.8%
2024	3.5%
South Africa
---	---
2025	2.0%
2024	1.1%
Kenya
---	---
2025	4.7%
2024	4.5%

While escalating global trade tensions and higher US Treasury yields are downside risks to Sub-Saharan Africa, stepped-up fiscal stimulus in China may eventually support the region's commodity-dependent economies. Sub-Saharan Africa trade dependency on the US has declined in recent years, reflecting greater US energy self-sufficiency; the EU is the region's largest trading partner, followed by China.
Domestic reform momentum remains strong in South Africa and Nigeria, the region's two largest economies; this may provide a buffer against global uncertainty. South Africa's Government of National Unity has invested significant political capital in ensuring that growth-boosting structural reforms yield meaningful dividends. South Africa may adopt a formal rule to limit its fiscal deficit and reassure on debt levels in 2025 and eventually a lower inflation target, as it aims to regain its investment-grade status in the medium term. Faster growth will be critical to stabilising South Africa's debt.
Nigeria has embarked on contentious fuel subsidy and FX liberalisation reforms, triggering higher inflation. 2025 should bring greater FX and price stability, as well as offshore investor interest in Nigeria's local-currency debt market. However, Nigeria remains exposed to a material decline in oil prices, which could negatively impact oil revenues and FX earnings.
2025 should also see the rehabilitation of economies that have recently concluded debt restructuring agreements. While final agreements with non-Eurobond creditors are still awaited in Zambia and Ghana, the economic outlook for both countries is set to stabilise. Zambia should see significant growth gains following a recent drought. Ghana's inflation should stabilise somewhat after the country's December 2024 elections; post-election years are often characterised by greater fiscal restraint (but also slower growth momentum).
While new external debt restructurings in the region look unlikely in 2025, liquidity pressures – and how they are navigated – will be closely watched. Dependence on international financial institutions for liquidity support has increased in recent years in economies such as Kenya. Kenya is now likely to focus on attracting greater private flows, with a reliance on public-private partnerships to boost capital spending.

Middle East

Actual and projected growth by market

UAE
2025	5.0%
2024	4.0%

Despite some pressure on the energy sector, we expect the GCC to remain a bright spot for global growth in 2025, with the region's non-oil growth exceeding overall global economic growth. With the exceptions of Saudi Arabia and Bahrain, most of the region's fiscal breakeven oil prices remain low. In some cases they have declined; for Oman, this has prompted consecutive credit rating upgrades. Investment in the non-oil sector will continue to drive economic activity in 2025, while lower interest rates should benefit interest rate-sensitive sectors such as housing in Saudi Arabia, the UAE and Qatar.
Lower geopolitical risk and supported oil prices should bode well for the Middle East and North Africa (MENA) region in 2025. De-escalation of the regional conflict should have positive ramifications for external funding in Egypt and Lebanon. On the trade front, the GCC – and the UAE in particular – will continue to benefit from rising South-South trade as global trade is re-routed in a more fragmented world.

Europe

Actual and projected growth by market

UK
2025	1.0%
2024	0.9%
Euro area
---	---
2025	0.8%
2024	0.7%

The Euro area economy is likely to struggle in the face of structural headwinds – including poor competitiveness and high energy costs – as well as external pressures from possible US trade protectionist measures. While there are recession risks in Germany and France, private consumption should help to keep overall European growth positive as interest rates fall and labour markets remain tight.
The ECB is set to continue cutting into accommodative territory as inflation returns to target and growth is weak. Fiscal policy is unlikely to offer a significant tailwind to growth as countries must adhere to EU rules, although flexibility could be applied if growth weakens significantly.
UK growth should be supported in 2025 as the Bank of England continues to cut interest rates and the government pursues pro-growth reforms alongside an improvement in trading relations with the EU. However, the government is also likely to tighten spending in the coming months, to ensure it keeps within its own fiscal rules.
In Central and Eastern Europe, external spillovers weigh on domestic growth, while labour market tightness and fiscal pressures delay central bank easing. Presidential elections in Poland and legislative elections in Czechia this year pose uncertainty for investors.

Standard Chartered – Annual Report Summary 2024

Highlighting the impact of extreme weather and climate change

The Standard Chartered Weather Photographer of the Year competition highlights captivating weather and climate images by amateur and professional photographers.

In 2024, our Malaysian colleague Nur Syaireen Natasya Binti Azaharin came first in the smartphone category, with her image 'Volcanoes'.

The other winners were:

Main prize: Wang Xin, from China; 'Sprites Dancing in the Dark Night'
Youth prize: Angelina Widmann, from Austria; 'Rain Aria'
Public vote and Climate Award: Gerson Turelly from Brazil; 'Rowing'.

Organised by the UK's Royal Meteorological Society, the competition helps to raise awareness about the impact of extreme weather and the changing climate across our markets.

Our strategy

Our strategy is designed to deliver our purpose: to drive commerce and prosperity through our unique diversity. This is underpinned by our brand promise, here for good.

We are a global bank connecting corporate, institutional and affluent clients to a network that offers unique access to sustainable growth opportunities across Asia, Africa and the Middle East.

Strategic priorities

Cross-border

Continue to sharpen our focus on serving the cross-border needs of our larger global corporate and financial institution clients
Concentrate our efforts on enhancing our cross-border product and advisory suite to meet our clients' complex needs
Optimise resource allocation by reducing the number of clients whose needs do not play directly to our strengths
Continue to scale sustainable finance and support to our clients' transition journeys across our markets

Affluent

Solidify our position as a leading wealth manager in Asia, Africa and the Middle East with a differentiated, fast-growing and high-returning international affluent franchise
Invest $1.5 billion over five years in our wealth and digital platforms, client centres, people, brand, and marketing, to accelerate income growth and returns
Reshape our mass retail business to focus on developing a strong pipeline of future affluent and international banking clients
Integrate sustainable investments into our Wealth Solutions propositions and leverage bank-wide sustainability capabilities as a key differentiator to our affluent clients

| Cross-border income:
~70% of CIB in medium term | Income from financial institution clients:
~60% of CIB in medium term |
| --- | --- |
| Affluent income:
~75% of WRB by 2029 | Wealth Solutions income:
Double-digit CAGR from 2024 to 2029 |
| --- | --- |

Standard Chartered – Annual Report Summary 2024

Our business model

Our business model reflects our strategy of combining differentiated cross-border capabilities with leading wealth management expertise.

Our business segments

Corporate & Investment Banking (CIB)

Supports large corporations, development organisations, governments, banks and investors in accessing cross-border trade and investment opportunities.

Wealth & Retail Banking (WRB)

Serves the local and international banking needs of clients across the wealth continuum from Personal to Priority and Private Banking, as well as small and medium enterprises.

Ventures

Promotes a culture of innovation across the Group, investing in disruptive financial technology and creating alternative financial service business models, as well as growing our digital banks – Max and Trust.

Read more on page 21

Read more on page 22

Our key products and services

Global Markets & Global Banking

Macro, Credit & Commodities Trading
Lending & Financial Solutions
Capital Markets & Advisory

Transaction Services

Payments and Liquidity
Trade & Working Capital
Securities & Prime Services

Wealth Solutions

Investments
Bancassurance
Wealth advice
Portfolio management

Retail Products

Deposits
Mortgages
Credit cards
Personal loans

Our leading Sustainability business is an integral part of our client offering across all our business segments, and the Group as a whole.

Read more on page 52

Responsible business practices
We strive to be a responsible business by operationalising our net zero targets, managing environmental and social risks, and acting transparently.
Respoke sustainable finance solutions
We offer sustainable finance solutions designed to help our clients address environmental and social challenges and achieve sustainable growth.
Innovation in service of our markets
We advocate in service of our markets to unlock the areas where capital is not flowing at scale or not at all and to help drive economic inclusion.

Standard Chartered – Annual Report Summary 2024
19

Strategic report
Business model

Our resources provide the strong foundation that helps us deliver our strategy

Human capital

Diversity differentiates us; it is in our purpose statement. Delivering our strategy rests on how we continue to invest in our people, the employee experience and culture.

International network

Our network is our unique competitive advantage and connects corporates, financial institutions, individuals and small and medium enterprises across some of the world's fastest-growing and most dynamic markets.

Local expertise

We are deeply rooted in the markets where we operate, offering us insights that help our clients achieve their ambitions locally and across borders.

Brand recognition

We are a leading international banking group with 170 years of history. In many of our markets we are a household name.

Financial strength

With our solid balance sheet and prudent financial management, we are a strong and trusted partner for our clients.

Technology

Our foundations in technology and data act as key enablers in providing world class client services.

We create long-term value for a broad range of stakeholders

Clients

We deliver banking solutions for our clients across our network both digitally and in person. We help individuals grow and protect their wealth while connecting corporates and financial institutions to opportunities across our network.

Employees

We believe that employee experience drives client experience. We want all our people to pursue their ambitions, deliver with purpose and have a rewarding career enabled by great people leaders.

Suppliers

We partner with diverse suppliers, locally and globally, to provide efficient and sustainable goods and services for our business.

Investors

We aim to deliver robust returns and long-term sustainable value for our investors.

Regulators and governments

We play our part in supporting the effective functioning of the financial system and the broader economy by proactively engaging with public authorities.

Society

We strive to operate as a sustainable and responsible company, working with local partners to promote social and economic development.

Standard Chartered – Annual Report Summary 2024

Client segment reviews

Corporate & Investment Banking

Profit before taxation	Return on tangible equity (RoTE)	Network income as % of total CIB income
$5,581m
↑ 4% underlying basis	19.0%
↓ 50bps underlying basis	2024
61%
2023
61%
2022
54%
$5,378m
↓ 6% reported basis	18.4%
↓ 227bps reported basis
Risk-weighted assets (RWA)
$157bn
↑ $15bn

Aim: Drive cross-border income by focusing on strategic corridors with growth potential

Analysis: Share of network income improved from 54 per cent in 2022 to 61 per cent in 2023 and 2024 as we focus on serving the cross-border needs of our large global corporate and financial institution clients

Contributions of Financial Institutions segment as % of total CIB income

2024	51%
2023	49%
2022	47%

Aim: Drive growth in high-returning Financial Institutions segment

Analysis: Share of Financial Institutions income improved to 51 per cent in 2024 as we applied continued focus to this segment to drive income and returns

Segment overview

Corporate & Investment Banking (CIB) supports local and large corporations, governments, banks and investors with their transaction services, banking, and financial market needs. We provide differentiated cross-border capabilities to over 17,000 clients in some of the world's fastest-growing economies and most active trade corridors. Our clients operate or invest in 47 markets across the globe.

Our strong and deep local presence enables us to co-create bespoke financing solutions and connect our clients multilaterally to investors, suppliers, buyers and sellers. Our products and services enable our clients to move capital, manage risk and invest to create wealth. Our clients represent a large and important part of the economies we serve. CIB is at the heart of the Group's shared purpose to drive commerce and prosperity through our unique diversity.

We are also committed to promoting sustainable finance in our markets and channelling capital to where the impact will be greatest. We are delivering on our ambition to support sustainable economic growth, increasing support and funding for financial offerings that have a positive impact on our communities and environment.

Strategic priorities

Deliver sustainable growth for clients by leveraging our network to facilitate trade, capital and investment flows across our footprint markets.
Generate high-quality returns by improving income mix, growing capital-lite income and driving balance sheet velocity, while maintaining disciplined risk management.
Be a digital-first and data-driven bank that delivers enhanced client experiences.
Accelerate our sustainable finance offering to our clients through product innovation and enabling transition to a low-carbon future.

Progress

Our underlying income performance was driven by our diversified product suite, expanded client solutions and optimised resource allocation by focusing on clients whose cross-border needs played directly to our strengths. Our cross-border income contributed to 61 per cent of total CIB income with growth across strategic corridors.
Resilient balance sheet quality with investment-grade net loans and advances to customers represented 66 per cent of total corporate net loans and advances to customers (2023: 65 per cent).
We increased the share of income from our financial institution clients as a percentage of total CIB income, from 49 per cent in 2023 to 51 per cent in 2024.
Active management of pass-through rates helped us to maintain a balance between pricing and deposit attrition.
Client Digital Transaction Initiation stood at 68.3 per cent (2023: 64.5 per cent) largely in Cash, Trade and FX. Client experience remained at the centre of our digital transformation, with our Customer Satisfaction Score at 72 per cent (2023: 61 per cent).
We are well on our way towards delivering our target of $1 billion income from our Sustainable Finance franchise by 2025, and have mobilised $121 billion against our $300 billion commitment in sustainable financing by 2030.

Performance highlights

Underlying profit before tax of $5,581 million increased by 4 per cent at constant currency (ccy) driven by higher income, partially offset by higher operating expenses and other impairment charge.
Underlying operating income of $11,818 million increased by 6 per cent at ccy primarily driven by strong performance in Global Markets and Global Banking. Global Markets grew by 15 per cent, supported by double-digit growth in both flow and episodic income. Global Banking also saw a 15 per cent increase due to higher loan origination volumes from strong pipeline execution, coupled with improved Capital Markets activities. Transaction Services remained flat, as 12 per cent increase in Securities & Prime Services income, driven by higher fees and deposit balances were offset by lower margins in Payments and Liquidity, and Trade & Working Capital products.
Underlying operating expenses were up by 9 per cent at ccy largely due to investments and higher performance-related pay, partly offset by disciplined hiring and control over discretionary spending.
Credit impairment was a net release of $106 million, benefitting from client recoveries, partly offset by a $58 million overlay for clients who have exposure to Hong Kong's commercial real estate sector. Other impairment charge primarily related to the write-off of software assets.
Risk-weighted assets of $157 billion were up $15 billion mainly driven by asset growth and higher market RWA.

Standard Chartered – Annual Report Summary 2024

Strategic report Client segment reviews

Wealth & Retail Banking

Profit before taxation	Return on tangible equity (RoTE)	Affluent Net New Money (NNM)^{1}
$2,463m
+ 1% underlying basis	24.4%
+ 90bps underlying basis	2024
$43.6bn
$2,193m
+ 10% reported basis	21.7%
+ 301bps reported basis	2023
$27.1bn
Risk-weighted assets (RWA)		2022
$19.1bn
$50.5bn
+ $1bn

1 Net New Money is shown at YTD constant currency FX rates

Aim: Achieve NNM from new and existing affluent clients, via innovation, and advisory-led and digital-first Wealth propositions

Analysis: Affluent NNM increased by 61 per cent year-on-year in 2024, supported by strong new-to-bank client acquisition momentum, cross-border referrals and digital-driven client engagement

International affluent clients in wealth hubs

Aim: To solidify our position as a leading international wealth manager by leveraging our client continuum, global network and expertise in wealth solutions

Analysis: International affluent clients increased 18 per cent year-on-year in 2024, delivering ~50 per cent of the three-year growth target set in 2023

Segment overview

Wealth & Retail Banking (WRB) serves more than 13 million individuals and small businesses, with a focus on the affluent segment which encompasses Private Bank, Priority Private, Priority Banking, and Premium. In the mass retail space, we are focused on emerging affluent clients who will progress in their wealth journey with us and form the pipeline of future affluent clients.

We are a leading wealth manager in Asia, Africa and the Middle East, as our deep local presence and international network enables us to capture the strong structural tailwinds which are driving cross-border wealth flows.

Our comprehensive product propositions span across deposits, payments, financing, advisory, investments and bancassurance. In particular, our open product architecture allows us to collaborate and innovate with product partners to offer best-in-class and first-to-market wealth solutions to our clients. We also support our small business clients with their trade, working capital and other banking needs.

WRB is closely integrated with the Group's other client segments; for example, we offer employee banking services to CIB clients, and we also provide a source of high-quality liquidity for the Group.

Strategic priorities

Solidify our position as a leading international wealth manager and capture Global Chinese and Global Indian opportunities, by leveraging our client continuum, global network and expertise in wealth solutions.
Accelerate our investment in affluent frontline teams, wealth and digital platforms, and client centres, as well as brand and marketing, to drive income growth and higher returns.
Deliver differentiated and advisory-led wealth propositions with digital-first and personalised experiences, leveraging an open architecture platform.
Enable access to sustainable investments by integrating ESG into our Wealth Solutions propositions.
Reshape our mass retail business to focus on building a strong pipeline of future affluent and international banking clients.
Improve client experience and efficiency via continuous innovation, digitisation, data analytics and process simplification.

Progress

Strong momentum in client growth with the addition of 265,000 new-to-bank affluent clients, and Net New Money' across Priority Banking and Private Bank reached $43.6 billion, up by 61 per cent year-on-year.
Strengthened cross-border and cross-segment collaboration across our global network to deliver robust growth in international clients (up 18 per cent year-on-year), resulting in 325,000 new international clients and a significant contribution to Assets Under Management.
Continued to launch differentiated wealth solutions such as our exclusive Signature Select and Signature CIO funds.
Digitised and enhanced wealth client journeys with new self-service capabilities, streamlined processes, and more comprehensive portfolio advisory capabilities for both clients and frontline teams.
Developed our relationship teams to be better wealth advisers, with about 1,100 frontline relationship managers, team leaders and specialists trained in the Standard Chartered-INSEAD Wealth Academy programmes since launch.
Up-tiered 295,000 individual clients through our wealth continuum across and within personal and affluent segments, by tailoring propositions and service models to the needs of our clients.
Recognised for excellence in private banking, digital wealth and other capabilities, with over 30 industry awards received in 2024.

Performance highlights

Underlying profit before tax of $2,463 million decreased by 1 per cent at constant currency (ccy) primarily driven by increased operating expenses, higher credit and other impairment charge partially offset by higher income.
Underlying operating income of $7,816 million was up 11 per cent at ccy, driven primarily by Wealth Solutions, up 29 per cent. This growth was broad-based across markets and products, driven by continued momentum in Affluent new-to-bank onboarding and net new money. CCPI, & Other Unsecured Lending income increased by 3 per cent supported by higher volumes from Partnership-led growth. Deposits income rose by 4 per cent driven by higher deposit volumes. Mortgage & Other Secured Lending income was up by 3 per cent benefitting from higher upfront fees due to new sales momentum in Korea and Hong Kong, along with improving margins due to lower HIBOR.
Underlying operating expenses increased by 9 per cent in ccy, primarily driven by inflation and investment in business growth initiatives including the strategic hiring of Affluent relationship managers.
Credit impairment charge increased $290 million to $644 million mainly from the higher interest rate environment impacting repayments on credit cards and personal loans, the growth and maturity of the digital partnership portfolios in China and Indonesia as well as $21 million overlay relating to Korea eCommerce platforms. Other impairment charge primarily related to the write-off of software assets.

Standard Chartered - Annual Report Summary 2024

Vendors

Loss before taxation	External funds raised	Customers
$390m
↓ 4% underlying basis	$60m
↓ 7%	2024
2.3m
Risk-weighted assets (RWA)	Customers	2023
1.8m
$2.4bn
↑ $0.5bn	2.3m
↑ 0.5m	2022
1.3m

Segment overview

Formed in 2022, the Ventures client segment is a consolidation of SC Ventures and its related entities as well as the Group's two majority-owned digital banks Mox in Hong Kong and Trust in Singapore.

SC Ventures is the platform and catalyst for the Group to promote innovation, invest in disruptive financial technology and explore alternative business models. It represents a diverse portfolio of almost 30 ventures and more than 30 investments.
Mox, a cloud-native, mobile only digital bank, was launched in Hong Kong as a joint venture with HKT, PCCW and Trip.com in September 2020.
Trust Bank is Singapore's first digitally native bank, launched in partnership with FairPrice Group in September 2022. It has become one of the world's fastest-growing digital banks, rapidly expanding to 974,000 customers in Singapore by the end of 2024 and building a wide range of innovative products and services.

Strategic priorities

SC Ventures' focus is on building and scaling new business models – across the three themes of Digital Banking & Lifestyle, Trade & Supply Chains and Digital Assets, enabled by artificial intelligence, Web3/Blockchain, ESG and Quantum. We do this by connecting ecosystems, partners and clients to create value and new sources of revenues, providing optionality for the Bank. We advance our fintech agenda by identifying, partnering and making minority investments in companies that provide technology capabilities, which can be integrated into the Bank and Ventures. Our focus is on innovative, fast growing, technology-focused companies that can accelerate transformation in the financial services sector.
Mox aims to become the leading digital bank globally. Its vision is to set the global benchmark for digital banking, focusing on cards, digital lending, deposits and wealth management. Mox plans to enhance its offering with insurance services and a broader range of digital financial solutions to cater to customer needs in a competitive market.
Trust Bank aims to establish itself as one of the main retail banks in Singapore, creating new standards of customer experience. Key near-term priorities are to continue to deepen engagement with existing customers and to launch a wealth management proposition.

Progress

In 2024, SC Ventures maintained positive momentum, further enhancing its business performance. It launched four new ventures, raised funds amid a challenging environment, and expanded its geographical reach. As a result, the SC Ventures customer base grew by 13 per cent year-on-year to reach 660,000. SC Ventures' presence in the Middle East expanded its network of partners and stakeholders in the region, while our Singapore-based digital infrastructure platform, Olea Global, secured a $100 million warehouse financing facility from HSBC and Manulife.

SC Ventures' portfolio of compliant and bank-grade platforms continues to prove our commitment to building infrastructure that will enable institutional adoption of digital assets. In 2024, Zodio Custody's client base significantly expanded, and the digital asset custodian is now backed by four major financial institutions: Standard Chartered, Northern Trust, SBI Holdings, and NAB. Libeara is powering the SGD Delta Fund (managed by Fundbridge Capital), which received Moody's first ever rating of a tokenised bond.

In 2024, Mox had around 650,000 customers, penetrating over 10 per cent of Hong Kong's total bankable population. Mox continued to achieve strong performance, supported by an engaged customer base with an average 3.1x products and average log in of 15 times per active customer every month. Mox delivered 15 per cent year-on-year growth in revenue and 57 per cent year-on-year growth in deposits. Mox Card is a runaway success, with more than 100 million transactions to date. In 2024, Mox was the first digital bank in Hong Kong to offer Asia Miles as part of its customer value proposition and has distributed a total of 500 million Asia Miles to date. By the first half of 2024, Mox's market share had reached 27 per cent (was ranked #1) and 26 per cent (was ranked #2) in lending and deposits respectively, among all Hong Kong digital banks.

Mox was recognised for its excellence by various global named agencies, such as the Best Digital Bank in Hong Kong by The Asian Banker, Best Digital Bank for CX in Hong Kong and in Asia Pacific by The Digital Banker Digital CX Awards, Virtual Bank of the Year – Hong Kong by Asian Banking & Finance. Besides, Mox has established a strong connection with Hong Kong customers since its launch – the bank's app is currently the highest-rated digital banking app in Hong Kong, achieving a score of 4.8 out of 5 in the Apple App Store.

Trust Bank continued its rapid growth during 2024, with customer numbers reaching 974,000, equivalent to an 18 per cent share of the adult population in Singapore. Customer referrals remain the main source of this growth, keeping customer acquisition costs low. Alongside this customer growth, Trust Bank significantly expanded its customer proposition among the year, launching several innovative products including split purchase and balance transfer loans, a cashback credit card and a proposition for mass affluent customers called Trust+. Customer engagement levels remain high with credit card customers making an average of 21 transactions each month. The resulting financial progress has been strong, with deposit balances doubling to $2.8 billion and customer lending balances increasing 149 per cent to $0.6 billion. 2024 revenue increased 160 per cent compared with 2023 while costs rose only 5 per cent. Loan impairments remained well controlled.

During the year, Trust Bank received extensive industry awards and recognition, including the best digital bank in Singapore by The Asian Banker and was named the best mobile banking app globally by The Digital Banker. It remains a top-rated bank in Singapore on the Apple App Store. Building on the success of Trust+, Trust Bank is building its first investment solutions product called TrustInvest, which it plans to launch in the first quarter of 2025.

Performance highlights

Underlying loss before tax decreased by $18 million to $390 million reflecting the Group's continued commitment to investing in transformational digital initiatives. Income rose by 16 per cent at ccy to $183 million, driven primarily by a 60 per cent growth in the Digital Banks. This growth was fuelled by strong growth in customer numbers and volumes in both digital banks – Mox and Trust.
Operating expenses increased by 8 per cent due to continued investment in new and existing ventures.
Credit impairment decreased from $85 million to $74 million, mainly due to delinquency rates improving in Mox.
Risk-weighted assets of $2.4 billion have increased $0.5 billion mainly due to continued investment in new and existing ventures and minority interests.

Standard Chartered - Annual Report Summary 2024

Strategic report
Group Chief Financial Officer's review

Group Chief Financial Officer’s review

Summary of financial performance

All commentary that follows is on an underlying basis and comparisons are made to the equivalent period in 2023 on a constant currency basis, unless otherwise stated.

The Group delivered a strong performance in 2024, recording a return on tangible equity (RoTE) of 11.7 per cent, up 160 basis points year-on-year. A record performance in Wealth Solutions, and strong double-digit growth in Global Markets and Global Banking, drove operating income growth of 14 per cent to $19.7 billion. Operating income was up 12 per cent excluding two notable items relating to gains on revaluation of FX positions in Egypt and hyperinflationary accounting adjustments in Ghana, as well as adjusting for the reclassification of deposit insurance to expenses (the reclassification). Operating expenses grew 7 per cent or 6 per cent excluding the reclassification, resulting in positive income-to-cost jaws of 6 per cent excluding both notables and the reclassification. The credit impairment charge of $557 million was equivalent to an annualised loan-loss rate of 19 basis points while the other impairment charge of $588 million mostly related to the write-off of software assets with no impact on capital ratios. This resulted in an underlying profit before tax of $6.8 billion, up 21 per cent.

The Group remains well capitalised and highly liquid with a strong and diverse deposit base. The liquidity coverage ratio of 138 per cent reflects disciplined asset and liability management. The Common Equity Tier 1 (CET1) ratio of 14.2 per cent is above the Group's target range of 13 per cent to 14 per cent, enabling the Board to announce a $1.5 billion share buyback programme to commence imminently.

Operating income of $19.7 billion increased by 14 per cent or 12 per cent excluding the benefit of two notable items and the reclassification. The double-digit growth was driven by record performance in Wealth Solutions and strong double-digit growth in Global Markets and Global Banking.
Net interest income (NII) increased 10 per cent, benefitting from the roll-off of short-term hedges of $455 million, and improved asset mix from a reduction in treasury assets to fund the trading book. This was partly offset by lower average interest earning asset volumes and the impact of elevated pass-through rates on deposit margins. Excluding the reclassification, NII was up 8 per cent.
Non NII increased 20 per cent. This was driven by a record performance in Wealth Solutions with broad-based growth across products, strong performance in Global Markets with double-digit growth in both flow and episodic income and strong performance in Global Banking from higher origination volumes. Excluding two notable items of $295 million, non NII increased 16 per cent.
Operating expenses excluding the UK bank levy increased 7 per cent, or 6 per cent excluding the reclassification. This was largely driven by inflation, strategic investments and continued investments into business growth initiatives, including strategic hiring of Relationship Managers in Wealth & Retail Banking (WRB) and coverage bankers in Corporate & Investment Banking (CIB), partly offset by efficiency saves. The Group generated 7 per cent positive income-to-cost jaws and the cost-to-income ratio improved by 4 percentage points to 59 per cent.
Credit impairment of $557 million in 2024 was up 5 per cent year-on-year. WRB impairment of $644 million was up $290 million, mainly from the higher interest rate environment impacting repayments on credit cards and personal loans, and the growth and maturation of the digital partnership portfolios in China and Indonesia. This was partly offset by a $106 million net recovery in CIB.
Other impairment of $588 million of which $561 million relates to write-off of software assets, with no impact on capital ratios.

Standard Chartered – Annual Report Summary 2024

Profit from associates and joint ventures was down 47 per cent to $50 million mainly reflecting lower profits at China Bohai Bank.
Restructuring, other items and Debit Valuation Adjustment (DVA) totalled $797 million. Restructuring of $441 million reflects the impact of actions to transform the organisation to structurally improve productivity, of which $156 million relates to the Fit for Growth programme, partly offset by gains on the remaining Principal Finance portfolio. Other items of $332 million includes losses related to the sale of Zimbabwe of $172 million, Angola of $26 million and Sierra Leone of $19 million all primarily from the recycling of FX translation losses from reserves into the income statement, with no impact on tangible equity or capital. There was also a $100 million charge booked for participation in a compensation scheme recommended by the Korean Financial Supervisory Service. Movements in the DVA were a negative $24 million.
Taxation was $1,972 million on a reported basis, with an underlying effective tax rate of 30.6 per cent up from 29.1 per cent in the prior year reflecting deferred tax not recognised for UK losses, US tax adjustments, lower tax-exempt income and a change in the geographic mix of profits.
Underlying RoTE increased by 160 basis points to 11.7 per cent mainly reflecting an increase in profits.
Underlying basic earnings per share (EPS) increased 39.2 cents or 30 per cent to 168.1 cents and reported EPS increased 32.7 cents or 30 per cent to 141.3 cents.
A final ordinary dividend per share of 28 cents has been proposed taking the full-year dividend to 37 cents per share, a 37 per cent increase year-on-year. The Group completed a $1 billion share buyback programme during the first half of the year and the $1.5 billion share buyback programme announced on 30 July 2024 was completed on 30 January 2025. The increased dividend, along with a new share buyback programme of $1.5 billion to be commenced imminently, takes the total shareholder distributions announced since the full year 2023 results to $4.9 billion.

Guidance

The 2025 and 2026 guidance is as follows:

Income:
Operating income to increase 5-7 per cent CAGR in 2023-2026 at constant currency (ccy) excluding the reclassification, currently tracking towards the upper end of the range
2025 growth expected to be below the 5-7 per cent range at ccy excluding notable items
Expenses:
Operating expenses to be below $12.3 billion in 2026 at ccy, now including the UK bank levy and the ongoing impact of the reclassification; there has been no change to the 2026 guidance on a like-for-like basis
Expense saves of around $1.5 billion and cost to achieve of no more than $1.5 billion from the Fit for Growth programme
Positive income-to-cost jaws in each year at ccy, excluding notable items
Assets and RWA:
Low single-digit percentage growth in underlying loans and advances to customers and RWA
Basel 3.1 day-1 impact expected to be close to neutral
Continue to expect the loan loss rate to normalise towards the historical through-the-cycle 30 to 35 basis points range.
Capital:
Continue to operate dynamically within the full 13-14 per cent CET1 ratio target range
Plan to return at least $8 billion to shareholders cumulative 2024 to 2026
Continue to increase full-year dividend per share over time
RoTE approaching 13 per cent in 2026 and to progress thereafter.

Diego De Giorgi

Group Chief Financial Officer

21 February 2025

Standard Chartered - Annual Report Summary 2024

Strategic report

Group Chief Financial Officer's review

Summary of financial performance

	2024 $million	2023 $million	Change %	Constant currency change¹ %
Underlying net interest income	10,446	9,557	9	10
Underlying non NII	9,250	7,821	18	20
Underlying operating income	19,696	17,378	13	14
Other operating expenses	(11,700)	(11,025)	(6)	(7)
UK bank levy	(90)	(111)	19	19
Underlying operating expenses	(11,790)	(11,136)	(6)	(7)
Underlying operating profit before impairment and taxation	7,906	6,242	27	28
Credit impairment	(557)	(528)	(5)	(5)
Other impairment	(588)	(130)	nm	nm
Profit from associates and joint ventures	50	94	(47)	(47)
Underlying profit before taxation	6,811	5,678	20	21
Restructuring⁴	(441)	(14)	nm	nm
Goodwill and Other impairment⁵	–	(850)	100	100
DVA	(24)	17	nm	nm
Other items³	(332)	262	nm	nm
Reported profit before taxation	6,014	5,093	18	19
Taxation	(1,972)	(1,631)	(21)	(24)
Profit for the year	4,042	3,462	17	17
Net interest margin (%)²	1.94	1.67	27
Underlying return on tangible equity (%)²	11.7	10.1	160
Underlying earnings per share (cents)	168.1	128.9	30

Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods
Change is the basis points (bps) difference between the two periods rather than the percentage change
Other items 2024 includes $100 million charge relating to Korea equity linked securities (ELS) portfolio, $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone Partial exit and $15 million loss on the Aviation business disposal
Restructuring 2024 includes $156 million of Fit For Growth costs that are primarily severance costs, costs of staff working on FFG initiatives and legal and professional fees
Goodwill and other impairment include $850 million impairment charge relating to the Group's investment in its associate China Bohai Bank (Bohai)

Reported financial performance summary

	2024 $million	2023 $million	Change %	Constant currency change¹ %
Net interest income	6,366	7,769	(18)	(17)
Non NII	13,177	10,250	29	30
Reported operating income	19,543	18,019	8	10
Reported operating expenses	(12,502)	(11,551)	(8)	(9)
Reported operating profit before impairment and taxation	7,041	6,468	9	10
Credit impairment	(547)	(508)	(8)	(7)
Goodwill and Other impairment	(588)	(1,008)	42	42
Profit from associates and joint ventures	108	141	(23)	(24)
Reported profit before taxation	6,014	5,093	18	19
Taxation	(1,972)	(1,631)	(21)	(24)
Profit for the year	4,042	3,462	17	17
Reported return on tangible equity (%)²	9.7	8.4	130
Reported earnings per share (cents)	141.3	108.6	30

Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods
Change is the basis points (bps) difference between the two periods rather than the percentage change

Standard Chartered – Annual Report Summary 2024

Group Chief Risk Officer's review

"Managing our risks and focusing on business resilience and strategy, amidst persistent and evolving macroeconomic and geopolitical risks."

Sadia Ricke
Group Chief Risk Officer

The Group's strong performance in 2024 is underpinned by our commitment to effective risk management amid complex geopolitical and macroeconomic challenges across many of our markets. The first half of the year saw sustained inflation levels, high interest rates and uncertainties around the pace of rate cuts, abated by the Fed's gradual rate reductions in the second half of 2024, with many central banks following suit. Political developments remained a key focus, with many national elections taking place globally and civil unrest in several key markets requiring close monitoring. We proactively considered the potential downside impact in our credit impairment outlook. In the Middle East, heightened tensions and the risk of a broader regional conflict prompted us to strengthen crisis management measures and assess spillover risks. The Group continues to have limited direct exposure to Ukraine and to the countries in the Middle East which are currently most impacted by conflicts. In China, the improving outlook in 2025 following rounds of government stimulus measures in 2024 has helped stabilise China's real estate sector. Nonetheless, we remain watchful of China's policy response to boost trade and domestic consumption, as well as the persistent challenges in the property sector in terms of asset devaluation and destocking process by the major developers.

We remained vigilant in managing persistent and evolving geopolitical and macroeconomic risks while keeping our focus to the Group's strategy. This included monitoring volatility in commodity markets and assessing both direct and second order impacts across our segments and vulnerable sectors. Further details on the Topical and Emerging Risks which we are monitoring are detailed on page 29.

Corporate & Investment Banking (CIB)

Our CIB credit portfolio remained resilient with overall good asset quality as evidenced by our largely investment grade corporate portfolio (31 December 2024: 74 per cent, 31 December 2023: 73 per cent). In consideration of the macroeconomic challenges, portfolio and thematic reviews were conducted throughout 2024. These included: (i) stresses on extreme movements in commodity prices; (ii) a global commercial real estate (CRE) stress test, including a review of indirect exposures where the Group may be exposed to; and (iii) thematic reviews of select geographies/portfolios. Our proactive risk management helped us to identify vulnerable industry sectors and clients which could potentially come under stress. The outcomes from these reviews include closer monitoring of impacted industries and clients, placement of accounts on Early Alert, credit grade adjustment or taking proactive limit or exposure reduction actions, as appropriate.

Wealth & Retail Banking (WRB)

The WRB credit portfolio continued to demonstrate resilience amid the economic uncertainties and geopolitical challenges in 2024. Slowing economic growth in China and other challenges persisted in our larger markets (Hong Kong, Korea and Singapore), as prolonged higher interest rates maintained pressure on our retail customers' debt servicing capacity and translated into higher delinquencies and impairments. Across our consumer credit portfolios, we monitored customer affordability, proactively adjusted our origination criteria and refined our portfolio management and collections strategies. The WRB strategy was refreshed to pivot our product offerings across our markets to focus on affluent segments. While credit impairment increased in 2024, we expect improvement in credit performance in 2025 as the impact of credit actions taken and pivot to affluent segments materialise across the portfolios. We will continue to monitor changes in the macroeconomic environment, including disruptions caused by increasing market and rates volatility, regional conflicts and rising geopolitical and trade tensions, through scenario analyses and portfolio reviews.

Treasury Risk

Our liquidity and capital risks are managed to ensure a strong and resilient balance sheet that supports sustainable growth. Funding markets and liquidity conditions have generally been stable in 2024 compared to 2023. We continue to have a clear focus on Treasury risks including capital, liquidity and Interest

Standard Chartered - Annual Report Summary 2024

Strategic report
Group Chief Risk Officer's review

Rate Risk in the Banking Book and enhance the Treasury Risk framework as required. We maintained a resilient liquidity position across the Group and major legal entities throughout 2024 with Group liquidity coverage ratio (LCR) at 138 per cent (31 December 2023: 145.4 per cent), a surplus to both Risk Appetite and regulatory requirements. Common Equity Tier 1 (CET1) ratio was 14.2 per cent as of December 2024 (31 December 2023: 14.1 per cent) while Leverage ratio was 4.8 per cent (31 December 2023: 4.7 per cent).

Further details on Risk Management for our Principal Risk Types in page 196 of the 2024 Annual Report
Further details on Managing Climate Risk can be found in page 256 of the 2024 Annual Report

An update on our risk management approach

Our Enterprise Risk Management Framework (ERMF) sets out the principles and minimum requirements for risk management and governance across the Group. The ERMF is complemented by frameworks, policies and standards which are mainly aligned to the Principal Risk Types (PRTs) and is embedded across the Group, including its branches and subsidiaries¹.

The ERMF enables the Group to manage enterprise-wide risks, with the objective of maximising risk-adjusted returns while remaining within our Risk Appetite (RA).

The Group's ERMF and System of Internal Control applies only to wholly controlled subsidiaries of the Group, and not to Associates, Joint Ventures or Structured Entities of the Group.

Principal Risk Types and Risk Appetite

PRTs are those risks that are inherent in our strategy and business model and have been formally defined in the Group's ERMF. These risks are managed through distinct Risk Type Frameworks which are approved by the GCRO.

The table below details the Group's current PRTs and their corresponding RA statements.

Principal Risk Type	Definition	Risk Appetite Statement
Credit Risk	Potential for loss due to failure of a counterparty to meet its agreed obligations to pay the Group.	The Group manages its credit exposures following the principle of diversification across products, geographies, client segments and industry sectors.
Traded Risk	Potential for loss resulting from activities undertaken by the Group in financial markets.	The Group should control its financial markets activities to ensure that market and counterparty credit risk losses do not cause material damage to the Group's franchise.
Treasury Risk	Potential for insufficient capital, liquidity, or funding to support our operations, the risk of reductions in earnings or value from movements in interest rates impacting banking book items and the potential for losses from a shortfall in the Group's pension plans.	The Group should maintain sufficient capital, liquidity and funding to support its operations, and an interest rate profile ensuring that the reductions in earnings or value from movements in interest rates impacting banking book items does not cause material damage to the Group's franchise. In addition, the Group should ensure its pension plans are adequately funded.
Operational and Technology Risk	Potential for loss resulting from inadequate or failed internal processes, technology events, human error, or from the impact of external events (including legal risks).	The Group aims to control operational and technology risks to ensure that operational losses (financial or reputational), including any related to the conduct of business matters, do not cause material damage to the Group's franchise.
Information and Cyber Security (ICS) Risk	Risk to the Group's assets, operations, and individuals due to the potential for unauthorised access, use, disclosure, disruption, modification, or destruction of information assets and/or information systems.	The Group aims to mitigate and control ICS risks to ensure that incidents do not cause the Bank material harm, business disruption, financial loss or reputational damage – recognising that while incidents are unwanted, they cannot be entirely avoided.
Financial Crime Risk²	Potential for legal or regulatory penalties, material financial loss or reputational damage resulting from the failure to comply with applicable laws and regulations relating to international sanctions, anti-money laundering and anti-bribery and corruption, and fraud.	The Group has no appetite for breaches of laws and regulations related to Financial Crime, recognising that while incidents are unwanted, they cannot be entirely avoided.
Compliance Risk	Potential for penalties or loss to the Group or for an adverse impact to our clients, stakeholders or to the integrity of the markets we operate in through a failure on our part to comply with laws, or regulations.	The Group has no appetite for breaches of laws and regulations related to regulatory non-compliance; recognising that while incidents are unwanted, they cannot be entirely avoided.
Environmental, Social and Governance and Reputational (ESGR) Risk	Potential or actual adverse impact on the environment and/or society, the Group's financial performance, operations, or the Group's name, brand or standing, arising from environmental, social or governance factors, or as a result of the Group's actual or perceived actions or inactions.	The Group aims to measure and manage financial and non-financial risks arising from climate change, reduce emissions in line with our net zero strategy and protect the Group from material reputational damage by upholding responsible conduct and striving to do no significant environmental and social harm.
Model Risk	Potential loss that may occur because of decisions or the risk of misestimation that could be principally based on the output of models, due to errors in the development, implementation, or use of such models.	The Group has no appetite for material adverse implications arising from misuse of models or errors in the development or implementation of models; while accepting some model uncertainty.

Fraud forms part of the Financial Crime RA Statement but, in line with market practice, does not apply a zero-tolerance approach

As of November 2024, the Climate Risk RA statement was integrated into the ESGR PRT.

Further details on our Risk Management Approach can be found on pages 196 to 206 of the 2024 Annual Report.

Standard Chartered – Annual Report Summary 2024

Topical and Emerging Risks (TERs)

Topical Risks refer to themes that may have emerged but are still evolving rapidly and unpredictably. Emerging Risks refer to unpredictable and uncontrollable outcomes from certain events which may have the potential to adversely impact our business.

As part of our ongoing risk identification process, we have updated the Group's TERs from those disclosed in the 2024 Half-Year Report. These remain relevant with nuances in their evolution noted where pertinent. Below is a summary of the TERs, and the actions we are taking to mitigate them based on our current knowledge and assumptions. This reflects the latest internal assessment by senior management.

The TER list is not exhaustive and there may be additional risks which could have an adverse effect on the Group. There are some horizon risks that, although not highly likely at present, could become threats in the future and thus we are monitoring them. These include future pandemics and the world's preparedness for them, and potential cross-border conflicts. Our mitigation approach for these risks may not eliminate them but demonstrates the Group's awareness and attempt to reduce or manage their impact. As certain risks develop and materialise over time, we will take appropriate steps to mitigate them based on their materiality to the Group.

Macroeconomic and geopolitical considerations

There is a complex interconnectedness between risks due to the direct influence of geopolitics on macroeconomics, as well as the global or concentrated nature of key supply chains for energy, food, semi-conductors and critical minerals.

The Group is exposed to these risks directly through investments, infrastructure and employees, and also indirectly through its clients. While the primary impact is financial, there may be other ramifications such as reputational, compliance or operational considerations.

Expanding array of global tensions and transition of the international order

The international order is undergoing a transition, with a shift towards a multi-aligned global system resulting in more transactional and less predictable interactions between global powers. This can give rise to new and more fluid political and economic alliances, accelerated by the increasing number of conflicts, specifically those in Ukraine and the Middle East.

While the Group has limited direct exposure to the countries which are currently involved in conflicts, it may be impacted by second order effects on its clients and markets such as agricultural commodities, oil and gas. The threat of escalation to the wider Middle East region remains present, despite a Gaza ceasefire agreement being reached in January 2025, and could affect markets in the Group's footprint. Regional volatility has increased following the collapse of the Assad regime in Syria.

The positioning of 'middle powers' is complex and evolving, and there is a rise in 'mini-lateral' groupings of countries that are ideologically or geographically aligned. The negotiating power of exporters of key resources has grown and can shape global markets.

Expanding power blocs such as BRICS may coalesce and become more effective at exercising their increased collective influence, such as establishing parallel financial infrastructures (payment system, development bank, credit rating agency) to support their trade. Other coalitions between more actively anti-Western regimes such as Russia, North Korea, Syria and Iran could prove more volatile in their attempts to shift the axis of power.

The 2024 global election cycle culminated with the US elections in November. Donald Trump's victory signals forthcoming changes to relationships with traditional allies such as Europe, given the focus on NATO spending and trade surpluses. Tariffs may also be implemented in response to non-economic issues such as immigration.

There have also been notable shifts in government composition in France, UK, South Africa, Bangladesh and Sri Lanka, as well as political crises in Canada, South Korea and Germany. Amid changes in governments, there is a growing worldwide trend for short-term populist measures that are outweighing longer-term political necessities, such as addressing climate change or demographic transitions.

Relations between the West, led by the US and the EU, and China are in a state of flux. Tariffs, embargos, sanctions, and restrictions on technology exports and investments are expected to increase in pursuit of both economic and security goals.

The malicious use of AI enabled disinformation could continue to cause disruption and undermine trust in the political process. This, combined with already fractured societies and persistent inequality, may lead to heightened societal tensions. Terrorism and cyber warfare are also ongoing threats, with unpredictability exacerbated by the wider range of ideologies at play. Cyber attacks can disrupt infrastructure and institutions in rival countries.

A more complex and less integrated global political and economic landscape could challenge cross-border business models but also provide new business opportunities.

Uncertain interest rate trajectory and credit downturn

Although rate cuts have been enacted by all major central banks, with further cuts signalled, the scale and pace of cuts are still highly uncertain. Structurally higher deficits, continued supply disruptions, military spending and other inflationary pressures, such as additional tariffs, may keep rates higher.

A 'higher-for-longer' rate environment would continue to stretch companies and sovereigns alike, with the global corporate default rate remaining well above the post-financial crisis average in 2024. Stress has continued in the global commercial real estate sector and may extend to fixed-rate mortgages. In contrast, aggressive cuts could renew inflation.

Standard Chartered - Annual Report Summary 2024
29

Despite this, markets have remained surprisingly resilient to adverse geopolitical conditions and inflation forecasts. The conflicts in the Middle East and Russia have not had a material impact on commodity prices and the wider global economy. However, oil price volatility could re-emerge should the US strengthen sanctions enforcement. While credit spreads remain below those observed at the outbreak of the Russia-Ukraine conflict, volatility and abrupt changes in sentiment remain a risk.

Economic challenges in China

China's growth rate looks unlikely to return to pre-pandemic levels. Although preliminary figures reported 2024 growth at 5 per cent, the IMF forecast is for a drop to 4.5 per cent in 2025. As a result of the subdued growth rate, China announced a co-ordinated package of stimulus measures in the second half of 2024 to boost the economy with a focus on the stressed real estate and local government sectors.

Competition with the US and the EU is intense, particularly around modern technologies. Areas such as electric vehicles and AI are key battlegrounds. China's industrial overcapacity leads to increased search for export markets; electric vehicles and steel are prime examples. This is stoking trade-related frictions and provoking economic counter measures such as tariffs announced by the US and the EU, with the new Trump administration's plans to impose further trade barriers on China also looming.

To combat this China has sought agreements with other nations, such as the Association of Southeast Asia Nations (ASEAN)--China Free Trade Agreement. As well as strengthening economic ties, they allow Chinese companies to establish manufacturing overseas, potentially circumventing the worst of the restrictions.

China is also urging partners to increase the use of renminbi (RMB) in trade. In the first half of 2024, RMB's share of global payments was 4.7 per cent, over double that of a year earlier, making it the fourth most used currency for global payments by value.

Given China's importance to global trade, a prolonged slowdown would have wider implications across the supply chain, especially for its trading partners, as well as for countries which rely on it for investment, such as those in Africa. However, opportunities arise from the diversification of intra-Asia trade and other global trade routes, and growth acceleration in South Asia, especially India.

Sovereign risk

While a number of markets remain in debt distress, emerging markets have proven resilient in 2024. Despite continued higher rates, the last notable request for debt relief was made in early 2023. Progress has also been observed with Zambia and Sri Lanka's debt exchanges.

However, bond issuance remains high, with global government debt set to exceed $100 trillion in 2024, and potentially reach 100 per cent of global GDP by 2030. Markets are likely to find it difficult to reduce debt levels due to the prevailing political backdrop, weak GDP growth, demographic pressures and pressure to increase national security and defence.

While markets have remained opened for all categories of sovereign issuers, refinancing costs have been rising, and interest payments are an increasing burden on both emerging and developed markets. Emerging markets in particular will continue to be affected by US dollar strengthening, which has intensified since the US election. This would impact through multiple avenues, namely higher import prices, lower flexibility in monetary policy and making refinancing existing debt or accessing hard currency liquidity more challenging.

Some countries also face a heightened risk of failing to manage societal demands and increasing political vulnerability, as evidenced by France's recent downgrade. Food and security challenges exacerbated by armed conflict and climate change also have the potential to drive social unrest.

Debt moratoria and refinancing initiatives for some emerging markets are complicated by a larger number of financiers, with much financing done on a bilateral basis outside of the Paris Club. While the Global Sovereign Debt Roundtable has made some progress on coordinating approaches between the Paris Club and other lenders, their interests do not always match. This can lead to delays in negotiations on debt resolutions for developing nations.

Supply chain issues and key material shortages

While the initial disruption caused by the Russia-Ukraine and Middle East conflicts have somewhat abated, they highlighted the continued vulnerability of global supply lines.

There is growing political awareness around the need for key component and resource security at national level. Countries are enacting rules to ‘de-risk' by reducing reliance on rivals or concentrated suppliers (for example, semi-conductors) and look to either re-industrialise or make use of near-shoring and friend-shoring production.

Countries' increased willingness to impose trade barriers to influence trading behaviour may disrupt exporters, strain relations with trade partners and add to inflationary pressures. A recent example is the EU probe into unfair commercial practices in the provision of renewable energy equipment, particularly subsidies related to offshore wind and solar energy.

The growing need for minerals and rare earth elements to power green energy technologies can be leveraged to achieve economic or political aims by restricting access. This can bolster the negotiating influence of the main refiners and producers, such as China, Indonesia and some African nations, while prompting some nations to slow down their green transition plans. Actions have already been taken in Western nations to de-risk through initiatives such as the Minerals Security Partnership.

How these risks are mitigated

We remain vigilant in monitoring risk and assessing impacts from geopolitical and macroeconomic risks to portfolio concentrations.
We explored the implications of a second Trump administration, evaluating policy direction under different scenarios, the potential outcomes and challenges associated with each.
We maintain a diversified portfolio across products and geographies, with specific risk appetite metrics to monitor concentrations.
We are performing targeted portfolio analyses to identify clients that may be impacted by a new wave of tariffs.
Mitigations in our Wealth & Retail Banking segment include building a resilient revenue base and maintaining close relations with clients for the awareness of early alerts.
Increased scrutiny is applied when onboarding clients in sensitive industries and in ensuring compliance with sanctions.
We utilise Credit Risk mitigation measures including collateral and credit insurance.
We conduct portfolio reviews as well as macroeconomic, thematic and event-driven stress tests at Group, country and business level, with regular reviews of vulnerable sectors, and undertake mitigating actions.

We have a dedicated country risk team that closely monitors sovereign risk.
We run a series of daily market risk stress scenarios to assess the impact of unlikely but plausible market shocks.
We run a suite of management scenarios with differing severities to assess their impact on key risk appetite metrics.
We regularly review our third-party arrangements to improve operational resilience.

ESG considerations

ESG risk

Higher frequencies of extreme weather events are observed each year and the cost of managing the climate impacts is increasing, with the burden disproportionately borne by developing markets, where we have a large footprint. Alongside climate, other environmental risks pose incremental challenges to food, health systems and energy security; for example, biodiversity loss, pollution, and depletion of water.

Modern slavery and human rights concerns are increasingly in focus with the scope expanding beyond direct operations to extended supply chains and vendors.

ESG regulation continues to develop across the world, often with differing taxonomies and disclosure requirements. This increased regulation is also generating stakeholder scrutiny on greenwashing risk, with ESG litigation being brought against corporations and governments in multiple markets.

However, a succession of political, social and economic disruptions in recent years have diverted attention and resources away from longer-term action on climate and sustainable development as competing spending demands are made of stretched budgets. This will be further exacerbated by the new Trump administration, which has rolled back green energy policies, and withdrawn the US from the Paris Agreement.

For companies and governments, the trade-off between pragmatism and environmentalism has crystallised with several delaying or rolling back targets. For example, there has been a significant reduction in the number of ESG-focused funds launched in 2024, and there has been a lack of progress at the recent COP meeting. Several US and Canadian banks have withdrawn from the Net-Zero Banking Alliance. A slower transition to low carbon business models may impact progress towards the Group's net zero targets and product roadmap.

How these risks are mitigated

Climate Risk considerations are embedded across all relevant Principal Risk Types. This includes client-level Climate Risk assessments, including setting adequate mitigants or controls as part of decision making and portfolio management activities.
We embed our values through our Position Statements for sensitive sectors and a list of prohibited activities. We also maintain ESG and Reputational Risk standards to identify, assess and manage these risks when providing financial services to clients.
The management of greenwashing risks has been integrated into our ESG and Reputational Risk Framework, Reputational Risk policy, Sustainable Finance product greenwashing standard, and Corporate Affairs, Brand and Marketing standards for communications and segment campaigns.
Detailed portfolio reviews and stress tests are conducted to test resilience to climate-related physical and transition risks and enhance modelling capabilities to understand the financial risks and opportunities from climate change.
We assess our relevant corporate clients and suppliers against various international human rights principles, as well as through our social safeguards.
Modern slavery statement: sc.com/modernslavery
Human Rights Position Statement: sc.com/humanrights

New business structures, channels and competition

Competition arising from technological developments and non-bank lending

Traditional banking faces challenges in its external competitive environment from a range of fintechs and private credit players, which disintermediate and cause disruption to traditional lenders as well as public markets. There are also 'digital enterprise' business models, which integrate financial services with emerging technologies like AI, big data analytics and cloud computing fostering financial disintermediation.

The rapid adoption of AI in particular raises a number of challenges. There has been a large increase of AI use in frauds and scams, and there are potential societal and economic impacts of the technology being used to replace jobs across most sectors. However, with AI tools and models being embedded into everyday life it is likely to become a foundational technology. Leveraging the benefits of augmented AI while managing these risks will be a core part of the Group's business model.

While there are challenges, banks themselves also have an opportunity to defend or leverage their competitive advantage by harnessing new technologies, partnerships or new asset classes.

In the longer term, increased adoption of stable coins and digital currencies could similarly create alternative deposit channels and bank disintermediation.

The rapid adoption of new technologies, partnership models or digital assets by banks brings a range of inherent risks, requiring clear operating models and risk frameworks. It is essential to upskill our people to develop in-house expertise and capabilities to manage associated risks, including model risks or managing external third parties which deliver these technologies. We must ensure that the people, process and technology agendas are viewed holistically to ensure the most effective and efficient implementation of new infrastructure.

Cyber security and data challenges

The Group's digital footprint is expanding. This increases inherent cyber risk as more services and products are digitised, outsourced and made more accessible. Highly interconnected and extended enterprises drive efficiencies but can expand the opportunities available for malicious actors to gain entry or access to corporate assets. This includes infrastructure such as cloud and third-party enabled services.

The risk of cyber incidents is amplified by highly organised and resourced threat actors including organised crime and nation states, with malicious activity made easier through the commoditisation or 'as a service' access to malicious tools and technologies. Emerging technology such as AI is enabling novel or augmented attack types, and cross-border tensions further drive the arms race to develop more capable and innovative cyber capabilities, both offensive and defensive.

Standard Chartered - Annual Report Summary 2024
31

Strategic report Group Chief Risk Officer's review

Geopolitical dynamics are leading to progressively fragmented and divergent regulatory frameworks through which the Group must navigate. There are growing data sovereignty requirements to localise data, systems and operations, with data increasingly recognised as being at the centre of global trade.

How these risks are mitigated

We monitor emerging technology trends, business models and opportunities relevant to the banking sector.
We invest in our capabilities to prepare for and protect against disruption and new risks.
We have established enhanced governance for novel areas, such as the Digital Asset Risk Committee and the Responsible AI Council.
We manage data risks through our Compliance Risk Type Framework and information security risks through our Information and Cyber Security (ICS) Risk Type Framework. We maintain a dedicated Group Data Conduct Policy with globally applicable standards. These standards undergo regular review to ensure alignment with changing regulations and industry best practice.
We augment our data risk management capabilities and controls, including through programmes to enhance data quality and compliance with Basel Committee of Banking Supervision 239 requirements and to address evolving legal and regulatory requirements relating to privacy and personal data protection, cross-border data transfers and the use of AI, with progress tracked at executive level risk governance committees.
Risks embedded in key software programmes are continuously reassessed together with enhancements made in testing stages of new systems before they go live.
The Group has implemented a 'defence-in-depth' ICS control environment strategy to protect, detect and respond to known and emerging ICS threats.
New risks arising from partnerships, alliances, digital assets and generative technologies are identified through the New Initiatives Risk Assessment and Third-Party Risk Management Policy and Standards.
Work is already under way to gauge the potential benefits and threats of nascent technologies such as quantum computing.

Regulatory considerations

Regulatory evolution and fragmentation

The regulatory framework for banks is expanding, becoming more complex and remains subject to continual evolution. Another outcome of the new Trump administration may be a relaxation of US regulation, and potentially a challenge to its adoption of Basel 3.1 rules. The UK has postponed its implementation of Basel 3.1 twice, with the current deadline being 2027.

Aside from changes in prudential, financial markets, climate and data regulations, we anticipate a rise in consultations and regulations relating to the use of AI, and particularly around its ethical application in decision-making.

Jurisdictional risk arises from internationally diverging regulations, with differing pace and scale of regulatory adoption, conflicting rules, extraterritorial and localisation requirements around data, staff, capital and revenues. Data sovereignty and ESG regulation are prime examples of jurisdictional risk.

This makes it challenging for multinational groups to manage cross-border activities, as well as adding complexity and cost. Such fragmented regulatory changes can also create frictions in the market as a whole.

How these risks are mitigated

We actively monitor regulatory developments, including those related to sustainable finance, ESG, digital assets and AI and respond to consultations either bilaterally or through well-established industry bodies.
We track evolving country-specific requirements, and actively collaborate with regulators to support important initiatives.
We help shape regulation, particularly in new areas like AI and Central Bank Digital Currencies, through thought leadership, and actively engaging with policymakers and central banks.

Demographic considerations

Skills of the future

Evolving client expectations and the rapid development of technologies such as AI are transforming the workplace, and further accelerating changes to how people deliver outcomes, connect and collaborate. The skills needed to grow businesses and sustain careers are being disrupted as a result, with a balance of both technical and human skills becoming increasingly critical.

Workforce expectations also continue to evolve. 'What' work people do and 'how' they get to deliver it have become differentiators in attracting future-focused talent. There is greater desire to do work aligned to individual purpose and to have increasing expectations from employers to invest in skills and careers. These trends are even more distinct among Millennials and Gen Z who make up an ever-increasing proportion of the global talent pool, and as digital natives possess the attributes needed to pursue our strategy.

To sustainably attract, grow and retain the relevant skills and talent, we must continue to invest in building future-focused skills as well as further strengthen our Employee Value Proposition (EVP) and brand promise.

Demographic and migration trends

Divergent demographic trends across developed and emerging markets create contrasting challenges. Developed markets' state budgets will be increasingly strained by ageing and shrinking populations, while political stances reduce the ability to fill skills gaps through immigration. Conversely, emerging markets are experiencing fast-growing, younger workforces. While it is an opportunity to develop talent, population growth will put pressure on key resources such as food and water, as well as government budgets for education and health to capitalise on the 'demographic dividend'.

Standard Chartered - Annual Report Summary 2024

Population displacement is rising amid increased conflict and natural disasters, a lack of key resources, climate change, and disturbances in public order. This may increase the fragility of societal structures in vulnerable centres. The topics of both forced and economic migration are increasingly influential in political discourse and have been a major focus of the Trump administration's first weeks in office. Large scale movement, both internally displaced persons and cross border migration, could cause social unrest, as well as propagate disease transmission and accelerate the spread of future pandemics. The threat of terrorist activity has also increased in the latter half of 2024.

Additionally, net population growth for the 21st century will be in less-developed countries. Anticipating and proactively planning for these demographic shifts will be essential in maintaining an efficient global business model in the coming decades.

How these risks are mitigated

We are helping colleagues to upskill and reskill, both through classroom sessions and our online learning platform. We have an internal Talent Marketplace which enables colleagues to sign up for projects to access diverse experiences and career opportunities.
We place emphasis on skills and aspiration to identify the talents to accelerate, as well as deploy it in areas with the highest impact for our clients and the business. We are piloting a differentiated learning proposition for these talents with the highest potential.
We emphasise frequent two-way feedback through performance and development conversations to embed a culture of continuous learning and development.
Our culture and EVP work is addressing the emerging expectations of our diverse talent base, particularly around being purpose-led.
We provide support and resources to all colleagues to help balance productivity, collaboration and wellbeing, with more than 60 per cent of our workforce having signed up to work flexibly.

Sadia Ricke
Group Chief Risk Officer
21 February 2025

Standard Chartered - Annual Report Summary 2024
33

Strategic report

We're building next-gen entrepreneurial skills

In August, we held our first Young Entrepreneurs Programme (YEP) in Singapore for the children of high-net-worth Priority Private clients.

The programme was curated in partnership with SC Ventures, our innovation, fintech investment and ventures arm, and INSEAD, the world's leading business school and our Wealth Academy partner.

The four-day workshop involved 53 participants of 13 nationalities joining from eight of our top markets in Asia and beyond. The programme focused on building early entrepreneurial skills, embedding a human-centred design in translating client insights into venture ideas, developing a business model and pitching.

The YEP is a part of Global Experiences, an invitation-only programme for Priority Private clients, offering access to unique events and bespoke activities.

Stakeholders

As a global bank operating in 53 markets, stakeholder engagement is crucial in ensuring we understand local, regional and global perspectives and trends which inform how we do business.

Our stakeholders

Clients
Regulators and governments
Investors
Suppliers
Society
Employees

Clients

How we create value

We want to deliver easy, everyday banking solutions to our clients in an innovative yet simple and cost-effective way with a great customer experience. We enable individuals to grow, protect and pass on their wealth; we help businesses trade, transact, invest and expand; and we help a variety of financial institutions, including banks, public sector and development organisations, with their banking needs.

How we serve and engage

Our push for a best-in-class client experience is underpinned by innovative products and digital straight-through services. This includes building capability to protect our clients against evolving risks in the ecosystem, like fraud and cyber security, and comes with education and increased client communication.

To act in the best interests of our clients, we use the insights gathered from our data alongside robust policies, procedures and the Group's risk appetite to design and offer products and services that meet client needs, regulatory requirements and Group performance targets.

This section forms our Section 172 disclosure, describing how the directors considered the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. It also forms the directors' statement required under section 414CZA of the Act.

See the following pages for:

How we engage stakeholders to understand their interests. See pages 35 to 41
How we engage employees and respond to their interests. See pages 38 to 41
How we respond to stakeholder interests through sustainable and responsible business. See pages 35 to 41
How the Board engages directly with shareholders and other stakeholders. See pages 103 to 192 of the 2024 Annual Report

Listening and responding to stakeholder priorities and concerns is critical to achieving our purpose and delivering on our brand promise, here for good. We strive to maintain open and constructive relationships with a wide range of stakeholders including clients, regulators and governments, investors, suppliers, society and employees.

Stakeholder feedback, where appropriate, is communicated internally to senior management through the relevant forums and governing committees such as the Sustainability Forum, and to the Board's Culture and Sustainability Committee which oversees the Group's approach to its main relationships with stakeholders.

We communicate progress regularly with external stakeholders through channels such as sc.com, established social media platforms and this report. Further information on how we engage with our stakeholders, and the initiatives that we are members of, can be found at sc.com/sustainabilitystakeholders

Fees and charges are disclosed to clients in line with regulatory requirements and industry best practice and, where available, benchmarked against competitors. For personal and SME banking products, agreed interest rates, fees and other charges as billed to clients are monitored and assessed locally, with global oversight.

Triggers for outlier fees and charges are defined and subject to annual review. Complaints are reviewed on an ongoing basis and are one of the factors that are taken into account prior to amendments to annual interest, fees and charges.

We also assess our product portfolio for new risks to ensure they remain appropriate for client needs and aligned to emerging regulation. These quantitative and qualitative assessments, including Periodic Product Reviews, are intended to provide a complete view of whether to continue, enhance, grow or retire products.

Training is provided to frontline employees across our branches and contact centres to identify and support vulnerable clients. We have also implemented an educational training programme for clients who need guidance in navigating online and mobile channels.

Standard Chartered – Annual Report Summary 2024
35

Strategic report Stakeholders

Clients continued

Throughout 2024, we maintained our sharp focus on improving the client experience across the Bank. We engaged with clients to show them the opportunities trade corridors could bring and how using our network could help them flourish.

Our presence in high-growth markets – and ongoing roll-out of digital platforms – helps connect our clients to the global engines of trade and innovation. As part of our aim to reach net zero in our financed emissions by 2050, our transition finance team has been working closely with our clients in hard-to-abate sectors on their own transitions. This is in addition to our commitment to mobilise $300 billion of sustainable finance between 2021 and 2030.

Across the Bank, we have processes and controls aimed to mitigate greenwashing risks, and to support transparency we publish the details of what constitutes our sustainable products and investments universe externally.

Wealth & Retail Banking

In 2024, we continued to expand our suite of solutions to help clients grow, protect and pass on their wealth, including core fund offerings for mass affluent clients to alternatives and structured solutions for high-net-worth clients.

We strengthened our propositions and capabilities, adding global experiences, wealth planning, family advisory and trust services.

In addition, we have evolved our managed investments business to focus on helping clients build foundational and opportunistic portfolios. To support this, we offer innovative solutions, including our Signature CIO Funds, a series of foundational portfolios built on our CIO insights, available in 12 markets and contributing $2.1 billion dollars in Wealth AUM.

We also launched our first Young Entrepreneur Programme. The inaugural programme was curated in collaboration with INSEAD and SC Ventures – our innovation, fintech investment and ventures arm – and focused on supporting high-net-worth clients' next generation with business and entrepreneurial skills. It garnered positive feedback from the 53 young participants who joined from eight markets across our network.

Corporate & Investment Banking

In 2024, we sharpened our focus on serving the cross-border needs of our largest and most sophisticated corporate and financial institution clients who require risk management, financing and sector advisory expertise across Asia, Africa and the Middle East.

Our network and experience, combined with our presence in valuable cross-border hubs, means that we can help clients from around the world access new corridors of globalisation.

We continue to connect capital flows to, through and from Africa, the Middle East and Asia and play a leading role in promoting sustainable finance.

In 2024, in Africa, for example, we were involved in EUR533 million of financing, backed by the African Development Bank, for the government of Côte d'Ivoire and EUR1.29 billion of financing for the Angolan Ministry of Finance to construct photovoltaic electricity distribution infrastructure. Our clients are at the heart of what we do; everything we have done structurally in 2024 is about leveraging our platform so that we can do more business with them.

We are scaling up where we can offer our clients a differentiated service, such as Securities Services – capitalising on local custodian capabilities across Africa and the Middle East and the growing demand from financial institutions – as well as sustainable finance, Islamic banking and RMB internationalisation, all of which are being embedded into our global business teams.

Their interests

Differentiated product and service offering
Digitally enabled and positive experience
Sustainable finance
Access to international markets

Regulators and governments

How we create value

We engage with public authorities to play our part in supporting the effective functioning of the financial system and the broader economy.

How we serve and engage

We engage with government, regulators and policymakers at the global, regional and national level as well as trade associations to share insights and support the development of best practices and adoption of consistent approaches across our markets. During 2024, we engaged on the following key topics:

Financial services, including but not limited to prudential regulations, financial markets, and financial conduct and financial crime.
Sustainable finance, across a wide range of sub-topics such as transition finance, carbon markets, adaptation and resilience, and climate risk.
Technologies and digital assets, including for example stablecoin and crypto assets, digital asset custody, data sovereignty or the use of artificial intelligence (AI) and international trade and digital trade such as digital tokenisable trade assets.

Their interests

Strong capital base and liquidity position appropriate to a global systemically important bank
Robust standards for financial conduct and financial crime
Competitive economies and markets
Sustainable finance and net zero transition
Digital innovation and use of AI in financial services
Operational resilience
Market integrity and customer protection
International and digital trade
Financial stability

Standard Chartered – Annual Report Summary 2024

Investors

Investors continued

How we create value

We aim to deliver robust returns and long-term sustainable value for our investors.

How we serve and engage

We rely on capital from debt and equity investors to execute our business model. Whether they have short or long-term investment horizons, we provide our investors with information about progress against our strategic and financial frameworks.

Through our footprint and the execution of our sustainability agenda, we provide our investors with exposure to opportunities in emerging markets. We believe that our integrated approach to environmental, social and governance (ESG) issues and a strong risk and compliance culture, are key differentiators. We continue to respond to growing interest from a wide range of stakeholders on ESG matters, including investors.

The Group delivered a strong set of results in 2024. Our focus is on building on our double-digit return on tangible equity (RoTE) and accelerating to deliver sustainably higher returns over the next three years. We are now targeting a RoTE approaching 13 per cent in 2026. We aim to achieve this through income growth, expense discipline, ongoing transformation and active capital management as outlined in our 2024-2046 financial framework, launched at the start of 2024.

Regular and transparent engagement with our investors, and the wider market, helps us understand investors' needs and tailor our public information accordingly. In addition to direct engagement via our Investor Relations team, we communicate through quarterly, half-year and full-year results, conferences, roadshows, investor days and media releases.

We continued to expand our use of virtual meetings during 2024, coupled with a growing number of face-to-face interactions. We also hosted an Affluent Investor seminar in December and a deep dive for Chinese investors in September.

Key investor feedback, recommendations and requests are considered by the Board, whose members keep abreast of current topics of interest. Standard Chartered PLC's Annual General Meeting (AGM) in May was open to shareholders either in person or electronically via a live video feed of the meeting. All participants had the opportunity to submit their votes and ask the Board questions. The AGM is our principal engagement event with our retail investors. Further details of our 2024 AGM are on page 185 of the 2024 Annual Report.

Similarly, the Group Chairman, alongside some members of the Board, hosted a hybrid stewardship event for institutional investors in December providing shareholders with updates on a number of topics, including sustainability, net zero and governance matters. The event included an open question-and-answer session

We continue to respond to growing interest from a wide range of stakeholders on ESG matters, including investors.

In 2025, we will continue to engage with investors on progress against our strategic priorities and actions, as well as our financial framework as we progress towards delivering sustainably higher returns.

Their interests

Safe, strong and sustainable financial performance
Facilitation of sustainable finance to contribute to the United Nations Sustainable Development Goals
Progress on ESG matters, including advancing our net zero agenda

Suppliers

Supporting a sustainable supply chain

We measure and manage our Scope 3 upstream emissions and work in partnership with our suppliers to calculate emissions and set net zero targets where appropriate. For further details on our net zero and supply chain emissions programmes visit page 70.

Supporting a diverse and inclusive supply chain

We are committed to building mutually beneficial relationships with our suppliers to reflect the diverse communities and cultures we operate in. To support this, our supplier diversity and inclusion programme aims to direct spend and offer support where appropriate, to small and diverse businesses.

Supplier diversity at Standard Chartered incorporates businesses owned by under-represented individuals or groups – such as women and ethnic minorities, as well as micro and small businesses. Further details on the principles of Supplier Diversity and Inclusion can be found in our Supplier Diversity and Inclusion Standard at: sc.com/supplier-standard

To help drive our programme, we are corporate members of not-for-profit organisations dedicated to supporting diverse suppliers. This collaboration positions us to identify and engage small and diverse suppliers, share in best practices, and maintain awareness about diverse supplier needs.

In addition, we engage and support our diverse suppliers hosting two face-to-face supplier diversity events in partnership WEConnect – a global network supporting women-owned businesses – in 2024. The events focused on networking, sharing best practices in the sustainability field and supplier awards.

For further details of our supplier diversity programme and supplier awards events visit sc.com/supplier-diversity

Their interests

Open, transparent and consistent tendering process
Accurate and on-time payments
Willingness to adopt supplier-driven innovation
Obtain guidance on implementation of sustainability matters

Standard Chartered - Annual Report Summary 2024

Strategic report Stakeholders

Society

How we create value

We strive to operate as a sustainable and responsible company, leveraging our partnerships, networks and expertise to help transform our markets for long-term societal and environmental impact, create more inclusive economies and increase equitable prosperity.

How we serve and engage

Our Futuremakers partners

With the Standard Chartered Foundation, we advanced our strategic partnerships with NGOs and civil society organisations in support of Futuremakers by Standard Chartered, our global youth economic empowerment initiative. Shifting to an impact-focused strategy, we've engaged our partners to co-design long-term programmes towards achieving our target of enabling and supporting 140,000 decent jobs between 2024 and 2030.

To deepen our understanding of the impacts of our programmes, we refined our results monitoring framework and developed a model to estimate the societal return on our Futuremakers investments. This provides a more holistic analysis to enhance the impact potential of our programmes. We share learning from our new programmatic models both across our portfolio and externally with our peers.

Our external stakeholders

We seek to promote greater economic inclusion through our networks, events and sponsorships. In collaboration with Business Fights Poverty, we hosted various learning events, including a gender-focused panel discussion to celebrate International Women's Day and a thematic discussion on plugging the financing gap for young entrepreneurs at their Global Goals Summit in Nairobi and New York, during the United Nations General Assembly meetings. The aim of these events was to identify actionable strategies and innovative partnerships to address global challenges. In addition, we sponsored Women of the World Foundation (WOW) as their Global Girls' Champion to run the WOW bus tour, bringing gender equality learning to girls and young people across the UK, and we extended the WOW festival to Pakistan and Turkey, reaching over 23,000 children and young people in half a year.

Our colleagues

We encourage colleagues to give back to their communities using their three days paid volunteering leave. To enable a volunteering culture, we gathered feedback and insights from our employee volunteering (EV) champions and ran a series of workshops to develop an EV toolkit accessible to all colleagues. We are expanding our focus on skills-based volunteering to leverage our colleagues' skill sets and deepen our community impact. This year we launched a global skills-based volunteering week providing learning sessions and volunteering opportunities to build awareness across the Bank. To drive participation, we organised train-the-trainer workshops to equip our colleagues with skills necessary to conduct financial education and mentoring sessions with our community stakeholders. In 2024, 53 per cent of colleagues volunteered including contributing 114,276 hours to skills-based volunteering.

Their interests

Access to finance
Economic inclusion
Gender equity
Skills-based volunteering
Community impact

Employees

How we create value

We recognise that our workforce is key to driving our performance and productivity and that the diversity of our people, cultures and network sets us apart. To be the best cross-border and affluent bank to our clients, our workforce composition, including the skills and engagement of our people, is a strategic source of competitive advantage. So we are developing a workforce that is future ready, and are co-creating with our employees to build an inclusive, innovative and client-centric culture.

How we serve and engage

By engaging employees and fostering a positive experience for them, we can better serve our clients and deliver on our Purpose. A culture of inclusion and ambition enables us to unlock innovation, make better decisions, deliver our business strategy, live our valued behaviours and embody our brand promise here for good. We proactively assess and manage people-related risks, such as capacity, capability and culture, as part of our Group Risk Management Framework. Our people strategy, approved by the Board, is future-focused, with external events accelerating many of the future of work trends which continue to inform our approach.

Their interests

Translating our brand promise and purpose of driving commerce and prosperity through our unique diversity into our colleagues' day-to-day experience is critical to us remaining an employer of choice across our footprint. The research we have on our employee value proposition (EVP) tells us that our existing and potential employees want to: have interesting and impactful jobs; innovate within a diverse set of markets and for a spectrum of clients; cultivate a brand that sustainably drives commerce and offers enriching careers and development; and be supported by great people leaders. They want these elements to be anchored in competitive rewards and a positive work-life balance. The employment proposition is a key input to our people strategy which supports the delivery of our business strategy.

Listening to employees

Frequent feedback from employee surveys helps us identify and close gaps between colleagues' expectations and their experience. Colleague sentiment is captured through an annual survey as well as regularly through a weekly survey and at key moments, such as when employees join us, leave, or return to work after parental leave. In addition to leveraging inputs from these surveys, the Board and Group Management Team also engage with and listen to the views of colleagues through interactive sessions. More information on the Board's engagement with the workforce can be found on page 112 in the Directors' report.

In 2024, our annual My Voice survey was conducted in May and June. Eighty-seven per cent of our employees (68,590) and 36 per cent of eligible agency workers (778) participated. Key measures of satisfaction have stayed high; however, some have seen a decline year-on-year as the impact of our transformation continues to be felt. Overall, the experience of working for the Bank remains a positive one. Eighty-three per cent of employees say that the Group meets or exceeds their expectations, 96 per cent feel committed to doing what is required to help the Group succeed, and 88 per cent feel proud about working for the Group.

Standard Chartered - Annual Report Summary 2024

We also continue to be recognised as an employer of choice and details of our accolades can be found at sc.com/employer-awards.

All of this underscores the strength of our EVP to attract, retain and grow the skills and talent that are critical to delivering our strategy and outcomes for clients.

Driving a culture of sustainable high performance

As the Group transforms to achieve our strategic ambitions, we continue to embed our refreshed approach to managing, recognising and rewarding performance. We are embedding more regular performance and development conversations, as well as increasing the exchange of two-way balanced, constructive feedback among peers, stakeholders and team members. At the same time, we are encouraging greater aspiration during goal setting as well as placing even more focus on recognising outperformance, including by enhancing flexibility in reward decisions. These habits, that mark a culture of high performance, have continued to strengthen each year. In 2024, 64 per cent of colleagues received feedback in the system (versus 60 per cent in 2023, 59 per cent in 2022 and 39 per cent in 2021 when our refreshed approach was first launched).

We recognise that wellbeing is a driver of sustainable high performance and productivity, and are committed to supporting our colleagues' wellbeing at an individual, team and organisational level. This means focusing on prevention as well as cure, and striving to embed wellbeing into the flow of work. Globally, colleagues have access to a range of tools and resources to manage their wellbeing, including several progressive benefits, a mental health app, access to 1:1 counselling or therapeutic support, an employee assistance programme (through which professional counselling is also available), wellbeing toolkits, and a network of trained mental health first aiders (to date, nearly 600 colleagues have been trained). In 2024, levels of consistent and frequent work-related stress continued to decrease and colleagues felt more comfortable sharing concerns about stress with their people leader. Over three-quarters of our people said they felt able to choose a reasonable balance between their work and personal life, and 80 per cent felt they could adjust work to accommodate personal needs. We continue to drive interventions to further enable healthy working practices, including market-level experiments that we are running on sustainable working habits, promoting training of wellbeing champions, and embedding wellbeing skills (such as resilience and adaptability) into multiple learning programmes.

Our continued commitment to embedding our flexible working model (which was launched in 2021) that combines flexibility in working patterns, time and locations, is an important part of our efforts to enhance both the productivity and experience of our workforce. Over 76 per cent of employees in 42 of our markets are now on agreed flexible working arrangements, with the majority having signed up to work from the office for two to three days per week. Our model purposefully balances client needs and business priorities with individual choice, allowing us to be inclusive of the diverse needs of our workforce. We continue to explore opportunities for enhancing flexibility across further markets and roles, where regulations and the nature of the work allow for it.

We refreshed our toolkits and guidance to people leaders and individuals to help navigate flexible working and establish clear, consistent expectations for all colleagues when working flexibly. These include support on having regular conversations with teams on flexi-work arrangements; on organising team and individual work to enhance productivity and wellbeing; on leading in key moments such as onboarding new team members, returning from parental leave and during performance conversations; and on strengthening connections in flexible work environments. Colleagues continue to adopt ways of working that balance the benefits of remote working with face-to-face interactions to innovate and collaborate as we also continue to re-imagine our physical workspaces with the relevant infrastructure and technology to provide hubs for teamwork, collaboration and learning.

Read more about our approach to flexible working at sc.com/flexibleworking

Early in 2024, we launched Appreciate, our new digital platform to empower colleagues to give in-the-moment peer-to-peer recognition. Democratising how colleagues celebrate each other's achievements is reinforcing the importance of two-way feedback as well as recognising the behaviours that drive high performance. Hyper-personalising how our people feel appreciated in a way that is most meaningful, to them is also a powerful driver of employee experience. Across the year, the platform was used by over 76 per cent of colleagues to share nearly 700,000 recognitions with each other.

Building leadership capabilities

Exceptional performance requires exceptional leadership, and we believe that our people leaders are critical to unlocking the potential of our workforce and how they experience the Bank every day. Engaging, developing and measuring our people leaders continues to be a critical enabler of our performance and culture. Our leadership agreement sets out clear expectations from our leaders to aspire, inspire and execute. It also forms the foundation of our leadership development curriculum through which one-third of our people leaders are being covered each year to help them build new skills and habits across different leadership stages -- including skills on coaching, performance management in business-specific contexts, leading for transformation, and leading through ambiguity. While more than 4,200 leaders learned through face-to-face leadership programmes during the year, leadership skill building is also made accessible to all colleagues to build the capability deeper into the organisation. Nearly 28,000 employees have now experienced the leadership health journey of regular micro-learning activities (since launch in 2021), over 700 have built skills through our ‘virtual escape room' game for aspiring leaders, and over 5,500 have participated in experiential bootcamps on creating an environment of psychological safety and innovation.

In 2024, 97 per cent of our people leaders received feedback, either through our ‘always on' feedback tool available to all colleagues or through the structured 360-degree feedback tool that is available to mid-to-senior people leaders. Leaders are also provided a consolidated view of the environment they are creating for their teams, and feedback on their leadership skills, as part of their leadership dashboard, bringing even greater transparency to performance and development conversations, and highlighting the value we place on leadership.

Strategic report Stakeholders

Employees continued

Developing skills of future strategic value and enabling careers

To keep pace with our strategic priorities, evolving customer expectations, ongoing transformation and rapid technological innovation, we stay committed to a skills-led approach. We are focused on accelerating the development of future skills among our workforce, bringing in greater agility to how skills are deployed to areas of opportunity across the Group and embedding skills purposefully across key talent practices. We are supporting employees to build the skills needed for high performance today, to reskill and upskill for tomorrow, and to be global citizens who understand the changing nature of the world in which we operate. This includes helping them strengthen a combination of human and technical skills, as well as enhancing a culture of continuous learning that empowers them to grow, increase their long-term employability and follow their career aspirations.

Building systemic future-focused skills that are anticipated to be needed to keep pace with the changes happening in the sector (such as in sustainability, innovation, data, digital and leadership) is balanced with role-focused performance skills; as well as access to skill-building interventions that enable role-to-role movement, including into critical future roles where our strategic workforce planning analysis predicts an increasing need for talent. For example, with our increasing focus on enhancing our Affluent client proposition in Wealth & Retail Banking, we are investing in delivering upskilling, reskilling and redeployment journeys for colleagues to enable them to access opportunities as the business segment grows. In Corporate & Investment Banking, we are focusing on sustainability capabilities and sales skills in line with our cross-border proposition. These efforts aim to ensure that our workforce transformation is closely linked to our business growth and transformation.

Learning in classrooms is combined with learning through our online learning platform. Over 71,000 colleagues actively used the platform in 2024 and over 31,000 colleagues have used one or more of our Future Skills Academies which include the Data & Analytics, Digital, Cyber, Client Advisory, Sustainable Finance and Leadership Academies. Through skills passports on our AI-enabled internal Talent Marketplace platform, employees can sign up for projects (often cross-functional and cross-location) to build and practise skills on the job, can connect with mentors and access more diverse roles based on skills adjacencies. By combining project opportunities with purposeful internal talent moves, we continue to enhance the career experience of colleagues. Over 43,000 employees are engaging with the Talent Marketplace, with over 2,800 projects being assigned (since launch in 2020). Deploying their skills at speed across our network has resulted in unlocking over $9.5 million in terms of productivity. We are also making it easier for colleagues to engage with all that is available for growing their careers, through a range of resources and tools including a dedicated careers hub, careers toolkits, and conversation guides.

We are investing in developing a workforce that is both knowledgeable about and confident in working with Artificial Intelligence (AI). Our AI Learning Hub democratises AI awareness and knowledge building by providing access to all colleagues to immersive learning opportunities, interactive simulations and practical case studies, as well as to a range of AI thought leaders, experts and enthusiasts. Further, colleagues can now use GenAI-based assistive writing tools to uplift the quality of feedback being shared with team members as well as peers, including making the feedback more impactful and actionable. They can also use GenAI to improve quality and focus when writing their performance and development goals.

Creating an inclusive workplace

Our inclusive culture and commitment to diversity and inclusion (D&I) are a vital part of our employee value proposition and what enables us to drive business success. Through our multiple employee listening surveys, and supplemented by qualitative feedback, we aim to better understand the lived experiences of our colleagues, and then act to make targeted, meaningful changes to further drive inclusion and enhance experience. Our levels of inclusion remain high and is reflected in the 82.1 per cent of colleagues who shared positive sentiments in the 2024 annual My Voice survey.

We continue to invest in efforts towards increasing awareness around diversity and inclusion principles, unconscious bias and micro-behaviours as well as emphasise the importance of creating an inclusive environment. Many of these aspects are covered in the 'When we're all included' learning programme which had been completed by more than 33,500 colleagues by the end of 2024, as well as the 'Respect at Work' e-learning programme that helps colleagues understand what constitutes harassment, bullying, discrimination and victimisation and continues is mandatory for all new joiners.

We are committed to abiding by the laws in all jurisdictions in which we operate, including anti-discrimination laws. We are focused on further strengthening our inclusive culture, where all our people feel that their identity is understood and recognised for its uniqueness and anyone with the capability to excel can do so. Employees are provided, where legally permissible, with the ability to share their identity data through our internal employee portal. We are encouraging and increasing self-declaration (including socio-economic status in the UK) so that we can further improve colleague experience by introducing policies and interventions representative of the needs of our diverse workforce.

We also remain focused on building a workforce that is truly representative of our client base and footprint. Our gender diversity continues to grow, with more women leaders moving up to senior roles. Women currently represent 42 per cent of the Board, 14 of our CEOs are women, and representation of women in senior leadership roles increased to 33.1 per cent by the end of 2024. We are committed to continuous improvement in this area and aspire to have 35 per cent representation of women at a global senior level by end of 2025. As of 2024, 33 per cent of our Board identifies as being from an ethnic minority background, above our aspiration of

1 Subject to local legal requirements

Standard Chartered – Annual Report Summary 2024

Employees continued

30 per cent. Further, 21.1 per cent of our Group Management Team and their direct reports identify as Black, Asian or ethnic minority. In the US, Black/African American representation in senior leadership is 3.6 per cent and Hispanic/Latin in senior leadership is 10.9 per cent. In the UK, Black representation in senior leadership is 2.5 per cent and ethnic minority in senior leadership is 28.4 per cent. We are currently ahead of our 2025 target in the UK of 20 per cent ethnic minority representation in senior leadership, and we aim to maintain this level through to 2027. We continue to develop strategic partnerships and experiment with programmes to widen our talent pools such as by providing tools and strategies in career workshops to retain, engage and develop all talent, by improving career mobility support including through 'buddy' assistance, and by rolling out sponsorship programmes.

Leadership commitment remains critical to our approach on D&I. Our Global D&I Council is chaired by our CEO, Wealth & Retail Banking and comprises enterprise-wide leaders representing various business, functions and geographies

from across the Group. The Council is responsible for our overall D&I strategy, direction setting, and overseeing the implementation of sustainable and measurable improvements. It is focused on developing a diverse talent pipeline to improve leadership representation, building sponsorship muscle, fostering positive career progression and refreshing our Employee Resource Group approach to enhance colleague experience.

Equal Pay is a key principle of our Fair Pay Charter. Our commitment to paying colleagues fairly and recognising skills and contributions rather than any discriminatory factors, fosters an environment where all colleagues are given an equal chance to succeed.

Read more about our approach towards strengthening diversity and inclusion, as well as our approach to equal pay and gender and ethnicity pay gap analysis in our Diversity, Equity & Inclusion Impact Report 2024 at sc.com/fairpayreport.

Women representation

Board

Women
42%
(2023: 38%)

Women
5
Men
7

Senior leadership

Women
33.1%
(2023: 32.5%)

Women
1,453
Men
2,915
Undisclosed
17

Management Team and their direct reports

Women
34.1%
(2023: 36.1%)

Women
42
Men
81

All employees

Women
45.0%
(2023: 44.8%)

Women
36,553
Men
43,665
Undisclosed
927

Standard Chartered - Annual Report Summary 2024

Financial review

43 Financial summary

49 Underlying versus reported results reconciliations

Championing Tomorrow's Banking

This year more than 50 delegates represented the Bank at Sibos, SWIFT's annual payments conference and exhibition. Held in Beijing, our programme was built around our ongoing theme of Tomorrow's Banking, with Group Chief Executive, Bill Winters, opening the conference.

At the event, we agreed an MOU to facilitate cross-border trade in digital currencies with the Bank of Communications, spoke on trending topics including the future of global trade, enhancing cross-border payments and AI's role in fighting financial crime, and launched EmpowHer, a new initiative with senior female leaders in the industry.

Learn more sc.com/sibos

Standard Chartered - Annual Report Summary 2014

Financial summary

Statement of results

	2024 $million	2023 $million	Change¹ %
Underlying performance
Operating income	19,696	17,378	13
Operating expenses	(11,790)	(11,136)	(6)
Credit impairment	(557)	(528)	(5)
Other impairment	(588)	(130)	nm
Profit from associates and joint ventures	50	94	(47)
Profit before taxation	6,811	5,678	20
Profit attributable to ordinary shareholders²	4,276	3,581	19
Return on ordinary shareholders' tangible equity (%)	11.7	10.1	160bps
Cost-to-income ratio (excluding bank levy) (%)	59.4	63.4	404bps
Reported performance
Operating income	19,543	18,019	8
Operating expenses	(12,502)	(11,551)	(8)
Credit impairment	(547)	(508)	(8)
Goodwill & other impairment	(588)	(1,008)	42
Profit from associates and joint ventures	108	141	(23)
Profit before taxation	6,014	5,093	18
Taxation	(1,972)	(1,631)	(21)
Profit for the period	4,042	3,462	17
Profit attributable to parent company shareholders	4,050	3,469	17
Profit attributable to ordinary shareholders²	3,593	3,017	19
Return on ordinary shareholders' tangible equity (%)	9.7	8.4	130bps
Cost-to-income ratio (%)	64.0	64.1	13bps
Net interest margin (%) (adjusted)	1.94	1.67	27bps
Balance sheet and capital
Total assets	849,688	822,844	3
Total equity	51,284	50,353	2
Average tangible equity attributable to ordinary shareholders²	36,876	36,098	2
Loans and advances to customers	281,032	286,975	(2)
Customer accounts	464,489	469,418	(1)
Risk-weighted assets	247,065	244,151	1
Total capital	53,091	51,741	3
Total capital ratio (%)	21.5	21.2	30bps
Common Equity Tier 1	35,190	34,314	3
Common Equity Tier 1 ratio (%)	14.2	14.1	19bps
Advances-to-deposits ratio (%)³	53.3	53.3	nm
Liquidity coverage ratio (%)	138	145	(670)bps
UK leverage ratio (%)	4.8	4.7	10bps
	Cents	Cents	Change¹
Information per ordinary share
Earnings per share – underlying⁴	168.1	128.9	39.2
– reported⁴	141.3	108.6	32.7
Net asset value per share⁵	1,781	1,629	152
Tangible net asset value per share⁵	1,541	1,393	148
Number of ordinary shares at period end (millions)	2,408	2,637	(9)

1 Variance is better/(worse) other than assets, liabilities and risk-weighted assets. Change is percentage points difference between two points rather than percentage change for total capital ratio (%), common equity tier 1 ratio (%), net interest margin (%), advances-to-deposits ratio (%), liquidity coverage ratio (%), UK leverage ratio (%). Change is cents difference between two points rather than percentage change for earnings per share, net asset value per share and tangible net asset value per share
2 Profit attributable to ordinary shareholders is after the deduction of dividends payable to the holders of non-cumulative redeemable preference shares and Additional Tier 1 securities classified as equity
3 When calculating this ratio, total loans and advances to customers excludes reverse repurchase agreements and other similar secured lending, excludes approved balances held with central banks, confirmed as repayable at the point of stress and includes loans and advances to customers held at fair value through profit and loss. Total customer accounts include customer accounts held at fair value through profit or loss
4 Represents the underlying or reported earnings divided by the basic weighted average number of shares
5 Calculated on period end net asset value, tangible net asset value and number of shares

Standard Chartered - Annual Report Summary 2024

Financial review

Operating income by product

	2024 $million	2023 $million	Change %	Constant currency change¹ %
Transaction Services	6,484	6,518	(1)	–
Payments and Liquidity	4,605	4,645	(1)	(1)
Securities & Prime Services	611	550	11	12
Trade & Working Capital	1,268	1,323	(4)	(2)
Global Banking	1,935	1,705	13	15
Lending & Financial Solutions	1,677	1,500	12	13
Capital Markets & Advisory	258	205	26	27
Global Markets	3,450	3,049	13	15
Macro Trading	2,852	2,620	9	10
Credit Trading	644	451	43	47
Valuation & Other Adj	(46)	(22)	(109)	(130)
Wealth Solutions	2,490	1,944	28	29
Investment Products	1,827	1,357	35	36
Bancassurance	663	587	13	14
CCPL & Other Unsecured Lending	1,201	1,161	3	5
Deposits	3,746	3,570	5	5
Mortgages & Other Secured Lending	395	400	(1)	3
Treasury	(23)	(902)	97	97
Other	18	(67)	127	142
Total underlying operating income	19,696	17,378	13	14

¹ Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods

The operating income by product commentary that follows is on an underlying basis and comparisons are made to the equivalent period in 2023 on a constant currency basis, unless otherwise stated.

Transaction Services income was broadly flat. Securities & Prime Services income was up 12 per cent primarily due to higher custody, funds and prime brokerage fees. Trade & Working Capital decreased by 2 per cent and Payments and Liquidity decreased by 1 per cent mainly attributed to margin compression, albeit passthrough rates were actively managed.

Global Banking income increased 15 per cent as Lending & Financial Solutions grew 13 per cent from strong pipeline execution which led to higher origination volumes. Capital Market & Advisory income was up 27 per cent driven mostly by higher bond issuances.

Global Markets income increased 15 per cent with double-digit growth in both flow and episodic income. Flow income grew 12 per cent mostly from increased income from Financial Institutions clients and increased FX volumes, and episodic income grew 18 per cent from higher FX and Rates income.

Wealth Solutions income was up 29 per cent, driven by a 36 per cent increase in Investment Products income, with broad based growth across markets and products. This was driven by continued momentum in affluent new-to-bank onboarding, with 265,000 clients onboarded in 2024, and $44 billion of net new money, up 61 per cent year-on-year driven by strong international flows.

CCPL & Other Unsecured Lending income was up 5 per cent with volume and margin growth in both Personal Loans and Credit Cards.

Deposits income increased 5 per cent mainly from growth in WRB CASA and Time Deposit volumes.

Mortgages & Other Secured Lending income was up 3 per cent from higher margins as the cost of funding reduced, particularly with lower HIBOR rates, albeit partly offset by lower mortgage volumes.

Treasury loss decreased by $879 million largely driven by benefits from the roll-off of the short-term hedge of $455 million, $156 million translation gains on the revaluation of FX positions in Egypt, and repricing of treasury assets.

Other income of $18 million includes $139 million related to hyperinflationary accounting adjustments in Ghana partly offset by higher funding costs of non-financial assets.

Profit before tax by client segment

	2024 $million	2023 $million	Change %	Constant currency change¹ %
Corporate & Investment Banking	5,581	5,436	3	4
Wealth & Retail Banking	2,463	2,487	(1)	(1)
Ventures	(390)	(408)	4	4
Central & other items	(843)	(1,837)	54	54
Underlying profit before taxation	6,811	5,678	20	21

¹ Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods

44 Standard Chartered – Annual Report Summary 2024

The client segment and geographic region commentary that follows is on an underlying basis and comparisons are made to the equivalent period in 2023 on a constant currency basis, unless otherwise stated.

Corporate & Investment Banking (CIB) profit before taxation increased 4 per cent. Income grew 6 per cent with strong performance in Global Markets with double-digit growth in both flow and episodic income and strong performance in Global Banking from higher origination volumes. Expenses were 9 per cent higher, mainly from investments, performance-related pay increases and inflation, while credit impairment was a net release of $106 million. Other impairment of $310 million primarily related to the write-off of software assets.

Wealth & Retail Banking (WRB) profit before taxation was down 1 per cent. Income grew by 11 per cent, driven by a record performance in Wealth Solutions with broad-based growth across products and markets as well as a 14 per cent growth in Bancassurance income. Expenses increased 9 per cent, mainly from increased investment spend and inflation. Credit impairment charge of $644 million was up $290 million, mainly from the higher interest rate environment impacting repayments on credit cards and personal loans, and the growth and maturation of the digital partnership portfolios in China and Indonesia. Other impairment charge primarily related to the write-off of software assets.

Ventures loss before tax decreased $18 million to $390 million, with income up 16 per cent to $183 million, driven by a 60 per cent increase in income from the two digital banks to $142 million. Expenses grew by 8 per cent, reflecting the Group's continued investment in transformational digital initiatives, while the $74 million impairment charge was down $11 million year-on-year as delinquency rates have improved in Mox.

Central & other items (C&O) recorded a loss before tax of $843 million which was 54 per cent lower than the prior year. Treasury losses of $24 million decreased by $908 million, largely driven by benefits from the roll-off of the short-term hedge and repricing of assets, and $156 million translation gains on the revaluation of FX positions in Egypt. Other products loss of $97 million decreased by $73 million mostly driven by a $139 million gain relating to a hyperinflationary accounting adjustment in Ghana. Expenses, which include UK bank levy, central corporate costs and recharges, decreased by $115 million while there was a credit impairment release of $55 million mostly from sovereign-related portfolio movements.

Adjusted net interest income and margin

	2024 $ million	2023 $ million	Change1 %
Adjusted net interest income2	10,462	9,547	10
Average interest-earning assets	539,338	572,520	(6)
Average interest-bearing liabilities	539,787	540,350	-
Gross yield (%)3	5.17	4.76	41
Rate paid (%)3	3.22	3.27	(5)
Net yield (%)3	1.95	1.49	46
Net interest margin (%)3,4	1.94	1.67	27

1 Variance is better/(worse) other than assets and liabilities which is increase/(decrease)
2 Adjusted net interest income is reported net interest income less funding costs for the trading book, cash collateral and prime services
3 Change is the basis points (bps) difference between the two periods rather than the percentage change
4 Adjusted net interest income divided by average interest-earning assets, annualised

Adjusted net interest income increased 10 per cent driven by an increase in the net interest margin, which averaged 194 basis points in the year, a 27 basis points year-on-year uplift, benefitting from the roll-off of the short-term hedges as well as improved asset mix from a reduction in treasury assets to fund the trading book. This was partly offset by lower average interest earning asset volumes, reflecting the reduction in Treasury assets, and the impact of elevated pass-through rates on deposit pricing within CIB.

Average interest-earning assets were down by $33 billion primarily due to a reduction in Treasury assets following on from an increase in demand for funding of trading book assets, the impact of FX translation and a decrease in underlying average loans and advances to customers driven by a decline in mortgages. Gross yields increased 41 basis points compared with the prior year due to the impact of higher average interest rates and an improved balance sheet mix
Average interest-bearing liabilities were broadly stable year-on-year as growth in WRB customer accounts was offset by the impact of FX translation and managed outflow of more expensive CIB and Treasury balances. The rate paid on liabilities decreased 5 basis points in spite of higher average interest rates and elevated passthrough rates on CIB deposits reflecting the impacts of the increased trading book funding cost adjustment, deposit insurance reclassification and roll-off of the loss-making short-term hedges as well as improved mix with strong growth in WRB deposits

Standard Chartered - Annual Report Summary 2024

Financial review

Credit risk summary

Income Statement (Underlying view)

	2024 $million	2023 $million	Change¹ %
Total credit impairment charge/(release)³	557	528	5
Of which stage 1 and 2²	371	138	169
Of which stage 3²	186	390	(52)

1 Variance is increase/(decrease) comparing current reporting period to prior reporting period
2 Refer to Credit Impairment charge table in Risk review section (page 226 of the 2024 Annual Report) for reconciliation from underlying to reported credit impairment

Balance sheet

	2024 $million	2023 $million	Change¹ %
Gross loans and advances to customers²	285,936	292,145	(2)
Of which stage 1	269,102	273,692	(2)
Of which stage 2	10,631	11,225	(5)
Of which stage 3	6,203	7,228	(14)
Expected credit loss provisions	(4,904)	(5,170)	(5)
Of which stage 1	(483)	(430)	12
Of which stage 2	(473)	(420)	13
Of which stage 3	(3,948)	(4,320)	(9)
Net loans and advances to customers	281,032	286,975	(2)
Of which stage 1	268,619	273,262	(2)
Of which stage 2	10,158	10,805	(6)
Of which stage 3	2,255	2,908	(22)
Cover ratio of stage 3 before/after collateral (%)³	64/78	60/76	4/2
Credit grade 12 accounts ($million)	969	2,155	(55)
Early alerts ($million)	5,559	5,512	1
Investment grade corporate exposures (%)³	74	73	1
Aggregate top 20 corporate exposures as a percentage of Tier 1 capital³,⁴	61	62	(1)

1 Variance is increase/(decrease) comparing current reporting period to prior reporting period
2 Includes reverse repurchase agreements and other similar secured lending held at amortised cost of $9,660 million at 31 December 2024 and $13,996 million at 31 December 2023
3 Change is the percentage points difference between the two points rather than the percentage change
4 Excludes repurchase and reverse repurchase agreements

Asset quality remained resilient in 2024, with an improvement in a number of underlying credit metrics. The Group continues to be vigilant in managing persistent and evolving geopolitical and macroeconomic risks, which have led to idiosyncratic stress in a select number of geographies and industry sectors.

Credit impairment charge of $557 million charge was up 5 per cent year-on-year, representing a loan loss rate of 19 basis points. WRB charges of $644 million were up $290 million mainly from the higher interest rate environment impacting repayments on credit cards and personal loans, and the growth and maturation of the digital partnership portfolios in China and Indonesia. The $74 million charge in Ventures was down $11 million year-on-year, as delinquency rates have improved in Max. There was net recovery in CIB of $106 million, benefitting from releases and repayments. The Group retains a China commercial real estate (CRE) management overlay of $70 million and a $58 million overlay for clients who have exposure to the Hong Kong CRE sector.

Gross stage 3 loans and advances to customers of $6.2 billion were 14 per cent lower year-on-year as repayments, client upgrades and write-offs more than offset new inflows. Credit-impaired loans represented 2.2 per cent of gross loans and advances, down from 2.5 per cent in the prior year.

The stage 3 cover ratio before collateral of 64 per cent increased by 4 percentage points, while the cover ratio post collateral at 78 per cent increased 2 percentage points, both due to a reduction in gross stage 3 balances.

Credit grade 12 balances decreased by $1.2 billion to $1.0 billion primarily from the reversal of an existing $1 billion sovereign related exposure from reverse repurchase agreements to investment securities. Early alert accounts of $5.6 billion remained broadly stable year-on-year.

The proportion of investment grade corporate exposures of 74 per cent was broadly stable year-on-year.

Standard Chartered - Annual Report Summary 2024

Restructuring, goodwill impairment and other items

	2024					2023
	Restructuring$ impairment$ million	Goodwill and other Impairment$ million	DVA$ million	Net loss on businesses disposed off/held for sale$ million	Other items$ million	Restructuring$ million	Goodwill and other impairment$ million	DVA$ million	Net gain on businesses disposed off/held for sale$ million	Other items$ million
Operating income	103	-	(24)	(232)	-	362	-	17	262	-
Operating expenses	(612)	-	-	-	(100)	(415)	-	-	-	-
Credit impairment	10	-	-	-	-	20	-	-	-	-
Other impairment	-	-	-	-	-	(28)	(850)	-	-	-
Profit from associates and joint ventures	58	-	-	-	-	47	-	-	-	-
Profit/(loss) before taxation	(441)	-	(24)	(232)	(100)	(14)	(850)	17	262	-

1 Net loss on businesses disposed off/held for sale 2024 includes $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone Partial exit and $15 million loss on the Aviation business disposal
2 Other items 2024 include $100 million charge relating to Korea equity linked securities (ELS) portfolio
3 Restructuring operating expenses 2024 includes $156m of Fit For Growth (FFG) costs that are primarily severance costs, costs of staff working on FFG initiatives and legal and professional fees
4 Goodwill and other impairment include $850 million impairment charge relating to the Group's investment in its associate China Bohai Bank (Bohai)

The Group's statutory performance is adjusted for profits or losses of a capital nature, amounts consequent to investment transactions driven by strategic intent, other infrequent and/or exceptional transactions that are significant or material in the context of the Group's normal business earnings for the period and items which management and investors would ordinarily identify separately when assessing underlying performance period-by-period.

Restructuring charges of $441 million, reflect the impact of actions to transform the organisation to improve productivity, primarily additional redundancy charges, simplifying technology platforms and optimising the Group's office space and property footprint, of which $156 million relates to the Fit for Growth programme. This was partly offset by profits on the remaining Principal Finance portfolio.

Net loss on businesses disposed of/held for sale of $232 million includes losses related to the sale of Zimbabwe of $172 million, Angola of $26 million and Sierra Leone of $19 million, all primarily from the recycling of FX translation losses from reserves into the income statement, with no impact on tangible equity or capital, and $15 million loss on the sale of the Aviation business.

Other items of $100 million relate to a charge booked for participation in a compensation scheme recommended by the Korean Financial Supervisory Service.

Movements in the Debit Valuation Adjustment (DVA) were a negative $24 million driven by the tightening of the Group's asset swap spreads.

Balance sheet and liquidity

	2024 $million	2023 $million	Increase/(decrease) $million	Increase/(decrease) %
Assets
Loans and advances to banks	43,593	44,977	(1,384)	(3)
Loans and advances to customers	281,032	286,975	(5,943)	(2)
Other assets	525,063	490,892	34,171	7
Total assets	849,688	822,844	26,844	3
Liabilities
Deposits by banks	25,400	28,030	(2,630)	(9)
Customer accounts	464,489	469,418	(4,929)	(1)
Other liabilities	308,515	275,043	33,472	12
Total liabilities	798,404	772,491	25,913	3
Equity	51,284	50,353	931	2
Total equity and liabilities	849,688	822,844	26,844	3
Advances-to-deposits ratio (%)1	53.3	53.3
Liquidity coverage ratio (%)	138	145

1 Variance is increase/(decrease) comparing current reporting period to prior reporting periods
2 The Group excludes $19,187 million held with central banks (31 December 2023: $20,710 million) that has been confirmed as repayable at the point of stress. Advances exclude repurchase agreement and other similar secured lending of $9,660 million (31 December 2023: $13,996 million) and include loans and advances to customers held at fair value through profit or loss of $7,084 million (31 December 2023: $7,212 million). Deposits include customer accounts held at fair value through profit or loss of $21,772 million (31 December 2023: $17,248 million)

Standard Chartered - Annual Report Summary 2024

Financial review

The Group's balance sheet remains strong, liquid and well diversified:

Loans and advances (L&A) to customers decreased 2 per cent, or $6 billion, to $281 billion as at 31 December 2024. This was driven by a $9 billion decrease from Treasury and securities-based lending and a $8 billion decrease from currency translation. Excluding these items L&A was up a net $12 billion on an underlying basis, mainly from the execution of pipeline deals in Global Banking, partly offset by a decline in mortgages
Customer accounts decreased 1 per cent, or $5 billion, to $464 billion. Excluding the $9 billion impact of currency translation, customer accounts grew 1 per cent. This was primarily driven by an increase of $16 billion in WRB Time Deposits and $7 billion in WRB CASA partly offset by a $5 billion decrease in Transaction Services from CASA outflows and a $12 billion decrease in Corporate Term Deposits from treasury management activities
Other assets increased 7 per cent, or $34 billion, from 31 December 2023 with a $31 billion increase in derivative balances and $30 billion increase in financial assets held at fair value through profit or loss, primarily in reverse repurchase agreements and debt securities and other eligible bills. This was partly offset by a decrease in cash and balances at central banks of $6 billion, a $17 billion reduction in investment securities and $4 billion reduction in other financial assets held at amortised cost
Other liabilities increased 12 per cent, or $33 billion, from 31 December 2023 with a $26 billion increase in derivative balances and a $5 billion increase in other financial liabilities held at amortised cost

The advances-to-deposits ratio was flat year-on-year at 53.3 per cent. The point-in-time LCR of 138 per cent decreased 7 percentage points year-on-year and 5 percentage points quarter-on-quarter due to ongoing treasury liability optimisation, LCR normalisation from surplus levels and some seasonal CASA outflows. It remains well above the minimum regulatory requirement of 100 per cent.

Risk-weighted assets

	2024 $million	2023 $million	Change¹ $million	Change¹ %
By risk type
Credit risk	189,303	191,423	(2,120)	(1)
Operational risk	29,479	27,861	1,618	6
Market risk	28,283	24,867	3,416	14
Total RWAs	247,065	244,151	2,914	1

¹ Variance is increase/(decrease) comparing current reporting period to prior reporting periods

Total risk-weighted assets (RWA) of $247.1 billion increased $2.9 billion or 1 per cent in comparison to 31 December 2023:

Credit risk RWA decreased by $2.1 billion to $189.3 billion. This was mainly driven by decreases of $3.2 billion reflecting improved asset quality, $2.6 billion from optimisation actions and $4.9 billion from foreign currency translation, partly offset by a $5.0 billion increase from changes in asset growth and mix, and $3.1 billion increase from derivatives
Operational Risk RWA increased by $1.6 billion to $29.5 billion mainly due to a marginal increase in average income as measured over a rolling three-year time horizon for certain products
Market risk RWA increased by $3.4 billion to $28.3 billion as RWA were deployed to help clients capture market opportunities

Capital base and ratios

	2024 $million	2023 $million	Change¹ $million	Change¹ %
CET1 capital	35,190	34,314	876	3
Additional Tier 1 capital (AT1)	6,482	5,492	990	18
Tier 1 capital	41,672	39,806	1,866	5
Tier 2 capital	11,419	11,935	(516)	(4)
Total capital	53,091	51,741	1,350	3
CET1 capital ratio (%)²	14.2	14.1		19bps
Total capital ratio (%)²	21.5	21.2		30bps
Leverage ratio (%)²	4.8	4.7		10bps

¹ Variance is increase/(decrease) comparing current reporting period to prior reporting periods
² Change is percentage points difference between two points rather than percentage change

The Group's CET1 ratio of 14.2 per cent was 19 basis points higher year-on-year and is 3.8 percentage points above the Group's latest regulatory minimum of 10.5 per cent. Underlying profit accretion enabled funding of shareholder distributions.

There was 167 basis points of CET1 accretion from underlying profits, and a further 61 basis points uplift primarily from fair value gains on other comprehensive income, FX, software intangibles and regulatory capital adjustments. This was partly offset by 50 basis points from an increase in RWAs.

The Group completed a $1 billion share buyback programme on 25 June 2024, and as of 31 December 2024 the $1.5 billion share buyback programme announced on 30 July 2024 was nearly complete, having spent $1,354 million purchasing 126.3 million ordinary shares. Even though the share buyback completed on 30 January 2025, the entire $1.5 billion is deducted from CET1 in the reporting period. The 2024 share buybacks reduced the CET1 ratio by 102 basis points.

The Board has recommended a final dividend of 28 cents per share or $679 million resulting in a total 2024 ordinary dividend of 37 cents a share or $909 million. This, combined with the payments due to AT1 and preference shareholders cost approximately 57 basis points.

The Board has announced a share buyback for up to a maximum consideration of $1.5 billion to further reduce the number of ordinary shares in issue by cancelling the repurchased shares. The terms of the buyback will be published, and the programme will start shortly and is expected to reduce the Group's CET1 ratio in the first quarter of 2025 by 61 basis points.

The Group's UK leverage ratio of 4.8 per cent remains significantly above its minimum requirement of 3.7 per cent.

Standard Chartered - Annual Report Summary 2024

Underlying versus reported results reconciliations

Reconciliations between underlying and reported results are set out in the tables below:

Operating income by client segment

Reconciliation of underlying versus reported operating income by client segment set out in Note 2, Segmental information, on page 299 of the 2024 Annual Report.

Net interest income and non NII

	2024			2023
	Underlying $million	Restructuring $million	Adjustment for Trading book funding cost and Others $million	Reported $million	Underlying $million	Restructuring $million	Adjustment for Trading book funding cost and Others $million	Reported $million
Net interest income	10,446	16	(4,096)	6,366	9,557	(10)	(1,778)	7,769
Non NII	9,250	(169)	4,096	13,177	7,821	651	1,778	10,250
Total income	19,696	(153)	-	19,543	17,378	641	-	18,019

Profit before taxation (PBT)

Reconciliation of underlying versus reported Profit/(loss) before taxation is set out in Note 2, Segmental information, on page 298 of the 2024 Annual Report.

Profit before taxation (PBT) by client segment

Reconciliation of underlying versus reported Profit/(loss) before taxation by client segment is set out in Note 2, Segmental information, on page 299 of the 2024 Annual Report.

Return on tangible equity (RoTE)

	2024 $million	2023 $million
Average parent company shareholders' equity	44,478	43,549
Less: Preference share premium	(1,494)	(1,494)
Less: Average intangible assets	(6,108)	(5,957)
Average ordinary shareholders' tangible equity	36,876	36,098
Profit for the period attributable to equity holders	4,042	3,462
Non-controlling interests	8	7
Dividend payable on preference shares and AT1 classified as equity	(457)	(452)
Profit for the period attributable to ordinary shareholders	3,593	3,017
Items normalised:
Restructuring	441	14
Goodwill & other impairment¹	-	850
Net losses/(gains) on sale of businesses	232	(262)
Ventures FVOCI unrealised gains net of tax	39	69
DVA	24	(17)
Other items²	100	-
Tax on normalised items	(114)	(21)
Underlying profit for the period attributable to ordinary shareholders	4,315	3,650
Underlying return on tangible equity (%)	11.7	10.1
Reported return on tangible equity (%)	9.7	8.4

1 Goodwill and other impairment include $850 million impairment charge relating to the Group's investment in its associate China Bohai Bank (Bohai)
2 Other items 2024 include $100 million charge relating to Korea equity linked securities (ELS) portfolio

Standard Chartered – Annual Report Summary 2024
49

Financial review

Underlying versus reported results

	2024					2023
	Corporate & Investment Banking %	Wealth & Retail Banking %	Ventures %	Central & other items %	Total %	Corporate & Investment Banking %	Wealth & Retail Banking %	Ventures %	Central & other items %	Total %
Underlying RoTE	19.0	24.4	nm	(20.9)	11.7	19.5	25.3	nm	(27.0)	10.1
Restructuring
Of which: Income	0.3	0.3	-	0.2	0.3	1.4	0.6	-	0.3	1.0
Of which: Expenses	(1.0)	(2.5)	nm	(2.1)	(1.7)	(1.3)	(1.4)	nm	(0.6)	(1.1)
Of which: Credit impairment	-	-	-	-	-	0.1	-	-	0.1	0.1
Of which: Other impairment	-	-	-	(0.1)	-	(0.1)	-	-	(0.2)	(0.1)
Of which: Profit from associates and joint ventures	-	-	-	0.8	0.2	-	-	-	0.6	0.1
Net gain/(loss) on businesses disposed/held for sale	-	-	-	(3.3)	(0.6)	1.3	-	-	-	0.7
Goodwill and other impairment¹	-	-	-	-	-	-	-	-	(11.1)	(2.3)
Ventures FVOCI unrealised gains/(losses) net of taxes	-	-	nm	-	(0.1)	-	-	nm	-	(0.2)
DVA	(0.1)	-	-	-	(0.1)	0.1	-	nm	-	-
Other items	-	(1.3)	-	-	(0.3)	-	-	nm	-	-
Tax on normalised items	0.2	0.8	nm	(0.1)	0.3	(0.4)	0.2	nm	1.1	0.1
Reported RoTE	18.4	21.7	nm	(25.5)	9.7	20.6	24.7	nm	(36.8)	8.4

¹ Goodwill and other impairment include $850 million impairment charge relating to the Group's investment in its associate China Bohai Bank (Bohai)

Net charge-off ratio

	2024			2023
	Credit impairment (charge)/release for the year/period $million	Net average exposure $million	Net charge-off ratio %	Credit impairment (charge)/release for the year/period $million	Net average exposure $million	Net charge-off ratio %
Stage 1	22	314,092	(0.01)	42	320,649	(0.01)
Stage 2	(368)	10,176	3.62	(262)	11,674	2.24
Stage 3	(244)	2,550	9.57	(386)	3,117	12.38
Total exposure	(590)	326,818	0.18	(606)	335,440	0.18

Earnings per ordinary share (EPS)

	2024
	Underlying $million	Restructuring $million	Other items² $million	Net gain on sale of businesses $million	Goodwill & other impairment¹ $million	DVA $million	Tax on normalised items $million	Reported $million
Profit/(loss) for the year attributable to ordinary shareholders	4,276	(441)	(100)	(232)	-	(24)	114	3,593
Basic – Weighted average number of shares (millions)	2,543							2,543
Basic earnings per ordinary share (cents)	168.1							141.3
	2023
Profit/(loss) for the year attributable to ordinary shareholders	3,581	(14)	-	262	(850)	17	21	3,017
Basic – Weighted average number of shares (millions)	2,778							2,778
Basic earnings per ordinary share (cents)	128.9							108.6

¹ Goodwill and other impairment include $850 million impairment charge relating to the Group's investment in its associate China Bohai Bank (Bohai)
² Other items 2024 include $100 million charge relating to Korea equity linked securities (ELS) portfolio

50
Standard Chartered – Annual Report Summary 2024

Sustainability Review

52 Sustainability review
63 Sustainable finance
68 Climate
84 Nature
85 Social impact
87 Managing Environmental and Social Risk
92 Sustainability governance

Backing innovative carbon capture and storage technology

We supported the UK's East Coast Cluster, a UK Government-backed initiative to promote industrial decarbonisation and carbon capture and storage.

The project aims to capture up to 2 million tonnes of $\mathrm{CO}_{2}$ annually while providing up to 742 megawatts of dispatchable, low-carbon energy to the grid.

By helping to finance this project, we're helping to facilitate the decarbonisation of hard-to-abate emitters in the region, in support of the UK's net zero ambitions.

Learn more sc.com/ecc

Standard Shortage Formulation 15

Sustainability review

The Sustainability review provides information on the Group's approach to sustainability, related governance structures, how we manage environmental, social, and climate risk, and mobilise sustainable finance to help clients transition and support sustainable, inclusive growth in our markets.

Sustainability is an area of strategic focus for Standard Chartered which we aim to integrate across our business. As a result, sustainability information can be found throughout this Annual Report and across the suite of sustainability-related reports on our website as set out on this page.

This Sustainability review is designed to address the topics that could have a material (positive or negative) impact on society, nature or the climate, and that are not addressed elsewhere in the Annual Report. We describe how we have determined these topics under the Materiality heading on page 54.

Content map of Annual Report sustainability-related disclosures

		Page
Strategic report	Who we are and what we do	02-03
	Stakeholders	35-41
	Non-financial and sustainability information statement	See 2024 Annual Report
	Taskforce on Climate-related Financial Disclosures (TCFD) reporting index	See 2024 Annual Report
Sustainability review	Chief Sustainability Officer's review	56
	Our approach to sustainability	57-62
	Sustainable finance	63-67
	Climate	68-83
	Nature	84
	Social impact	85-86
	Environmental and Social Risk management	87-88
	Integrity, conduct and ethics	89-91
	Sustainability-related governance	92-96
Directors' report	Corporate governance	104-114
	Board engagement with our stakeholders	112-114
	Board Culture and Sustainability Committee	See 2024 Annual Report
	Sustainability in remuneration	122-125
	Employee policies and engagement	See 2024 Annual Report
	Health, safety and wellbeing	See 2024 Annual Report
	ESG disclosures	See 2024 Annual Report
	Streamlined Energy and Carbon Reporting (SECR) disclosure	See 2024 Annual Report
Risk review and Capital review	Climate Risk	See 2024 Annual Report
Supplementary information	Supplementary people information	See 2024 Annual Report
	Supplementary sustainability information	See 2024 Annual Report

Standard Chartered – Annual Report Summary 2024

Our suite of sustainability-related reports and disclosures

Report or disclosure	Description
Assurance and verification reports	Independent assurance and verification reports by Ernst & Young LLP (EY), Global Documentation Ltd and EcoAct over certain data points within this Annual Report as detailed on page 55.
Code of Conduct and Ethics	Primary tool through which we communicate our conduct expectations. It is designed to guide colleagues through how to live our valued behaviours on a day-to-day basis, whatever their business, function, region, or role.
Country-by-Country Disclosure	Provides tax information in accordance with the Capital Requirements (Country-by-Country-Reporting) Regulations 2013.
Diversity, Equality and Inclusion Impact Report	Includes gender and ethnicity pay gap assessment and the actions we have taken to support a culture of inclusion.
Equator Principles reporting	As a member since 2003, we report on how we apply the principles to ensure that the projects we finance and advise on are developed in a manner that is socially responsible and reflect sound environmental management practices.
Environmental and Social Risk Management Framework	Provides an overview of our approach to identifying, assessing, and managing the environmental and social risks associated with our client relationships.
ESG data pack	Supplementary Environmental, Social and Governance (ESG) and sustainability data is provided in a spreadsheet format.
ESG Reporting Index	Alignment table referencing our disclosures using voluntary sustainability reporting frameworks: Sustainability Accounting Standards Board Standards, Global Reporting Initiative Standards and World Economic Forum (WEF) Stakeholder Capitalism Metrics.
Futuremakers Impact Report	Provides progress and outcomes about Futuremakers, our global youth economic empowerment initiative, tackling inequality and promoting greater economic inclusion.
Modern Slavery Statement	Sets out the steps we have taken to assess and manage the risk of modern slavery and human trafficking in our operations and supply chain.
Net zero methodological white paper – The journey continues	Describes our approach to net zero, laying out the methodologies we have used to calculate our financed and facilitated emissions, and setting our interim 2030 targets at sector level.
Net Zero Transition Plan	Sets out how we aim to deliver on our commitments to reach net zero emissions in our financed emissions by 2050, and in our Scope 1 and Scope 2 emissions by 2025.
Policies	We publish our main sustainability-related policies, including on: anti-money laundering; anti-bribery and corruption; digital assets approach; diversity and inclusion; health, safety and security; privacy; public policy engagement; and Speaking Up.
Position Statements and Prohibited Activities	We use our cross-sector and sector-specific Position Statements and Prohibited Activities list to assess whether to provide financial services to clients.
PRB reporting and self-assessment	Our disclosures on actions undertaken related to the six principles as defined by the United Nations Principles for Responsible Banking (PRB).
Supplier Charter	Sets out principles for the behavioural standard that we expect from our suppliers, and those within a supplier's sphere of influence that assist them in performing their obligations to us.
Sustainable Finance Impact Report	We present the impact of our sustainable finance assets on a portfolio basis.
Sustainable Finance Frameworks	Our Green and Sustainable Product Framework (GSPF) and Sustainability Bond Framework (SBF) outline our definition of green and sustainable finance. Our Transition Finance Framework (TFF) sets out the activities and entities that we consider eligible for transition finance.

To access the Group's suite of sustainability-related reports and disclosures visit sc.com/sustainabilitylibrary

Our approach to sustainability reporting

The Group includes ESG and sustainability information in this Annual Report, providing investors and stakeholders with an understanding of the implications of relevant sustainability-related risks and opportunities, and progress against our objectives. We have considered our ESG reporting obligations under the Hong Kong and FCA UK Listing Rules, please refer to our Directors' report on page 103 of the 2024 Annual Report for further information. For our TCFD content table please refer to pages 43 to 44 of the 2024 Annual Report.

We have used the GRI Standards to guide our disclosures and have published an ESG Reporting Index with reference to disclosures captured in the GRI Universal and select Topic Standards. We have also considered relevant metrics from sector-specific SASB Standards and WEF Stakeholder Capitalism Metrics.

Our approach to sustainability reporting will continue to evolve subject to regulatory and voluntary standards across our listing locations and footprint markets. Our disclosures are guided by international standards, frameworks and principles to the extent relevant to our business. We are actively preparing for future reporting obligations across the various jurisdictions in which we operate, including reporting under the International Sustainability Standards Board (ISSB)'s IFRS S1 General Requirements of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2) and the EU Corporate Sustainability Reporting Directive (CSRD).

See our ESG Reporting Index at sc.com/sustainabilitylibrary

Standard Chartered – Annual Report Summary 2024

Sustainability review

Materiality

In preparing these disclosures, we have followed the materiality assessment process outlined in GRI 3: Material Topics 2021, which provides step-by-step guidance for organisations on how to determine material topics. Material topics are topics that represent an organisation's most significant impacts on the economy, environment and people, including impacts on their human rights – both positive and negative.

In doing so, we have taken steps to understand the Group's context, identify actual and potential impacts, assess the significance of the impacts and prioritise the most significant impacts for reporting. We have done this by engaging with relevant internal and external stakeholders and by validating the material topics with experts across the Chief Sustainability Office. Our material topics are set out in the table below.

Topics	Description	Learn more
Sustainable finance	How we identify opportunities for driving positive environmental and social impact by helping our clients address environmental and social challenges, transition towards low carbon economies and achieve sustainable growth.	+ Sustainable finance
Pages 63-67
Climate	The positive and negative impacts of our financing activities, direct operations and supply chain on the climate. This includes our emissions, physical and transition climate risk management, and progress against our net zero roadmap.	+ Climate
Pages 68-83
Nature	The positive and negative nature-related impacts of our financing activities, direct operations, and supply chain. This includes our approach and progress against our nature-related ambitions.	+ Nature
Page 84
Human capital management	The practices used for recruiting, developing and optimising employee output and relationships, across the value chain. This includes human rights and modern slavery, health and safety (including physical and mental wellbeing) and diversity, equity and inclusion.	+ Stakeholders
Pages 38-41
Supplementary people information
Pages 388-392 of the 2024 Annual Report
Society and community relations	The positive and negative impacts of our financing activities on the societies and communities around us. This includes financial inclusion, job creation, vulnerable customer protection, and charitable giving.	+ Social impact
Pages 85-86
Data security and privacy	The protection practices over client and personal information held by the Group.	+ Risk review and Capital review
Page 204 of the 2024 Annual Report
Corporate governance	Governance structures and internal control processes by which the Group is directed. Includes risk management, business conduct, anti-bribery and corruption, anti-money laundering, and whistleblower protection.	+ Managing environmental and social risk
Pages 87-88
+ Integrity, conduct and ethics
Pages 89-91
+ Sustainability-related governance
Pages 92-96

To learn more about our materiality process and how we engage with stakeholders visit sc.com/sustainabilitystakeholders

Standard Chartered – Annual Report Summary 2024

Reporting period

The reporting period for the majority of our operational environmental performance indicators, including greenhouse gas (GHG) emissions, waste generation and water consumption is from 1 October 2023 to 30 September 2024. This allows sufficient time for independent third-party assurance to be completed and for obtaining external third party data where needed prior to the publication of the Group's Annual Report.

This only differs for the following Scope 3 emissions where a period of 1 January to 31 December with a one to two-year lag is used: Category 1: Purchased Goods (other); Category 2: Capital goods; Category 4: Upstream transportation and distribution; Category 6: Business travel (miscellaneous other than air travel) and Category 15: Investments. Emissions data for these categories is disclosed on a one to two-year lag with emissions reported in 2024 based on the availability of third-party data and client data.

This year, the reporting period for Category 6: Business travel (air travel) has been adjusted from a 1 October 2023 to 30 September 2024 period, to a 1 January 2023 to 31 December 2023 period, to align these emissions with those in Category 6: Business travel (miscellaneous other than air travel).

With the exception of sustainable finance income, sustainable finance metrics are reported at 30 September 2024, allowing sufficient time to complete reporting. Sustainable finance income is reported for the full financial period from 1 January 2024 to 31 December 2024.

The reporting period for all other sustainability information in this Annual Report is from 1 January 2024 to 31 December 2024 to align with the calendar year used in financial reporting.

Independent Limited Assurance

Ernst & Young LLP (EY) was appointed to provide independent limited assurance over certain data points within this Annual Report, indicated with a caret symbol (*) in this report. The assurance engagement was planned and performed in accordance with the International Standard on Assurance Engagements (UK) 3000 (July 2020), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information (ISAE (UK) 3000 (July 2020)). This independent assurance report is separate from EY's audit report on the financial statements and is available at sc.com/sustainabilitylibrary. This report includes further detail on the scope, respective responsibilities, work performed, limitations and conclusions.

We obtained independent limited assurance on the Group's Scope 1 and 2 GHG emissions and Scope 3 data centres GHG emissions by Global Documentation Ltd. We also obtained independent verification of the Group's Scope 3 emissions associated with business travel (air travel) from EcoAct. These verifications were conducted in accordance with the ISO 14064-3 Greenhouse gases standard and are also available at sc.com/sustainabilitylibrary.

For further details on assurance obtained on comparative prior year data, please refer to the prior year annual report.

Read more about the principles and methodology for measuring our environment data at sc.com/environmentcriteria

For further information on our emissions calculation methodology, please refer to the Group's 'Net zero methodological white paper - The journey continues' via sc.com/sustainabilitylibrary

Disclaimer

We report on ESG matters throughout this Annual Report, in particular in the following sections:

(i) Strategic report on pages 35 to 41
(ii) Directors' report on pages 183 to 184 of the 2024 Annual Report
(iii) Sustainability review on pages 51 to 96
(iv) Risk review and Capital review on pages 256 to 269 of the 2024 Annual Report
(v) Supplementary sustainability information on pages 393 to 395 of the 2024 Annual Report

In this 'Sustainability review' chapter, we set out our approach and progress relating to sustainability and its content is subject to the statements included in (i) the 'Forward-looking statements' section; and (ii) the 'Basis of preparation and caution regarding data limitations' section provided under 'Important notices' on pages 133 to 134.

Additional information can be accessed through our suite of supporting sustainability reports and disclosures via our website sc.com/sustainabilitylibrary

Standard Chartered - Annual Report Summary 2024

Sustainability review

Chief Sustainability Officer's review

The opportunity to finance the transition to a low carbon economy is more compelling and crucial than ever. The commercial case continues to grow, with the green economy delivering total returns of 198 per cent over the past 10 years¹. The scope for further sustainable finance growth is significant as new technologies come online and as renewable capacity growth continues to outpace that of fossil fuels².

At the same time, the urgency of the transition remains stark and this year we breached the 1.5°C threshold for the first time, making 2024 the warmest year on record. The disproportionate impact of climate change on those least equipped to respond, notably across our markets in Asia, Africa and the Middle East, underscores the importance of our ongoing commitment to capital mobilisation at scale to deliver the sustainable outcomes we need to see, alongside inclusive growth.

The Chief Sustainability Officer (CSO) organisation was established in 2022 to build on the Group's long-standing sustainability agenda. Since its creation, we have made substantial progress on our Sustainability Strategic Pillars, which represent our near-term strategic focus. This includes the work we do to scale sustainable finance, to embed sustainability across the organisation, deliver against our net zero roadmap, and leverage our thematic Innovation Hubs.

Our sustainable finance income growth speaks to this progress, with $982 million of sustainable finance income generated this year, meaning that we are on track to deliver against our target of at least $1 billion in annual sustainable finance income by 2025. As we scale, we continue to diversify our sustainable finance revenue mix by increasing the penetration of our core sustainable finance products across markets and expanding our product offering suite. Alongside this, we have now mobilised $121 billion in sustainable finance for our clients from January 2021, against our commitment to mobilise $300 billion in sustainable finance by 2030.

Internally, we continue to embed sustainability across our organisation by upskilling and empowering colleagues with user-friendly tools, training and streamlined processes, all aimed at facilitating the adoption of sustainability opportunities and managing sustainability risks throughout the Group. While externally, our Innovation Hubs across Adaptation Finance, Blended Finance Programmes, Carbon Markets and Nature Finance, continue to pioneer novel, high-visibility transactions, investing and supporting landmark projects that offer significant potential for scale.

This year we continued to deliver against our Net Zero Roadmap, completing our final baseline and target setting for the 12 highest-emitting sectors. But we also recognise that achieving our net zero by 2050 target requires active collaboration and engagement with our clients to support and accelerate their transition, and have therefore published our inaugural Transition Plan alongside this Annual Report.

This year we also sought to further expand our understanding of our own nature-related risks and opportunities, becoming an early adopter of the Taskforce on Nature-related Financial Disclosures (TNFD). Building on our ambition to shift financial flows towards nature-positive outcomes, Standard Chartered also partnered with The Government of The Bahamas, The Nature Conservancy, the Inter-American Development Bank (IDB), and other financial partners to launch an innovative debt conversion, expected to generate $124 million for marine conservation.

Looking ahead to 2025, we will no doubt face challenges as the sustainability landscape develops and as we further operationalise our ambitions. However, we're steadfast in our focus to deliver on our commitments, and our CSO team will continue to serve as a centre of excellence to support the Group in delivering on our Sustainability agenda, helping our clients to transition, and supporting sustainable, inclusive growth in our markets.

The progress detailed in this report reflects not just our achievements to date, but our determination to help drive positive change in the years ahead.

Standard Chartered – Annual Report Summary 2024

‘Investing in the green economy 2024’, London Stock Exchange Group
‘World Energy Investment 2024’, International Energy Agency

Our approach to sustainability

Sustainability is a strategic focus area for us, as we strive to promote inclusive growth and prosperity across the markets where we operate.

Our approach to sustainability supports the Group's strategy, which is designed to deliver our Purpose: to drive commerce and prosperity through our unique diversity. This is underpinned by our brand promise, here for good.

Our approach is articulated through our long-term sustainability goals – our Sustainability Aspirations – and our short-term sustainability targets – our Sustainability Strategic Pillars. The Aspirations and Pillars set out how we intend to deliver across our Sustainability agenda.

Sustainability continues to be included in the 2024 Group scorecard and 2024-26 Long-Term Incentive Plan (LTIP) with performance measures that align with our Sustainability Aspirations and Sustainability Strategic Pillars.

This section sets out progress against our Sustainability Aspirations and Sustainability Strategic Pillars before we dive deeper into the material topics set out on page 54, including sustainable finance, climate, nature and social impact.

2024 highlights

| ## $121bn

Cumulative mobilisation of sustainable finance from January 2021 to September 2024 against our commitment to mobilise $300 billion by 2030 | ## Net Zero

Interim targets set against our 12 highest-emitting sectors in line with Net Zero Banking Alliance (NZBA) guidance | ## 1

Published our first Transition Plan |
| --- | --- | --- |
| ## $982m^

Income generated from sustainable finance in 2024 against our target of at least $1 billion annual income by 2025 | ## $1

Set an absolute facilitated emissions target for oil and gas, which currently makes up the majority of emissions within our facilitation portfolio | ## 2

Became early adopters of the Taskforce on Nature-related Financial Disclosures (TNFD) |

Values noted with a caret symbol (*) are subject to independent limited assurance by EY. Net zero progress has also been assured. This can be found on pages 68-83. The assurance report is available at sc.com/sustainabilitylibrary

Standard Chartered – Annual Report Summary 2024
57

Sustainability review

Sustainability Aspirations: our long-term goals

Our Sustainability Aspirations are consolidated into four overarching long-term goals, each supported by key performance indicators (KPIs). Together, these reflect our commitment to fostering sustainable social and economic development in our markets.

Sustainability Aspiration		Progress to date
Aspiration 1: Mobilise $300 billion of sustainable finance^{1}	We believe sustainable finance is essential in addressing the significant social and environmental challenges faced by our markets. It has the potential to support the needs of businesses, people and communities, by enabling the transition to low-carbon technologies, accelerating financial inclusion, and promoting sustainable, inclusive economic growth.
Our sustainable finance product suite includes bonds, loans, advisory and trade finance, and is underpinned by our sustainable finance frameworks, which outline how we apply the 'green', 'social', 'sustainable' or 'transition' labels across products and transactions.	$121bn
cumulative mobilisation of sustainable finance from January 2021 to September 2024 against our commitment to mobilise $300 billion by 2030
Aspiration 2: Operationalise our interim 2030 financed emissions targets to meet our 2050 net zero ambition	We aim to reach net zero in our financed emissions by 2050. The Group has set and disclosed financed emissions reduction targets for 2030 across our 12 highest-emitting sectors, including a facilitated emissions target for oil and gas, which currently makes up the majority of emissions within our facilitation portfolio.
We also believe that while target-setting is crucial, we need a clear plan to transition our business. This can be found in our 2025 Transition Plan, which outlines a comprehensive framework on how we intend to transition our business and operations, and collaborate with our clients with the aim to deliver on our interim 2030 targets and ultimate 2050 net zero ambition. We recognise the challenges posed by a material portion of our markets that have yet to commit to net zero by 2050, but we remain focused on driving progress.	Published our inaugural Transition Plan
detailing our approach aiming to achieve net zero by 2050
Aspiration 3: Enhance and deepen the sustainability ecosystem	We continue to utilise our experience and network to actively contribute to key global partnerships and initiatives that deliver differentiated impact and help to mature and advance the sustainability ecosystem. For example, we continue to maintain guiding roles in the Glasgow Financial Alliance for Net Zero (GFANZ), the UN Global Alliance of Investors for Sustainable Development (GISD), and the Integrity Council for the Voluntary Carbon Market (ICVCM), among others.^{2}
Through innovative frameworks and impactful initiatives, we have actively sought to support global efforts to advance and unlock capital flows towards critical areas such as adaptation and resilience, nature, carbon solutions and sustainable finance.	Launched the Guide for Adaptation and Resilience Finance
in partnership with KPMG and the United Nations Office for Disaster Risk Reduction (UNDRR)
Aspiration 4: Drive social impact with our clients and communities	We seek to accelerate the mobilisation of both private and philanthropic capital to address critical social challenges in our footprint markets.
By leveraging our financial expertise, product innovation, and strategic partnerships, we deliver solutions that meet immediate needs while empowering communities for sustainable growth.
Through Futuremakers, we establish strategic collaborations with clients, NGOs and communities to mobilise social capital, create an inclusive ecosystem to drive inclusive economies and increase equitable prosperity.
For more information, see pages 85-86.	20,675
decent jobs enabled and supported in 2024^{3}

We define mobilisation of sustainable finance as any investment or financial service provided to clients that supports: (i) the preservation and/or improvement of biodiversity, nature or the environment; (ii) the long-term avoidance/decrease of GHG emissions, including the alignment of a client's business and operations with a 15°C trajectory (known as transition finance); (iii) a social purpose; or (iv) incentivising our clients to meet their own sustainability objectives (known as sustainability-linked finance). It is a measure of total capital mobilised and considers the total value being committed facilities provided
A full list of our memberships can be found at sc.com/sustainabilitystakeholders
Decent jobs/employment: comprises formal employment and self-employment. 'Decent' aligns with the International Labour Organization (ILO) definition, but in recognition of the challenges in many markets to satisfy every criteria for 'decent', our Futuremakers initiative counts those participants who have met minimum wage plus at least two additional ILO criteria. The data includes 7,425 young female participants in sustained decent employment, where participants remain in decent employment six months post intervention, and 13,250 direct jobs enabled to support microbusinesses. This comprises paid employment opportunities (direct employees, active associates, contractors, support/gig workers, and the entrepreneurs themselves) directly created by the supported microbusinesses. These may be part-time or full-time, with each job accounted for as a single unit. This KPI is based on actual data collated from project alumni over the seven year period, estimates based on empirical research, and ex-post project evaluations

For detailed progress against all our Aspiration targets see pages 393-395 of the 2024 Annual Report

Standard Chartered – Annual Report Summary 2024

Sustainability Strategic Pillars: our short-term targets and immediate priorities

Our four Sustainability Strategic Pillars represent our near-term strategic focus designed to drive momentum and accelerate progress towards our longer-term Sustainability Aspirations.

Sustainability Pillar		Progress to date
Pillar 1: Scale sustainable finance income^{1}	Growth and innovation in our sustainable finance franchise is critical to the delivery of the Group's Net Zero Roadmap and to support our clients on their own transition journeys. Our sustainable finance teams develop customised solutions that speak to clients' needs and ambitions.
The Group's sustainable finance product suite is set out within our GSPF, as described on page 67. Our sustainable finance income target is a CIB target, based on income generated from transactions utilising sustainable finance products for our clients and income generated from clients whose activities align with those in our Sustainable Finance Frameworks.	$982m^
sustainable finance income generated in 2024 against our target of at least $1 billion annual income by 2025^{2}
Pillar 2: Further embed sustainability across the organisation	The CSO organisation aims to act as a catalyst for change and a centre of excellence. We foster collaboration internally to embed sustainability across our business operations and functions. We collaborate externally with clients and other stakeholders who are aligned with our mission to drive change.
We aim to create a self-reinforcing cycle, which is built on established processes, clear frameworks, engagement with our clients and collaboration across risk and business teams. Our aim is to work with our clients to support their transition and decarbonisation journeys and where clients evidence transition, help to accelerate progress.	3,825
clients evaluated through Climate Risk Assessments, and 1,449 client Environmental and Social Risk Assessment reviews completed
Pillar 3: Deliver on the annual milestones set forth in our net zero roadmap	We aim to reach net zero in our financed emissions by 2050 and in our own operations by 2025.
We focus on three areas to reduce emissions: our operations, our supply chain and financed emissions associated with our clients. The majority of our GHG emissions are linked to our lending activities. As such, we prioritised our measurement and decarbonisation efforts in the highest-emitting and most carbon-intensive sectors of our portfolio.
We have now completed our financed emissions target-setting for our 12 highest-emitting sectors. We have further set a facilitated emissions baseline and target for the oil and gas sector which currently makes up the majority of emissions within our facilitation portfolio.	12 out of 12
of the NZBA high-emitting sectors covered by 2030 science-based financed emissions targets
Pillar 4: Leverage our Innovation Hubs	Our four thematic Innovation Hubs – Adaptation Finance, Blended Finance Programmes, Carbon Markets and Nature Finance – focus on emerging sustainability themes that are nascent but ripe for scale. The Hubs drive innovation in the market across sustainability.
In 2024, we executed on four transactions aligned to the themes of the Hubs. Through our Nature Finance Hub, we executed a debt-for-nature swap mandate for The Bahamas, with savings earmarked for conservation. Our Carbon Hub launched a commercial banking facility to support forward carbon purchases for British Airways.	Four
transactions executed in 2024 aligned to the Group's sustainability themed Innovation Hubs

1 Values noted with a caret symbol (°) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary
2 Refers to our goal to reach $1 billion in Sustainable finance income by the end of 2025

Standard Chartered – Annual Report Summary 2024

Sustainability review

Innovation Hubs

Announced in 2023, our four thematic Innovation Hubs – Adaptation Finance¹, Blended Finance Programmes², Carbon Markets and Nature Finance – focus on emerging sustainability themes that are nascent but ripe for scale, aligned to areas where the Group has a core competency, and are particularly suited to clients in our footprint markets.

Each Hub is transversal, run by senior leaders in the CSO organisation, and aims to identify opportunities for future returns outside of our core range of traditional products and services. By being deliberate in demonstrating leadership to advance the ecosystem in these emerging thematic areas, the Group expects to be well-positioned to take advantage of the significant and differentiated revenue potential that will result from maturation of these themes in the future.

Our Innovation Hub model

About the Innovation Hubs

1. Adaptation Finance

Context

Across our markets, there is an urgent need to unlock and scale public and private climate adaptation finance to build shared societal resilience. This means embedding adaptation and resilience into financial decision-making to manage risks and identify new opportunities, which is critical given that every $1 spent on adaptation this decade could generate up to $12 of economic benefit³.

Adaptation represents both a risk and an opportunity for the Group, its clients and communities. We are working to identify and scale the adaptation finance opportunity across our business and to support the development of adaptation finance across the wider market.

Progress

In 2024, Standard Chartered, KPMG and the UNDRR – with contributions from more than 30 additional organisations – developed and published the Guide for Adaptation and Resilience Finance (The Guide). The Guide now supports the market in identifying adaptation opportunities, by setting out eligible financeable activities and guidance on what constitutes adaptation and resilience investment, alongside a practical roadmap for financing and investment opportunities.

We also completed the Group's first adaptation finance transaction – an adaptation letter of credit with a parametric insurance provider, which provided financial protection for businesses in the renewable energy sector against extreme weather such as changes in river levels and wind levels.

Standard Chartered is also co-chair of the UK Climate Financial Risk Forum Adaptation working group. Through this forum and others, the Group will continue to engage the financial ecosystem to seek opportunities for adaptation and resilience in Asia, Africa and the Middle East.

Standard Chartered is ranked 1st in Climate X's ranking of the world's top 50 banks for climate adaptation⁴.

For more on Adaptation Finance see our
- Adaptation Economy Report
sc.com/adaptation-economy
- Guide for Adaptation and Resilience Finance via
sc.com/adaptation-resilience

Adaptation and resilience finance: Adaptation and resilience finance is considered to be any financial service which is provided to an entity to enable adaptation and enhance resilience to climate and non-climate-related natural hazards within that entity's assets, operations, customers, supply chain, or the communities in which they operate
Blended Finance is the use of catalytic public (and/or philanthropic) capital to increase private sector investment that supports the SDGs
Read our research on the Adaptation Economy sc.com/adaptation-economy
Based on 17 indicators as described Climate X's 2024 white paper 'Top 50 Banks in the World Tackling Adaptation'

Standard Chartered – Annual Report Summary 2024

1 Available at sc.com/delivering-blended-finance

Standard Chartered – Annual Report Summary 2024

2. Blended Finance Programmes

Context

As we move closer to critical 2030 climate and sustainability targets, the need for blended finance to fill financing gaps becomes even more pressing. However, blended finance deals largely continue to be 'bespoke' to each situation, which limits their scalability.

Standard Chartered is already recognised by Convergence (the global network for blended finance) as among the most active commercial banks in the blended finance space, and we are well positioned to play a leadership role in this area given our footprint across Asia, Africa and the Middle East.

We are working to address the issue of scalability by identifying, creating and implementing blended finance through a more programmatic approach: working through partnerships with Development Finance Institutions (DFIs) and Multilateral Development Banks (MDBs) as well as within country platforms. We describe this approach more fully in our article 'Country Platforms: A programmatic approach to blended finance'.

Progress

The Group has sought to establish both partnerships and platforms throughout the year. We continue our participation, as a signatory, in the Just Energy Transition Partnerships (JETPs) in Indonesia and Vietnam, working with our clients to translate political investment plans into project financing.

In addition, at COP29 this year, the Kingdom of Lesotho announced its intention to appoint Standard Chartered and Standard Bank South Africa as joint financial advisers, during the launch of the His Majesty King Letsie III Just Energy Transition Fund (HMKLIII JET Fund). The HMKLIII JET Fund aims to build a new era of energy independence and export in Lesotho: fulfilling Lesotho's domestic demand through building both local supply and surplus generation for export to neighbouring Southern Africa. The HMKLIII JET Fund seeks to bring private investment to Lesotho through the country platform approach.

Standard Chartered is also a founding participant in the Bangladesh Climate and Development Platform, a country platform to leverage adaptation and mitigation investments. The country platform concept was first advanced by the World Bank in 2017, moving beyond just single projects, and is designed to foster collaboration among development partners based on a shared vision.

We also contributed to a number of global initiatives (e.g. within GFANZ and WEF) to help drive thought leadership around blended finance.

3. Carbon Markets

Context

Effective carbon markets are critical to global efforts to mitigate climate change and to finance sustainable development. This was stressed by the UN Intergovernmental Panel on Climate Change in its April 2022 report on mitigating climate change, which noted that "the deployment of carbon dioxide markets to counterbalance hard-to-abate residual emissions is unavoidable if net zero emissions are to be achieved".

Carbon markets put a price on carbon emissions, can be complementary to credible net zero transition plans, and help to channel climate finance where it's needed, most critically across our markets. A high-integrity carbon market, combined with corporate commitments to cut emissions and high standards of reporting can accelerate the global progress towards net zero by 2050, while supporting sustainable development globally.

The Group has been a firm advocate of carbon market standardisation and has been at the forefront of several initiatives that are working to ensure that high-integrity, scalable carbon markets develop. We offer trading, advisory, financing and risk management services to our clients around the world and continue to develop our suite of banking solutions as carbon markets grow and mature.

Progress

In 2024, we bolstered our support of carbon market development to provide innovative carbon financing solutions. Standard Chartered partnered with British Airways, CFC Insurance, CurB, Willis Towers Watson, and UNDO to pilot an innovative bank loan against a carbon removal credits offtake contract. The transaction featured a purpose-built carbon insurance policy, allowing for the upfront monetisation of an existing long-term carbon offtake agreement.

We have been working on broadening our financing capabilities to be able to apply similar solutions to other carbon project types and to support additional sources of debt such as outcome bonds and securitisation of carbon portfolios.

We continue to support the ICVCM review process for both carbon standards and methodologies and, in the past year, have been involved in some of the largest carbon market transactions, including acting as a supplier for the Regional Voluntary Carbon Market Company and Climate Impact X's respective carbon credit auctions.

Sustainability review

4. Nature Finance

Context

It is estimated that over half of global GDP is moderately or highly dependent upon nature. The 2019 Global Assessment Report from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services highlighted how biodiversity loss undermines livelihoods, food security, economies and health, while also threatening the resilience of our planet to climate change. Despite its importance, nature is rapidly declining. An estimated 25 per cent of plants and animals are threatened with extinction, amid a 47 per cent decline in natural ecosystem extent and condition relative to earliest estimated states.¹ Protecting nature is essential to limiting anthropogenic global warming and mitigating its impacts so that the planet can sustain all livelihoods and support inclusive sustainable economic development.

Having applied international environmental and social standards in our financing for more than 20 years, our presence in markets with some of the richest, remaining biodiversity in the world positions us to engage with a range of key stakeholders.

We are guided by our commercial ambition to increasingly shift financial flows towards nature-positive outcomes by aligning and contributing to the targets of the Global Biodiversity Framework (GBF).

Progress

Standard Chartered has partnered with The Government of The Bahamas, The Nature Conservancy, IDB, and other financial partners to launch an innovative debt conversion for nature and climate, which aims to help the country improve ocean conservation and management.

We have also expanded the Group's GSPF in 2024 to include additional nature-related activities informed by the GBF. Namely, under the GSPF 'Sustainable management of living and natural resources' category, we have expanded the criteria to include a multitude of activities that contribute to ecosystem and nature conservation, including but not limited to: investment in restoration of degraded areas; in-situ conservation activities around sustainable tourism areas, and investment in activities that mitigate the impact of invasive alien species. Within the 'Pollution prevention and control' GSPF category, we have also recognised activities that contribute to soil remediation, and waste prevention or reduction. Through our nature risk working group we are advancing our nature risk analysis by leveraging our climate risk data capabilities to support more in-depth analysis of potential material sectors and sites, and assess our financial exposure to direct and indirect pressures and dependencies on nature.

To amplify Standard Chartered's thought leadership in the nature sphere, we co-authored the Group's latest sustainability research 'Towards a sustainable ocean: where there's a will, there's a wave'² published in November 2024, highlighting opportunities for financing the nature-positive transition of the blue economy.

For more on progress made towards nature see page 84

Debt conversion for nature for The Bahamas

Standard Chartered acted as the sole lender in this transaction, underwriting a new $300 million loan. The loan was backed by guarantees from IDB, Builders Vision (an impact platform founded by Lukas Walton) and AXA XL (a specialist insurer). The Nature Conservancy was responsible for mobilising the guarantee package for the transaction and will also provide long-term conservation support to The Bahamas Government.

Through the new loan, The Bahamas bought back $300 million of its external commercial debt, generating $124 million in savings which will be dedicated to marine conservation in The Bahamas. The debt savings will support The Bahamas to effectively manage its unique system of almost 6.8 million hectares of Marine Protected Areas (MPAs), complete a national Mangrove Management Plan and develop and implement a Marine Spatial Plan aimed at addressing increased demands for the use of The Bahamas' ocean through a transparent, participatory, and science-based process.

The Bahamas debt conversion project thus not only helps to free up fiscal space by reducing debt service payments, but also helps to support sovereign sustainable development priorities – conserving and managing marine areas to provide the critical habitats for diverse species, protect coasts from storms and sustain local livelihoods.

The project is also one of many firsts:

Our first debt conversion for nature.
First time a family office has provided a meaningful component of the credit enhancement package, with Builders Vision providing a $70 million co-guarantee.
First time a private insurer has provided credit insurance alongside a Multilateral Development Bank in support of a sustainable issuance for nature and climate, with AXA XL providing $30 million in credit insurance.
First time that climate-smart MPA commitments – which include considerations for managing potential climate change impacts – are explicitly included in conservation outcomes to support climate mitigation and adaptation goals.

More information about the debt conversion for nature for the Bahamas is available at sc.com/debt-conversion

Standard Chartered – Annual Report Summary 2024

1 IPBES (2019) Global Assessment Report on Biodiversity and Ecosystem Services
2 Read our blue economy research paper 'Towards a sustainable ocean: where there's a will, there's a wave' at sc.com/blue-economy

Sustainable finance

Sustainable finance, including transition finance, is a crucial part of our sustainability strategy and is therefore reflected in both our long-term Sustainability Aspirations and short-term Sustainability Strategic Pillars.

Our broad sustainable finance product suite, which includes bonds, loans, advisory and trade finance, is underpinned by our sustainable finance frameworks (described on page 67) that outline how we apply the 'green', 'social', 'sustainable' or 'transition' labels across products and transactions. We also work with retail and wealth clients to mobilise diverse sources of capital in support of social and environmental outcomes.

Our aspiration is to mobilise $300 billion of sustainable finance.

We have mobilised $121 billion of sustainable finance from January 2021 through to September 2024 against our commitment to mobilise $300 billion by 2030.

Sustainable finance mobilised¹

| Product | Oct 2023 – Sep 2024²¹
$m | Jan 2021 – Sep 2023
$m | Cumulative progress
Jan 2021 – Sep 2024
$m |
| --- | --- | --- | --- |
| Use of proceeds³,³ | 7,510 | 18,989 | 26,499 |
| Sustainability-linked loans (SLLs)³,⁴ | 9,529 | 28,638 | 38,167 |
| Transition finance³,⁵ | 1,023 | 762 | 1,785 |
| SME lending³,⁶ | 1,342 | 2,853 | 4,195 |
| Microfinance³,⁶ | 752 | 1,940 | 2,692 |
| Green mortgages³,⁷ | 245 | 4,822 | 5,067 |
| Mergers and acquisitions (M&A)/Advisory⁸ | 2,926 | 5,786 | 8,712 |
| Green and social bonds facilitated⁹ | 10,220 | 23,423 | 33,643 |
| Total sustainable finance mobilised¹⁰ | 33,547⁴ | 87,213 | 120,760 |
| Of the above | | | |
| Corporate & Investment Banking (CIB) | 31,960 | 79,539 | 111,499 |
| Wealth & Retail Banking (WRB) | 1,587 | 7,674 | 9,261 |
| Total sustainable finance mobilised¹⁰ | 33,547⁴ | 87,213 | 120,760 |

We define mobilisation of sustainable finance as any investment or financial service provided to clients that supports: (i) the preservation and/or improvement of biodiversity, nature or the environment; (ii) the long-term avoidance/decrease of GHG emissions, including the alignment of a client's business and operations with a 1.5°C trajectory (known as transition finance); (iii) a social purpose; or (iv) incentivising our clients to meet their own sustainability objectives (known as sustainability-linked finance). It is a measure of total capital mobilised and considers the total value being committed facilities provided
Mobilisation amounts include transactions with restricted use of the financing proceeds that align to our GSPF. Use of proceeds lending transactions are measured as the loan commitment/underwritten amount provided to the counterparty. Use of proceeds transactions to the value of $538 million have been reclassified as SLLs in the 2023 year due to transaction tagging refinement
Lending transactions are measured as the loan commitment/underwritten amount provided to the counterparty
SLLs refer to any type of loan instrument for which the economic characteristics can vary depending on whether the counterparty achieves ambitious, material and quantifiable predetermined sustainability performance targets (SPTs). The use of proceeds in relation to an SLL is not a determinant in its categorisation and, in most instances, SLLs will be used for general corporate purposes. SLLs are not issued in line with the Group's GSPF but are subject to other internal guidance documentation, based on the Sustainability Linked Loan Principles
Transition finance includes any financial service provided to clients to support them to align their business and/or operations with a 1.5°C trajectory issued in line with our TFF, this is measured on a committed facility provided basis
SME and Microfinance lending is the provision of finance to developed but not high-income countries as per the United Nations World Economic Situation and Prospects (UN WESP) report. The inclusion of SME lending is linked to the 'Access to Finance' sub-theme within the Group's GSPF incorporating employment generation, and programmes designed to prevent and/or alleviate unemployment, including through the potential effect of small and medium enterprise (SME) financing and microfinance. SME mobilisation is the lending facilities provided to small companies and renewed when the facilities renew. Microfinance mobilisation is measured as the cash disbursed
Green Mortgages are loans issued by our Wealth & Retail Banking business (WRB) where the underlying property meets a specific energy rating. Mobilisation is measured as the cash disbursed to lenders. Value mobilised in 2021 includes mortgages originated before 2021 but identified as Green in 2021
M&A/Advisory represents where the Group is the financial advisor to a transaction which has been tagged as sustainable in line with the Group's GSPF or TFF. The amount attributed to M&A/Advisory mobilisation is proportional and represents the total deal size divided by the number of financial advisers on the deal
Capital market bonds are measured by the proportional bookrunner share of facilitated activities as determined by third-party league table rankings based on the level of services provided
Values noted with a caret symbol (*) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary
Some transactions included in 2024 reporting related to deals that were signed during prior years but which only received approval for sustainable finance tagging during 2024

Standard Chartered – Annual Report Summary 2024

Sustainability review

Scaling sustainable finance income

Our sustainable finance franchise supports clients on their transition and broader sustainability journeys by developing customised solutions that speak to their needs and ambitions. The franchise generated over $982 million between January and December 2024 putting us within reach of our target of at least $1 billion annual income by 2025. This represents over 8.3 per cent of our total Corporate & Investment Banking income in 2024, a year-on-year growth rate of 36 per cent.

As a UK-headquartered international bank we work to deploy capital across our global markets. As can be seen on the following pages and in our 2024 Sustainable Finance Impact Report, we have raised $79 billion of sustainable liabilities across our markets, while 78 per cent of our $23.3 billion sustainable finance asset base is located in Asia, Africa and the Middle East.

In 2024, we continued to develop our sustainable finance product suite, with over 40 product variants as set out in our GSPF. Co-developed with Morningstar Sustainalytics, a globally recognised provider of ESG research, ratings and data, our framework is reviewed annually to reflect changes in market trends and industry standards.

Our pureplay clients are also key to achieving our sustainable finance goals. These are companies whose activities align with those in our GSPF or in our TFF. Their significance lies in their ability to deliver credible and robust impact, driven by the inherent green and socially sustainable nature of their business models and operations, or their critical role in supporting and/or enabling the transition.

Our sustainable finance income² includes client income generated from our sustainable finance product suite net of funding costs, as well as from clients recognised as green, social, sustainable or transition pureplays.

Read more in our Sustainable Finance Impact Report at sc.com/sfimpactreport

Sustainable finance income²

Product	2024³ $m	2023 $m	YOY %
Transaction services	319	202	58
Payments & Liquidity	187	103	82
Securities & Prime Services	4	–	400
Trade & Working Capital	128	99	29
Banking	552	427	29
Lending and financing solutions	507	386	31
Capital market and advisory	45	41	10
Markets	111	91	22
Macro Trading	101	76	33
Credit Trading	10	15	(33)
Total sustainable finance income by product	982⁴	720	36

Our target to generate at least $1 billion annual sustainable finance income by 2025

We generated $982 million⁴ of sustainable finance income in 2024, putting us within reach of our target.

Standard Chartered – Annual Report Summary 2024

1 For derivative transactions included within our sustainable finance income, these reflect the client income related to transactions, which includes margins charged in excess of hedging costs
2 Values noted with a caret symbol (°) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary
3 Product allocations have changed to align to the new business structure within CIB

Sustainable finance assets and sustainability-linked assets

Our sustainable finance assets reflect the assets on our balance sheet generated as a result of this green, social and sustainable financing activity, and it is against these assets that we raise sustainable liabilities. Transition assets are not included within this asset base.

The Group's sustainable finance asset base increased by 32 per cent to $23.3 billion between October 2023 and September 2024. The majority of our sustainable finance asset base ($174 billion of the $23.3 billion) is made up of financing to green projects such as renewable energy projects, green real estate and funding for the development of electric rail projects. Our social finance assets make up $5.5 billion of the total sustainable finance asset pool and encompass categories such as healthcare, education and access to finance in developing markets. The remaining assets ($0.4 billion of the $23.3 billion) span across both green and social categories, including renewable energy, sustainable water and wastewater management, access to essential services and food security.

Green finance assets¹,²

| Theme | Sept 2024
$m | Sept 2023
$m | SDGs |
| --- | --- | --- | --- |
| Clean transportation | 1,929 | 901 | |
| Electric vehicles (EVs) | 710 | 197 | |
| EV battery manufacturers | 622 | 372 | |
| Manufacturing of specialised component parts of EVs | 147 | 112 | |
| Rail | 450 | 220 | |
| Climate change adaptation | 3 | 4 | |
| Energy efficiency | 141 | 482 | |
| LED lighting | 92 | 7 | |
| Modernisation of broadband network | 46 | 475 | |
| Smart meters | 3 | – | |
| Eco-efficient products | 37 | – | |
| Green buildings | 8,816 | 8,742 | |
| Green buildings | 5,554 | 5,066 | |
| Mortgage portfolio Hong Kong | 3,225 | 3,657 | |
| Mortgage portfolio Singapore | 16 | – | |
| Mortgage portfolio Taiwan | 20 | 19 | |
| Mortgage portfolio Vietnam | 1 | – | |
| Pollution prevention and control | 157 | 14 | |
| Portfolio of green projects | 436 | 351 | Multiple |
| Renewable energy | 5,498 | 3,100 | |
| Transmission lines | 174 | 102 | |
| Hybrid wind and solar | 528 | 38 | |
| Hydropower | 24 | 32 | |
| Manufacture of components for renewable energy technology | 954 | 457 | |
| Solar | 1,618 | 940 | |
| Waste to energy | 239 | 166 | |
| Wind | 1,534 | 1,178 | |
| Energy storage | 130 | 68 | |
| Green hydrogen | 19 | 9 | |
| Mixed renewables | 278 | 110 | |
| Sustainable management of living and natural resources | 249 | – | |
| Sustainable water and wastewater management | 127 | – | |
| Total green assets | 17,393 | 13,594 | |
| Portfolio of green and social projects³ | 392 | 473 | Multiple |

¹ Amounts included in the table are as of September 2024 and September 2023 and are aligned to the Group's Sustainable Finance Impact Report available at sc.com/sfimpactreport. September 2024 and September 2023 figures have been prepared on the same basis as the Impact Report
² Values noted with a caret symbol (°) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary
³ The underlying assets could potentially span across various categories, including renewable energy, sustainable water and wastewater management, access to essential services and food security. These assets, while included in the overall totals, remain unidentified in terms of specific green and social classification until allocation reports are received

Standard Chartered – Annual Report Summary 2024

Sustainability review

Social finance assets¹,²

| | Sept 2024
$m | Sept 2023
$m | SDGs |
| --- | --- | --- | --- |
| Access to water | 121 | 72 | |
| Access to essential services | 338 | 145 | |
| Education infrastructure – universities | 6 | 6 | |
| Healthcare infrastructure – hospitals | 230 | 131 | |
| Provision of supporting healthcare-related products and services | 95 | 8 | |
| Education loans | 7 | - | |
| Road infrastructure | 120 | 46 | |
| Access to finance | 4,050 | 3,062 | |
| SME lending | 3,467 | 2,506 | |
| Microfinance | 583 | 555 | |
| Affordable basic infrastructure | 879 | 198 | |
| Sewage treatment | - | 1 | |
| Telecommunications/Internet connectivity | 879 | 197 | |
| Food security | 14 | 22 | |
| Portfolio of social projects | 25 | - | |
| Total social assets | 5,547 | 3,545 | |
| Total green and social finance assets | 23,332⁴ | 17,612 | |

Sustainability-linked assets¹

| | Sept 2024
$m | Sept 2023
$m |
| --- | --- | --- |
| Total sustainability-linked loans | 6,619 | 4,805 |
| Total sustainability-linked assets | 6,619 | 4,805 |

Total green and social finance and sustainability-linked assets¹,³

| | Sept 2024
$m | Sept 2023
$m |
| --- | --- | --- |
| Corporate & Investment Banking | 24,098 | 17,103 |
| Wealth & Retail Banking | 5,853 | 5,314 |

Sustainable liabilities¹,²

| Theme | Sept 2024
$m | Sept 2023
$m |
| --- | --- | --- |
| Total bond issuances | 2,126 | 2,353 |
| of which sustainable structured notes | 950 | 795 |
| of which green structured notes | 60 | - |
| Total sustainable term deposits | 3,325 | 4,554 |
| Total sustainable term accounts | 1,214 | 1,027 |
| Total sustainable retail current and savings accounts and deposits | 1,196 | 513 |
| Total sustainable liabilities | 7,861⁴ | 8,447 |

¹ Amounts included in the table are as of September 2024 and September 2023 and are aligned to the Group's Sustainable Finance Impact Report available at sc.com/sfimpactreport. September 2024 and September 2023 figures have been prepared on the same basis as the Impact Report
² Values noted with a coret symbol (*) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary
³ The underlying assets could potentially span across various categories, including renewable energy, sustainable water and wastewater management, access to essential services and food security. These assets, while included in the overall totals, remain unidentified in terms of specific green and social classification until allocation reports are received
⁺ See sc.com/sfimpactreport for more highlights on our Sustainable Finance assets in 2024, including asset locations

Wealth & Retail Banking sustainable investing

The Group had $1.3 billion sustainable investing (SI) assets under management (AUM) at 31 December 2024 (a 30 per cent increase from $1.0 billion at 31 December 2023).

Following a review of our methodology, we have refined our definition of SI AUM this year to only include products that the Group actively advises on. This includes funds and structure products, and excludes bonds and equities.

⁺ For further information on our Sustainable Investments universe, refer to sc.com/sustainable-investing

Standard Chartered – Annual Report Summary 2024

Our Sustainable Finance Frameworks

Green and Sustainable Product Framework

Our GSPF governs the activities that we as an organisation classify as 'green', 'social' and 'sustainable'.

It sets out our approach to mitigating greenwashing risk across our product suite and defines the themes and activities that we consider eligible for green, social and sustainable financing. The Framework is informed by international market guidelines and standards on green and sustainable finance, including among others, the Climate Bonds Standard, EU Taxonomy for sustainable activities and the Green Loan Principles. Co-developed with Morningstar Sustainalytics, our Framework is reviewed annually with the aim to ensure it remains in line with the latest industry standards.

Sustainability Bond Framework

Our SBF provides the basis for the issuance of green, social and sustainability bonds and notes, drawing on the activities that we view as 'green', 'social' and 'sustainable'.

It governs our sustainable debt products issued by the Group, providing transparency and guidance on the use of proceeds, process for project evaluation and selection, management of proceeds and reporting, as aligned with the ICMA Sustainability Bond Principles. It has received a Second Party Opinion from Morningstar Sustainalytics, which confirms our Framework is credible, impactful and aligns with industry guidelines.

Transition Finance Framework

Our TFF sets out the assets and activities that qualify under a 'transition' label.

We have outlined our approach to defining and governing transition finance in our TFF. This framework is informed by the 2023 International Energy Agency (IEA) Net Zero Emissions (NZE) 2050 scenario and is reviewed annually for alignment with the latest available science and industry standards. This year we published the third iteration of the TFF.

Governance over sustainable finance products and frameworks

The Group has Product Programme Guidance documents in place, which underpin each Sustainable Finance product that we offer, signed off by a delegate of the Sustainable Finance Governance Committee (SFGC) following approval of the product construct by the SFGC.

The SFGC is our forum for reviewing Sustainable Finance products and frameworks, and derives its authority from the Group Responsibility and Reputational Risk Committee (GRRRC). The GRRRC is the ultimate approval body for all of our Sustainable Finance Frameworks. Its membership is drawn from the CSO organisation, Legal, Compliance, and ESG and Reputational Risk. The SFGC is our foremost committee for managing greenwashing risk in sustainable finance product design and labelling.

For more, visit sc.com/sustainabilitylibrary

For more information on our Green and Sustainable Product Framework please visit sc.com/gspf

For more information on our Sustainability Bond Framework please visit sc.com/sustainability-bond-framework

For more information on our Transition Finance Framework please visit sc.com/transition-finance-framework

Standard Chartered - Annual Report Summary 2024

Sustainability review

Climate

We aim to reach net zero in our financed emissions by 2050 and in our Scope 1 and Scope 2 emissions by 2025. Our net zero roadmap sets out the key steps we need to take to achieve this goal, and thus far we have made good progress achieving the goals we set for 2024.

Our global footprint informs our unique understanding of the complexity associated with reaching our targets across our financed and facilitated emissions, including a heightened focus on the security and resilience of our markets as they respond to greater climate change induced uncertainty. As a financial institution, the Group has an important role to play in supporting our clients and markets as they navigate this complexity, while driving and encouraging change in the real-world economy.

Published this year, the Group's inaugural Transition Plan outlines our approach to deliver this change and aim to achieve net zero by 2050, demonstrating to clients, suppliers, customers, and other key stakeholders that we have a clear plan to deliver on the commitments we have made. The Transition Plan consolidates and expands upon the disclosures provided in this Annual Report, the Net Zero Roadmap and Net Zero Methodological White Paper.

The Transition Plan has been developed considering guidelines provided by the Transition Plan Taskforce and GFANZ frameworks.

The Group also made progress on our target-setting coverage for financed emissions, setting a baseline and target on our agriculture portfolio. Reporting also resumed for our aviation business sector following the sale of the Group's global aircraft finance leasing business and majority of lending portfolio in 2023. As a result, the Group has now formally completed target-setting for our twelve highest-emitting sectors.

In 2023, the Partnership for Carbon Accounting Financials (PCAF) released its facilitated emissions methodology. Following this, we continued to work on target-setting for the capital market issuances on which we assist our clients.

The Group has also now set a facilitated emissions target for the oil and gas sector which currently makes up the majority of emissions within our facilitation portfolio. Facilitated emissions refers to the emissions charge the Group incurs for providing the service of facilitating the issuance of a debt capital markets bond for an oil and gas client. This charge is incurred regardless of whether the Group holds any portion of the bond or not.

> For information about our approach to climate governance, refer to pages 92-96
>
> Download our Transition Plan and 'Net Zero Methodological White Paper – The journey continues' from sc.com/sustainabilitylibrary

The Transition Plan sets out:

Our current practices: The evolving business practices that underpin our commitment to net zero.
Control environment: The governance framework and description of controls over our net zero calculations, target management, client engagement, and decision-making processes, designed to maintain oversight, accountability, and alignment with the Group's net zero objectives.
Embedding net zero: The measures and initiatives undertaken to integrate net zero considerations into the client lifecycle. How we are systematically integrating and operationalising sustainability into client engagement strategies, with the aim to drive measurable outcomes.

1 'The Global GHG Accounting & Reporting Standard (Part B): Facilitated Emissions', Partnership for Carbon Accounting Financials, December 2023

Standard Chartered – Annual Report Summary 2024

Our net zero roadmap

We aim to reach net zero emissions in our financed emissions by 2050 and in our Scope 1 and Scope 2 emissions by 2025.

To help us remain on track, we have set short- and medium-term objectives and quantifiable targets to manage and report on our progress on an annual basis. We have now set interim 2030 targets for all the highest-emitting sectors in the Group's portfolio.

2021

Launched our roadmap to net zero by 2050, including interim targets and a supporting methodology
Announced plans to mobilise $300 billion in sustainable finance by 2030
Published our inaugural TFF

2022

Developed financed emissions baselines and 2030 targets for the aviation, shipping and automotive manufacturers sectors
Joined PCAF

2023

Announced our enhanced oil and gas absolute financed emissions target
Updated our power and steel sector baselines and targets moving from a revenue-based intensity metric to a production-based intensity metric
Developed financed emissions baselines and set interim 2030 targets for four additional sectors: cement, aluminium, residential mortgages and commercial real estate, bringing the total number of science-based targets set for high-emitting sectors to 11
Financed emissions baselines and sectoral progress against targets, where indicated, assured for the first time by Ernst & Young
Calculated the Group's facilitated emissions from debt capital markets following the final PCAF guidance (published in December 2023) under both the 33 per cent and 100 per cent weighting factors
Published the Group's updated Net Zero Methodological White Paper – The journey continues

2024

Measured and disclosed an agriculture baseline and target, the final high emitting sector recommended by the NZBA
Resumed aviation sector reporting following the sale of the Group's aircraft leasing business and a significant portion of the lending portfolio
Set a baseline and target for our facilitated emissions portfolio focusing on the oil and gas sector which currently makes up the majority of emissions within our facilitation portfolio
Issued the Group's first Transition Plan set out with reference to the Transition Plan Taskforce and GFANZ guidance

2025

Aim to be net zero in our Scope 1 and 2 emissions
Set a methane reduction target

2030

We will have substantially reduced our exposure to the thermal coal mining sector in line with our Position Statements
Aim to meet the Group's financed and facilitated emissions interim targets set for high-emitting sectors

2032

Targeted end date for legacy direct thermal coal mining financing globally in line with our Position Statements

2050

Aim to become net zero in our financed emissions

Standard Chartered – Annual Report Summary 2024

Sustainability review

Our emission sources

We aim to reach net zero emissions in our financed emissions by 2050 and in our Scope 1 and Scope 2 emissions by 2025. We focus on three areas to reduce emissions:

Topics	Size of emissions (%)	Emissions sources	Learn more
Our operations	0.1	Scope 1 and Scope 2: Emissions from the combustion of fuels in owned or controlled sources e.g. boilers, generators and vehicles, refrigeration and air conditioning equipment and the purchase of electricity	+ Page 71
Our supply chain	1.5	Scope 3 Categories 1-14: Emissions from our upstream and downstream supply and value chain	+ Page 72
Our clients	98.4	Scope 3 Category 15: Emissions from transacting with our clients	+ Page 72

The following tables summarise our most recent performance:

Scope 1 and 2 emissions	2024 (tCO₂e)	2023 (tCO₂e)	2022 (tCO₂e)
Scope 1 emissions^{1,3}	7,696	8,488	2,071
Scope 2 emissions^{2,3}	17,272	26,246	47,363
Total Scope 1 and 2 emissions	24,968	34,734	49,434
	2024 (tCO₂e)	2023 (tCO₂e)	2022 (tCO₂e)
Category 1: Purchased goods and services (other)^{5}	345,193	346,819	380,732
Category 1: Purchased goods and services (data centres)^{3}	4,186	4,431	7,060
Category 2: Capital goods	43,716	42,707	34,496
Category 4: Upstream transportation and distribution	27,268	24,125	20,300
Category 5: Waste generated in operations	379	520	747
Category 6: Business travel (air travel)^{6}	53,326	48,046	39,107
Category 6: Business travel (miscellaneous other than air travel)	16,420	8,918	2,654
Category 7: Employee commuting^{7}	81,065	71,228	61,917
Category 13: Downstream leased assets (real estate)	7,119	7,898	8,594
Total Scope 3 supply chain emissions	578,672	554,692	555,607
	2024 (tCO₂e)	2023 (tCO₂e)	2022 (tCO₂e)
Scope 3 Category 15: Investments^{8}
Financed emissions^{9}	36,410,000	42,330,000	49,872,000
Facilitated emissions	1,761,000	3,007,000	4,025,000
Total Scope 3 Category 15 emissions^{9}	38,171,000	45,337,000	53,897,000
Agriculture sector Scope 3 emissions^{10}	10,300,000	-	-

As we aim to improve our emissions measurement and reporting year-on-year, we have included leased vehicle fleet emissions in our Scope 1 data in 2024 (1,340 tCO₂e) and fugitive emissions since 2023 (3,877 tCO₂e in 2024 and 5,266 tCO₂e in 2023). 2022 data was not available for fugitive emissions
Scope 2 indirect emissions have been calculated using the market-based approach as set out in the GHG protocol
Our Scope 1 and 2 emissions and Scope 3 Category 1: Purchased goods and services (data centres) emissions calculations for the most recent reporting year were independently assured by Global Documentation Ltd. The assurance scope in 2024 now includes the leased vehicle fleet and fugitive emissions
Scope 3 Category 3, Category 8, Category 9, Category 10, Category 11, Category 12 and Category 14 are not relevant for the Group due to the nature of our business, products and services and operations. GHG emissions associated with these categories are not deemed as relevant and/or material
We have restated our Scope 3 Category 1: Purchased goods and services emissions data for the 2023 reporting year from 286,304 tCO₂e to 346,819 tCO₂e due to one of our largest suppliers (by spend) restating their publicly reported emissions. The supplier restatement is a result of improved data accuracy within its calculations. As underlying data evolves, we will refine our methodology to improve accuracy and align to evolving industry standards, for example data centre emissions categorisation and appropriate emissions allocation
Page 55 of this report sets out the different reporting periods for the data in this table. This year, the reporting period for Category 6: Business travel (air travel) has been adjusted from a 1 October 2023 to 30 September 2024 period to a 1 January 2023 to 31 December 2023 period, to align these emissions with those in Category 6: Business travel (miscellaneous other than air travel). While a change in reporting period does not require a restatement of prior reporting periods under the GHG Protocol - Corporate Value Chain (Scope 3) Accounting and Reporting Standard, we have opted to restate 2023 from 60,279 tCO₂e to 48,046 tCO₂e to allow a comparable period. We plan to complete a review of our air travel methodology in 2025
Category 7: Employee commuting includes both emissions from commuting (67,035 tCO₂e) and emissions associated with home office working (14,030 tCO₂e)
Category 15: Investments includes financed and facilitated emissions and are measured on a one to two-year lag based on the availability of third-party and client data. Total Category 15 financed emissions have been updated for facilitated emissions for the oil and gas sector which were reported separately for the first time during 2024. Facilitated emissions are calculated on a three year rolling average. Mortgage absolute financed emissions were restated from 0.04 MtCO₂e to 0.4 MtCO₂e following a decimal place error in reporting in 2022 and 2023. Category 15 emissions are rounded to the nearest 1,000 MtCO₂e. Facilitated emissions values are calculated on a three-year rolling average
Excluding agriculture sector Scope 3 emissions
During the year, the Group completed a sector-specific baseline and target for the agriculture sector, the last high emitting sector as defined by the NZBA guidance. The baseline emissions were calculated for the 2023 reporting year using the Implied Temperature Rise (ITR) method, and a 2030 interim target has been set against the 2023 baseline. The ITR method has been applied, which allows us to capture Scope 3, due to the complexities of the value chain of the sector, availability of data and the nature of operation of our clients in the sector value chain. The decision to include Scope 3 emissions of the Group's agriculture clients was tacit as this has the most real-world impact, by allowing the Group to engage with its clients to decarbonise their operations and supply chains. On an absolute emission basis the agriculture portfolio has 1.2 MtCO₂e in its Scope 1 and 2 emissions and a further 10.3 MtCO₂e in its Scope 3 emissions, giving the sector 11.5 MtCO₂e in total (see Agriculture in 'Detailed progress against our sectoral financed emission targets'). In prior years, the Scope 1 and 2 emissions of the Group's agriculture clients were included within the Category 15 absolute financed emissions, in the 'Others' category. Agriculture Scope 3 emissions were not included in prior year numbers because the sector deep dive had not occurred and scope 3 is generally not calculated for the agriculture sector. As such, the Scope 3 emissions of 10.3 MtCO₂e are not included in the Total Scope 3 Category 15 emissions above as this would not be comparable to prior years

Standard Chartered - Annual Report Summary 2024

Our operations

This section covers our Scope 1 and Scope 2 emissions as defined on page 70

Our approach to managing our environmental footprint

The Group defines and aims to achieve net zero in line with ISO IWA 42 as a condition in which human-caused residual GHG emissions are balanced by human-led removals over a specified period and within specified boundaries whereby residual emissions are those GHG emissions that remain after taking all possible actions to implement emissions reductions.

Our approach is to prioritise the direct reduction of Scope 1 and 2 emissions by:

Using efficiency measures across our property portfolio to actively reduce our energy consumption
Purchasing renewable energy, either through on-site installations or power purchase agreements
Purchasing energy attribution certificates/renewable energy certificates – where possible in the same regions where energy is consumed. This is reinforced by our commitment to purchasing 100 per cent renewable electricity by 2025 when we joined RE100¹ in 2022.

We counterbalance any residual Scope 1 and 2 emissions by purchasing and retiring carbon credits as described in the offsets section below.

Progress in 2024

We reduced our Scope 1 and 2 emissions by 28 per cent to 24,968 tCO₂e during 2024.

Scope 1

This year, we were able to expand the Scope 1 emissions that we capture to include emissions from our vehicle fleet. Our fuel emissions are mostly due to the use of back-up diesel generators, which are operated when regular power supplies from the grid are disrupted – which happens frequently in some markets (for example, Nigeria and Pakistan). We are using biodiesel and biofuels in markets when they become available (for example, Hong Kong, Singapore and India).

Scope 2

We reduced our Scope 2 emissions by 34 per cent in 2024. This is partially due to our measured real estate decreasing by 3.4 per cent during this time, as we continually right-size and adjust our portfolio size to suit our operation.

We have also actively sought to increase the proportion of our electricity usage that comes from a renewable source to 77 per cent this year. This can take the form of power purchase agreements, clean energy contracts, on-site solar installations or renewable energy certificates.

We continue to work towards purchasing renewable energy in every country possible and are striving to meet our target of 100 per cent by 2025. However, due to market constraints and lack of renewable energy options in some markets within Africa and the Middle East (for example, Bahrain, Botswana, Ghana, Iraq and Tanzania), we may not be able to meet our RE100¹ aspiration in 2025. We also have some countries where we purchase renewables through 'cross-border' grid feeds, which is recognised for our net zero target, but not recognised by RE100.

Despite this, we remain committed to the initiative, however, acknowledging that market constraints may limit our ability to achieve these goals in the short/mid-term, financial or other constraints may reasonably prevent the Group from taking all available steps to meet the target.

Offsets

We have purchased and retired carbon credits to mitigate our residual operational Scope 1 and 2 emissions for 2024 and Scope 3 emissions associated with air travel and outsourced on-premise data centres. Our carbon credit portfolio includes a range of decarbonisation activities that result in both removal and reduction of atmospheric methane and carbon dioxide, with the majority being for carbon dioxide removal.

The projects we sourced were selected based on criteria such as integrity, proximity to our operations, and co-benefits. For 2024, the relevant projects were issued by Verra, Gold Standard and Puro Earth.

Waste

We aim to achieve 90 per cent avoidance of landfill by 2030. In 2024, we reduced our overall waste generated by 18 per cent and achieved 61 per cent avoidance of landfill (up from 52 per cent in 2023). Our sites in India, Kenya and Poland achieved TRUE Zero Waste programme platinum rating. We are single-use plastics free in 324 locations currently. We have also engaged with an NGO to upcycle hard-to recycle items and are minimising electronic waste by prolonging the lifespan of our technology assets through partnerships with third parties.

Water

We retained a water efficiency metric of 0.53 kilolitres per square metre in 2024 despite a 39 per cent increase in the proportion of our employees returning to the office. While water availability is a growing challenge in many of our markets, we did not face any issues sourcing potable water in 2024. We continue to seek to take a responsible approach to managing water use across the Group.

> For detailed environmental performance data see our ESG data pack at sc.com/esg-data-pack
>
> Read the principles and methodology for measuring our environment data at sc.com/environmentcriteria
>
> Read the independent assurance statement related to Scope 1 and 2 GHG emissions at sc.com/environmentalassurance

1 RE100 is a global corporate renewable energy initiative bringing together businesses that are committed to purchasing 100 per cent renewable electricity

Standard Chartered – Annual Report Summary 2024

Sustainability review

Our suppliers

This section covers our Scope 3 Category 1–14 emissions.

Our approach to managing impacts in our upstream value chain

The Supply Chain Management team provides procurement services internally to drive commercial value generation and manage sustainability and supply chain risks. Proactive supplier engagement and data quality remain a key focus of our supply chain sustainability strategy as we continue to engage constructively with suppliers to increase transparency and accountability around climate impact, and to promote emissions reductions.

Supplier Charter and engagement

Through our Supplier Charter, we set out the principles that Standard Chartered expects from its suppliers, and those within the suppliers’ sphere of influence that assist them in performing their obligations for us. These principles have been drawn from the international organisations and conventions of which we are members or signatories.

We engage our largest suppliers to better understand where they stand on climate impact matters. Through supplier questionnaires and direct engagement, we request our larger suppliers (by spend) to share their emissions information and/or to set reduction targets in line with our internal reduction goals. We aim to direct at least 50 per cent of our total spend¹ to suppliers who have set science-based emission reduction targets.

We look for opportunities for innovation and collaboration with our suppliers on shared sustainability goals. For example, in 2024 we partnered with one of our global technology suppliers to reduce the GHG emissions from across our supply chain by creating a standard package for each monitor we purchase while excluding monitor stands. This approach enabled us to reduce the emissions of shipping unnecessary monitor stands, cabling and plastic packaging.

Supply chain emissions

Over time, the accuracy and coverage of suppliers’ emissions calculations have been improving. Despite this, limitations to the availability of this data remain. Therefore, we continue to use a hybrid methodology for emissions calculations which combines emissions data collected from vendors (when available) with supplier spend and sector average emissions data for those who are unable to report. In 2024, we engaged with our suppliers to collect supplier specific data to improve the quality of our reporting. This resulted in an increase from approximately 24 to 32 per cent of supplier-specific data collected, either via questionnaires or CDP responses. Consequently, we have restated Scope 3 Category 1 Purchased goods and services emissions data for the 2023 reporting year (based on 2022 data).

In collaboration with DHL, one of our largest logistics suppliers, we coinvested in sustainable aviation fuel to reduce emissions related to the shipment of our parcels. We maintain travel demand measures and continue to offset air travel emissions as described on page 71. As data accuracy increases, we will be better able to understand and act upon the key contributors to our impact and determine further opportunities for reductions.

Limitations

Supply chain emissions calculations are evolving and remain heavily dependent on supplier-provided information. As part of our continuous improvement process, we will continue to work with our suppliers on data quality and our own internal stakeholders to continually improve and enhance our Scope 3 emissions reporting accuracy. This includes the accuracy of individual supplier category mapping to the appropriate emissions calculation factor. As underlying data evolves, we will refine our methodology to improve accuracy and align to evolving industry standards; for example, data centre emissions categorisation and appropriate emissions allocation.

> + Our Supplier Charter can be viewed at sc.com/suppliercharter
> For further information on how we engage with suppliers see page 37 and for supplier spend data see our ESG data pack at sc.com/esg-data-pack

Spend includes Scope 3 Category 1: Purchased goods and services and capital goods suppliers excluding non-addressable spend. Addressable spend is defined as external costs incurred by Standard Chartered in the normal course of business where Supply Chain Management has influence over where the spend is placed. It excludes costs such as government and brokerage fees, rates and taxes and employee expenses. It also excludes any Category 1 co-location data centres which are calculated on energy use and reported separately under Scope 3

Our clients

This section covers our Scope 3 Category 15 emissions (financed and facilitated emissions).

The majority of our GHG emissions are linked to our lending activities, known as financed emissions. We have prioritised our efforts in the highest-emitting sectors of our portfolio, and where working with our clients can have the greatest impact.

Our carbon accounting is calculated and reported in line with the GHG Protocol and PCAF Standards.

The Group has now set a target for its agriculture portfolio. With the addition of this sector, the Group has now set and disclosed science-based interim 2030 financed emissions targets for our 12 highest-emitting sectors. We are working across our businesses and functions and, alongside our clients, aim to deliver these targets, notwithstanding the challenges presented by a material portion of our markets not having a commitment to achieve net zero by 2050.

> For further information, please refer to the Group’s ‘Net Zero Methadological White Paper – The journey continues’ via sc.com/sustainabilitylibrary

Standard Chartered – Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
73

2030 financed emissions targets

Setting science-based targets

This year, the Group has set a baseline and target for agriculture. With the addition of this sector, the Group has now set and disclosed science-based interim 2030 financed emissions targets for our 12 highest-emitting sectors.

In addition to setting our final financed emissions sector target, a facilitated emissions target was set during the year for oil and gas, which currently makes up the majority of emissions within our facilitation portfolio.

The Group has also resumed reporting on the aviation sector following the sale of the Group's aircraft leasing business and a significant portion of the lending business associated with this.

The Group's targets have been informed by pre-eminent, scientific forward-looking scenario providers. This includes the IEA for energy sectors, the Mission Possible Partnership (MPP) for metals and aviation, the International Maritime Organization (IMO) for shipping and Carbon Risk Real Estate Monitor (CRREM) for the residential real estate sector.

During 2024, the Group engaged our external assurance provider to perform an ISRS 4400 (Revised) 'Agreed upon Procedure' review to confirm whether our targets for thermal coal, steel, oil and gas, power, automotive manufacturers, shipping, cement, aluminium, and commercial real estate meet the long-term temperature goal of the Paris Agreement, and are mathematically accurate in reference to the third-party science-based scenarios.

Due to our footprint – with many emerging markets and developing countries reliant on carbon-intensive industries – our financed emissions may increase before they decrease. However, our aim is to remain Paris aligned for our interim targets and aligned to a science-based 1.5°C scientific pathway by 2050.

Given our science-based approach, we will strive to update our targets both as the scientific community updates its reference scenarios and as data availability improves.

The Agreed-Upon Procedures Report on our Intermediate Financed Emissions Targets can be accessed via sc.com/sustainabilitylibrary

Sustainability review

Detailed progress against our sectoral financed emissions targets

CIB
Sector	2023 Exposure in scope ($bn)	Interim 2030 target1	20232		20222		Baseline year	% change cumulative to baseline	Year target set
			Absolute emissions3 (MtCO2,e)	Physical intensity	Absolute emissions3 (MtCO2,e)	Physical intensity
Agriculture4	7.8	2.2-2.4°C (11-19%)	11.5	2.72^A °C	naA	naA	2023	naA	2024
Aluminium	0.1	6.1 t CO2e/tonne aluminium (-)	0.1	3.28^A tCO2e/tonne aluminium	0.3	4.59 tCO2e/tonne aluminium	2021	-42	2023
Automotive manufacturers	3.2	66-100 gCO2/Vkm (44 - 63%)	3.1	157^A gCO2/Vkm	2.8	165 gCO2/Vkm	2021	-12	2022
Aviation5	1.3	773 gCO2e/RTK# (33%)	1.2	782^A gCO2e/RTK	naB	naB	2021	-32	2024
Cement	0.6	0.52 tCO2/tonne cement (22%)	2.1	0.62^A tCO2/tonne cement	3.5	0.66 tCO2/tonne cement	2021	-8	2023
Commercial real estate	5.0	19-39 kgCO2e/sq.m (47 -74%)	0.1	58^A kgCO2e/Sq.m	0.1	62 kgCO2e/sq.m	2021	-21	2023
Oil and gas	6.4	9.3 MtCO2e (29%)	9.4^A	naB	10.3	naB	2020	-28	2023
Power	5.2	0.17-0.28 tCO2/MWh (46 -67%)	4.8	0.43^A tCO2/MWh	5.9	0.47 tCO2/MWh	2021	-17	2023
Shipping6	4.6	0% delta 0% delta	2.9	+3.2%^A delta +8.2%^A delta	2.8	+11.8% delta +16% delta	2021	-4	2022
Steel	0.5	1.4-1.6 tCO2/tonne steel (22 -32%)	1.3	1.87^A tCO2/tonne steel	2.0	1.97 tCO2/tonne steel	2021	-9	2023
Thermal coal mining	0.03	0.5 MtCO2e (85%)	1.2^A	naB	1.6	naB	2020	-64	2021
Others7	45.4	naD)	8.5	naD)	12.6	naD)	naD)	naD)	naD)
WRB
---	---	---	---	---	---	---	---	---	---
Sector	2023 Exposure in scope ($bn)	Interim 2030 target1	20232		20222		Baseline year	% change cumulative to baseline	Year target set
			Absolute emissions3 (MtCO2,e)	Physical intensity	Absolute emissions3 (MtCO2,e)	Physical intensity
Residential mortgages11	68.4	29-32 kgCO2e/sq.m (15 -23%)	0.41	36.04^A kgCO2e/sq.m	0.43	37.7 kgCO2e/sq.m	2021	-4	2023

1 An Agreed Upon Procedure review was performed by EY over the Group's net zero targets except for aviation, agriculture and residential mortgages. Procedures included confirming a net zero target had been set, that the scenarios used to set net zero targets are from credible third-party sources as recommended by the NZBA and the selected scenarios align to the quantitative temperature goal of article 2(1)a of the Paris Agreement
2 Due to third-party data sets that feed into our emissions calculations, the Group's reported financed emissions figures have a one to two-year lag depending on when third-party data providers release their data refresh
3 Emissions are calculated in $\mathrm{CO}{2}$ except where other GHGs are material which are noted as $\mathrm{CO}{2}\mathrm{e}$ (this includes agriculture, aluminium, aviation, commercial real estate, oil and gas, shipping, thermal coal mining and residential mortgages)
4 During the year a sector-specific deep dive was performed on the agriculture sector, the last highest-emitting sector as defined by the NZBA. The baseline emissions have been measured and a target set for the 2023 year of reporting
5 Aviation emissions reporting was resumed in 2024 following the sale of the Group's aircraft leasing business and a significant portion of the lending business associated with this, during 2023. No 2022 emissions value has been measured this year.
6 During the year the Poseidon Principles were updated to only require reporting against the 'minimum' and 'striving' scenarios. Reporting against the old IMO existing strategy has been discontinued. Progress is reported on the revised minimum strategy consistent with prior year

7 Others includes miscellaneous non-high-emitting sectors not included in a sector deep dive
8 RTK (revenue tonne-kilometre) is a measure of annual passenger and cargo aircraft traffic representing the metric tonne of revenue load carried one kilometre
9 Value is not required as the Group has set an absolute emissions target and therefore the production intensity of the portfolio has not been measured
10 Value is not required as the Group has not set a target for the 'others' sector
11 The Group has set its residential mortgage target range at the most ambitious end of the public commitments made by governments and power companies in the countries where we operate, and has been benchmarked to the CRREM scientific pathway. Prior year absolute emissions have been restated from 0.04 to $0.4\mathrm{MtCO}_2\mathrm{e}$ following a decimal place error in reporting in 2022 and 2023. Reporting for residential mortgages includes Hong Kong, Singapore, Taiwan and South Korea. These markets make up the majority of the emissions in our residential mortgages portfolio

Values noted with a caret symbol $(^{*})$ are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary

For further information, please refer to our 'Net Zero Methodological White Paper - The journey continues' publication via sc.com/sustainabilitylibrary

Standard Chartered - Annual Report Summary 2024

Our approach to measuring financed emissions

CIB

Sector	Emissions approach	Scenario	Value chain	Scope of emissions	2023 PCAF score	2022 PCAF score	In scope exposure coverage¹
Agriculture	Implied temperature rise (ITR)	IPCC (1.5C – 2C)	Full value chain (pre-farm and post-farm)	1,2	2.7²	na	82%
				3	4.7³	na
Aluminium	Production intensity	MPP STS	Aluminium producers	1,2	1.2	2.4	100%
Automotive manufacturers	Physical intensity	IEA APS and NZE	Automotive manufacturers	1,2	2.3²	2.2²	100%
				3	5.0³	5.0³
Aviation	Physical intensity	MPP Prudent	Aircraft operators	1	2.0²	na	100%
				3	2.0³	na
Cement	Production intensity	IEA NZE	Clinker and cement manufacturing	1,2	2.3	2.3	100%
Commercial real estate	Physical intensity	IEA APS and NZE	Real estate leasing	1,2	4.0	4.0	100%
Oil and gas	Absolute emissions	IEA NZE	Upstream, midstream and downstream	1,2	3.2²	3.2²	98%
				3	3.2³	3.2³
Power	Production intensity	IEA APS and NZE	Electricity generation	1,2	3.4	3.3	100%
Shipping	Physical intensity	IMO rev. min. IMO striving	Shipping lessors and companies	1,3	1.0	1.0	99%
Steel	Production intensity	MPP TM	Steel producers	1,2	3.3	3.8	100%
Thermal coal mining	Absolute emissions	IEA NZE	Thermal coal	1,2	3.9²	3.7²	100%
				3	3.0³	3.0³
Others	Absolute emissions	IEA NZE	Other sectors	1,2	3.1	3.3	86%

WRB

Residential mortgages	Physical intensity	CRREM	Residential households	1,2	4.4	4.4	100%

Sector emissions for material Scope 3 high-emitting sectors

Sector	2023 (MtCO₂e)		2022 (MtCO₂e)		2021 (MtCO₂e)
	Scope 1,2	Scope 3	Scope 1,2	Scope 3	Scope 1,2	Scope 3
Agriculture	1.2	10.3	na	na	na	na
Automotive manufacturers	0.1	3.0	0.1	2.7	0.1	3.2
Oil and gas	1.5	7.9	1.7	8.6	1.3	8.9
Thermal coal mining	0.1	1.1	0.1	1.5	0.1	2.2

1 In scope exposure falls below 100 per cent in instances where client data is not available, and the carbon calculation cannot be run
2 PCAF score for Scope 1 and 2 emissions
3 PCAF score for Scope 3 emissions

For further information, please refer to our 'Net Zero Methodological White Paper – The journey continues' publication via sc.com/sustainabilitylibrary

Standard Chartered – Annual Report Summary 2024

Sustainability review

Agriculture

Balance in scope	Interim target	Performance versus baseline
$7.8bn	2.2 -2.4°C	newly set

Sector background

The agriculture sector accounts for 20 per cent of global anthropogenic emissions per the World Business Council for Sustainable Development (WBCSD) with an extensive value chain from fertiliser to retail stores.

Emissions arise from inputs such as fertiliser, crops and livestock (including methane from ruminant portfolios), and from the distribution and processing of farm products.

Approach to achieving net zero targets

Tracking our clients who do not have commitments, engaging and actively working with those clients to advise on getting their journey started and targets set
Encouraging our clients to use renewable energy and improve energy efficiency
Improving traceability and labelling for sustainable products
Reduce food loss in processing, especially in developing economies

Baseline target and portfolio progress 2023 to 2030

Progress in the year

An agriculture sector baseline and target was measured and reported for the first time during 2024.

A temperature alignment target has been set reflecting the complexity of the agriculture value chain, as well as the diversity of the Group's clients in that value chain that include activities from fertiliser, through farming, up to and including food processors, wholesalers and traders (noting that the Group does not have a ruminants book of any materiality).

A range target was set for the sector using a well below 2°C and 1.5°C pathway which include Scope 1, 2 and Scope 3 emissions to ensure the most impact.

This places an emphasis on the larger corporates within the value chain to drive change, which includes engagement with their suppliers to decarbonise their Scope 3 emissions, hence where the Group believes the greatest impact can be achieved.

Aluminium

Balance in scope	Interim target	Performance versus baseline
$0.1bn	6.1 tCO₂e/tonne aluminium	-42%

Sector background

The production of aluminium is emissions intensive and is responsible for 1 per cent of energy-related emissions per IEA WEO, 2024².

The aluminium sector relies heavily on electricity from the local grid. Over 60 per cent of the sector's emissions are attributable to the electricity consumed during smelting for the electrolytic reduction process.

Approach to achieving net zero targets

Promoting electricity decarbonisation and engaging clients to uptake renewable energy power purchase agreements
Reducing direct emissions through electrification, fuel switching and use of carbon capture, utilisation and storage (CCUS)
Incentivising recycling and resource efficiency which has a significantly lower production intensity

Baseline target and portfolio progress 2021 to 2030

Progress in the year

The production intensity for the aluminium portfolio has declined from 4.59 tCO₂e/tonne aluminium to 3.28 tCO₂e/tonne aluminium, a decrease of 29 per cent year-on-year.

This was driven by increased lending issued to aluminium producers who utilise a high percentage of scrap within their production process moving the overall intensity of the portfolio down, given the lower intensity of these clients.

Scrap results in avoided electricity use from the electrolysis phase of production with emissions only produced from the collection, transport and smelting of recycled aluminium.

The Group remained well below our 2030 target because of balances of recycled aluminium clients, which we aim to expand in the future. We are further working with our primary aluminium producers on their options for procurement of clean energy.

On track

1 Anthropogenic emissions are emissions caused by human activities and include energy-related emissions from the burning of fossil fuels, emissions from agriculture and land use change and emissions from waste
2 Sector emissions contribution as per the IEA's WEO released in 2024

Standard Chartered - Annual Report Summary 2024

Automotive

Aviation

Balance in scope	Interim target	Performance versus baseline
$3.2bn	66 – 100 gCO₂/Vkm	-12%

Sector background

The automotive sector is a key sector for international supply chains and the economy, with tailpipe emissions being the primary source of carbon emissions from the sector.

Annually, the exhaust emissions from passenger vehicles account for 8 per cent of global energy-related emissions per IEA WEO, 2024.

Approach to achieving net zero targets

Encouraging fuel-switch and improving fuel-efficiency as a first step
Maximising the electrification production of vehicles
Encouraging recycling and the circular economy in the manufacturing process

Baseline target and portfolio progress 2021 to 2030

Progress in the year

The automotive manufacturers portfolio intensity, which is based upon the CO₂ of tailpipe emissions per distance travelled, has decreased 5 per cent year-on-year from 165 gCO₂/Vkm to 157 gCO₂/Vkm.

This is driven by ongoing financing provided to manufacturers who are solely making EVs, especially in China, and the financing of manufacturers who are changing their production mix away from internal combustion engines towards hybrid engines and EVs.

The Group is actively monitoring and steering the portfolio towards those automotive manufacturers that have a higher proportion of EVs in their overall vehicle production mix.

Aviation

Balance in scope	Interim target	Performance versus baseline
$1.3bn	773 gCO₂e/RTK	-32%

Sector background

The aviation sector accounts for 2 per cent of global energy-related emissions per IEA WEO, 2024.

The majority of emissions arise from the burning of aviation fuels.

Approach to achieving net zero targets

Encouraging our clients to scale up the production and use of sustainable aviation fuels to reduce emissions
Encourage the transition of the global fleet to the most fuel-efficient (new technology) aircraft

Baseline target and portfolio progress 2021 to 2030

Progress in the year

Aviation sector emissions were reported for the first time in 2021. Following this, the Group's aircraft operating leasing business and a select portfolio of the lending business was sold during 2023. Due to this structural change in the Group's portfolio emissions profile, reporting of the aviation sector was paused awaiting final sale.

During 2024, reporting has been resumed. The target for the sector has been updated, in line with the industry's Pegasus Guidelines launched in 2023 and based on the revised MPP Prudent scenario. Since the 2021 baseline, the emissions intensity of the Group has decreased 32 per cent from 1,152 tCO₂e/RTK to 782 tCO₂e/RTK primarily as a result of the aircraft portfolio sales which removed older less-efficient aircraft from the Group's portfolio.

The Group's emissions intensity is on track to be in line with the MPP Prudent scenario by 2030 given the majority of the portfolio funding new technology aircraft with improved fuel efficiency when compared with the current global market fleet.

On track

Standard Chartered – Annual Report Summary 2024

Sustainability review

Cement

Balance in scope	Interim target	Performance versus baseline
$0.6bn	0.52 tCO₂/tonne cement	-8%

Sector background

The cement sector contributes approximately 6 per cent towards global energy-related emissions per IEA WEO, 2024.

The primary source of the emissions occurs during the production process where a chemical reaction takes place between limestone and heat.

Approach to achieving net zero targets

Improving energy efficiency of plants
Encourage clients to use alternative fuels such as waste and biomass in the production process
Use of clinker substitutes
Financing of electric kiln technologies

Baseline target and portfolio progress 2021 to 2030

Progress in the year

The cement portfolio intensity has dropped from 0.66 tCO₂/tonnes cement to 0.62 tCO₂/tonnes cement, a decrease of 6 per cent year-on-year.

This is driven by increased lending to clients, with lower production intensities seen from our clients as they improve on their energy efficiency of their plants in order to meet their targets.

In addition to this, the Group has also increased our exposure to lower-intensity clients, which has resulted in the portfolio average emissions reducing as well.

Commercial real estate

Balance in scope	Interim target	Performance versus baseline
$5.0bn	19 –39 kgCO₂e/sq.m	-21%

Sector background

The commercial real estate sector contributed 2 per cent towards global energy-related emissions per IEA WEO, 2024.

Emissions primarily arise from the operation of the building and to a lesser extent embodied emissions related to its construction.

Approach to achieving net zero targets

The decarbonisation of the power grids which supply the commercial buildings financed.
Encourage fuel switch from fossil fuels to heat pumps or direct electricity
Lending to retrofitting existing building stock to improve operational efficiency by installing better insulation, low-energy appliances, efficient cooling and on-site battery and thermal storage
Power purchase agreement of renewable electricity from the local grid

Baseline target and portfolio progress 2021 to 2030

Progress in the year

The commercial real estate portfolio intensity has decreased 6 per cent from 62 kgCO₂e/sq.m to 58 kgCO₂e/sq.m year-on-year.

The reduction is predominantly driven by decreases in the electricity grid intensities in the markets where funded properties are located. This follows our belief that energy decarbonisation, which we are actively pursuing through our power target, has positive downstream impacts on other sectors.

In addition to this, there has been some change in the location mix of our portfolio as a whole, with an increase in exposure to buildings located in European countries which have lower-intensity electricity grids, and a relative decrease in exposure to higher-intensity locations in ASEAN markets.

We continue to work with our clients to finance new and energy efficient buildings, but also with power companies in their energy supply decarbonisation, which in turn benefits the commercial real estate portfolio intensity.

On track

Standard Chartered – Annual Report Summary 2024

Oil and gas

Power

Balance in scope	Interim target	Performance versus baseline
$6.4bn	9.3 MtCO2e	-28%

Sector background

The oil and gas sector's production emissions (i.e., operations) account for approximately 15 per cent (IEA Emissions from Oil and Gas Operations in Net Zero Transitions) of global energy-related emissions, respectively.

Approach to achieving net zero targets

Reducing Scope 1 and 2 production-based emissions through improvements in operational efficiency, reducing methane leakages, venting and flaring
Encouraging investment in CCUS
Encourage and funding our clients' evolution to greater gas business, including liquid natural gas (LNG) terminals and renewables portfolios to supplement their existing oil business.

Baseline target and portfolio progress 2020 to 2030

Progress in the year

The oil and gas portfolio emissions have decreased 9 per cent year-on-year from 10.3 MtCO $_2$ e to 9.4 MtCO $_2$ e. The portfolio exposure also decreased by 9 per cent from the prior year, driving down absolute emissions in the sector.

This has also been driven by a decrease in short-term trade funding and greater lending to lower carbon intensive clients and technologies such as standalone LNG facilities.

We are encouraged to see improved methane abatement practices from our clients, continued investment in renewable portfolios and carbon capture technologies being brought forward for funding which we are increasingly providing.

Balance in scope	Interim target	Performance versus baseline
$5.2bn	0.17 – 0.28 tCO2/MWh	-17%

Sector background

The electricity and heat sector contributed 40 per cent towards global GHG emissions per IEA WEO, 2024. It is projected that global electricity demand will continue to rise especially in emerging markets and developing economies.

Approach to achieving net zero targets

Mobilising lending towards renewable energy and other low carbon power plant projects
Encouraging our clients to invest in renewable energy sources to diversify their generation mix
Participating in JETPs to encourage our clients to decarbonise their power supplies
Funding coal phase out in line with the IEA NZE pathway

Baseline target and portfolio progress 2021 to 2030

Progress in the year

The power portfolio intensity is down 9 per cent year-on-year from 0.47 tCO $_2$ /MWh to 0.43 tCO $_2$ /MWh with an increase in exposure of 6 per cent.

Significant movements in portfolio intensity included:

Decreases in thermal coal power generation in the book due to reducing exposures to coal power generation sources as balances mature in line with contractual maturities and as mandated by our Position Statements on thermal coal
Increased lending to renewables projects and lower intensity gas projects which continue to make up a greater proportion of the financed power portfolio
Increases in lending to counterparties that had higher percentages of nuclear and renewable generation

There is further a strong pipeline of lower-intensity gas, power plants and renewables projects due to start operations in the future that are currently being funded.

On track

1 Oil and gas sector operational emissions contribution to global energy-related emission per the IEA's 'Emissions from oil and gas operations in Net Zero Transitions' publication released in 2023

Standard Chartered - Annual Report Summary 2024

Sustainability review

Shipping

Balance in scope	Interim target	Performance versus baseline
$4.6bn	0% delta	-4%

Sector background

Shipping is key to facilitating global trade. The sector contributes 2 per cent of global energy-related emissions per IEA WEO, 2024. The sectoral emissions predominantly arise from the combustion of fuel in ships' engines.

Approach to achieving net zero targets

Engaging clients to invest in low carbon alternative fuels and carbon capture technology to eventually achieve net zero emissions
Financing new and more fuel-efficient ships
Providing transition finance for dual fuel ships
Holding clients accountable for efficient emission practices such as sailing at eco speed

Baseline target and portfolio progress 2021 to 2030

Progress in the year

During the year the alignment delta for the shipping sector improved significantly from 11.8 per cent to 3.2 per cent against the revised minimum scenario bringing the Group closer to its 0 per cent alignment delta target by 2030.

Improvements in our alignment delta were positively impacted by the introduction of the CII regulation during 2023. CII is an operational efficiency measure which requires ships to report their carbon efficiency with an associated rating of A to E. Vessels require a rating of C- or better to avoid potential disincentives.

Decarbonisation is the next frontier for pricing in shipping finance. Margins are no longer driven by risk versus reward, but also by balancing climate alignment of both the company and the asset into the equation.

The Group continues to finance both dual fuel and newer ships that are more energy efficient, with a focus on our clients setting credible transition plans with ambitious targets.

Looking ahead, we are keen to observe the impact of the EU Emissions Trading System (ETS) coming into effect in 2024, especially for our clients who actively engage in European trade and see how a carbon tax mechanism translates into next year's Poseidon reporting.

Steel

Balance in scope	Interim target	Performance versus baseline
$0.5bn	1.4–1.6 tCO₂/tonne steel	-9%

Sector background

Steel is a critical material. It is essential to the functioning of the global economy, from the production of the world's vehicles and household appliances to buildings and infrastructure. As such, the steel sector is the largest source of industrial emissions and accounts for roughly 7 per cent of global emissions per IEA WEO, 2024.

Approach to achieving net zero targets

Increasing client renewable electricity usage for electric arc furnace production
Increased scrap steel uptake through trade finance or use of proceeds finance
Increased scrap collection and processing in local economies
Increased operational efficiencies to existing Blast Furnaces and Basic Oxygen Furnaces (BF-BOF)

Baseline target and portfolio progress 2021 to 2030

Progress in the year

The steel sector emission intensities for the Group's portfolio have reduced by 5 per cent year-on-year from 1.97 tCO₂/tonnes steel to 1.87 tCO₂/tonnes steel. This was driven by increasing lending to clients utilising scrap steel, as opposed to those utilising iron ore in blast furnaces.

We further noted and are actively pursuing funding an increased uptake of scrap steel use from some of our primary steel producers, which will reduce their production intensities. This is due to more steel output produced using electricity rather than the burning of coal and gas to steel from iron ore.

The Group has also collected better information for the portfolio with fewer proxy-based emissions reported resulting in a better portfolio intensity.

On track

Standard Chartered – Annual Report Summary 2024

Thermal Coal Mining

Residential Mortgages

Balance in scope	Interim target	Performance versus baseline
$0.03bn	0.5 MtCO₂e	-64%

Sector background

The burning of coal is one of the most significant driving factors in climate change. To reflect this, the Group has a thermal coal Position Statement prohibiting the provision of financial services to certain clients dependent on thermal coal.

Emissions arise as Scope 1 and 2 emissions for coal producers (from energy used in the mining process) as well as Scope 3 emissions from end-of-use products, being the burning of coal in upstream processes.

Approach to achieving net zero targets

Rundown of thermal coal exposures in line with contractual commitments
Offboarding of clients in line with the Group's thermal coal Position Statement
Participating in our JETPs to encourage our clients to decarbonise their power supplies

Baseline target and portfolio progress 2020 to 2030

Progress in the year

Thermal coal absolute emissions have decreased by 25 per cent from 1.6 MtCO₂e to 1.2 MtCO₂e.

This was due to the portfolio continuing to be paid down in line with maturities, with no new loans issued during the period due to the Group's Thermal Coal Position Statement, which does not allow lending to counterparties that are 80 per cent thermal coal revenue reliant.

Please see the Group's Position Statements for further details at sc.com/positionstatements

Balance in scope	Interim target	Performance versus baseline
$68.4bn	29-32 kgCO₂e/sq.m	-4%

Sector background

Residential housing contributed 5 per cent towards global emissions per IEA WEO, 2024. The residential housing sector emissions are primarily from two sources: the operation of the building and embodied emissions (which are emissions related to its construction).

Approach to achieving net zero targets

Increase lending to clients to improve energy efficiency through retrofitting and improvement of insulation, ventilation, and energy management
Collecting specific unit or building emissions data within the portfolio, which reduces the need to use proxy data and increases emission accuracy
Engaging with clients to decarbonise their electricity supply; for instance, through the direct purchase of green electricity or green certificates

Baseline target and portfolio progress 2021 to 2030

Progress in the year

During the year, the Group measured its 2023 progress of GHG emissions from the four main residential mortgage portfolios, namely Hong Kong, South Korea, Singapore and Taiwan, accounting for approximately 88 per cent of the Group's exposure. A physical intensity of kgCO₂e/sq.m is the metric used to measure the portfolio's progress. While we have set a single Group-level target, the very nature of the residential real estate market means all decarbonisation actions will take place at the local level. Achieving our target is dependent on actions by local governments and power companies decarbonising power generation. The target range has been set at the more ambitious end of the public commitments made by governments and power companies in the countries where the Group operates. These targets have been benchmarked to, and currently sit above, the global CRREM pathway to 2030. The portfolio intensity has decreased 4 per cent as we start to see the emission intensity of power grids in these regions beginning to decrease in line with our expectations.

On track

Standard Chartered - Annual Report Summary 2024

Sustainability review

Facilitated emissions

Sector^{1}	Interim 2030 target	Weighting	2023 MtCO_{2}e	2022 MtCO_{2}e	Baseline MtCO_{2}e	Baseline year	Target set year	% change cumulative to baseline
Oil and gas	2.94 MtCO_{2}e (26.9%)	100% weighting factor^{1}	1.76^{A}	3.01	4.02^{A}	2021	2024	-56%
		33% weighting factor^{2}	0.58	0.99	1.33

Values noted with a caret symbol (°) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary

Sector	Emission approach	Scenario	Value chain	Scope of emissions	2023 PCAF score	2022 PCAF score	In scope exposure coverage
Oil and gas	Absolute emissions	IEA NZE	Upstream, midstream and downstream	1, 2	2.9^{B}	2.6^{B}	92%
				3	3.0^{A}	3.0^{A}

Oil and gas

Value facilitated^{3}	Interim target
$0.77bn	2.94 MtCO_{2}e

Progress in the year

During the year, a baseline and target were measured for the oil and gas sector. A reduction target of 26.9 per cent from a 2021 baseline was set based on the IEA NZE scenario in line with financed emissions.

Emissions associated with facilitation trended down between 2021 to 2023 as bond underwriting volumes were low due to COVID and higher corresponding interest rates.

Baseline target and portfolio progress 2021 to 2030

The metric and target are based on the rolling 3 year average due to the cyclical nature of bond underwriting in the market
Emissions have been disclosed on a 100 per cent and 33 per cent weighting
PCAF score for Scope 1 and 2 emissions
PCAF score for Scope 3 emissions
Value facilitated is equal to the Group's share of the Bond notional per the league table where we act as a bookrunner on the deal. Facilitated value shown for the 2023 financial year

Standard Chartered – Annual Report Summary 2024

Climate risk

An environmental (such as climate), social or governance event, or change in condition, if it occurs, could result in actual or potential financial loss or non-financial detriments to the Group. As such, Climate Risk is identified as a material risk for the Group, which is integrated across relevant Principal Risk Types (PRTs) and is managed via the Environmental, Social, Governance and Reputational (ESGR) Risk policy framework. The Group is exposed to Climate Risk through our clients, own operations, vendors, and from the industries and markets in which we operate in.

We manage Climate Risk according to the characteristics of the impacted PRTs. Risk Framework Owners for the impacted PRTs are responsible for embedding Climate Risk requirements within their respective risk types.

Our Climate Risk Appetite Statement is approved annually by the Board and supported by Board Risk Appetite metrics (BRAMs) and Management Team Limits (MTL) across impacted risk types.

In 2024, we have continued to embed Climate Risk into existing risk management frameworks and processes. We have also published our Transition Plan, which articulates how we plan to manage Climate Risk by aiming to deliver on our commitments to reach net zero emissions in our financed emissions by 2050, and in our Scope 1 and 2 emissions by 2025.

Time horizons used to assess the likelihood and impact of climate-related risks and opportunities

The time horizons that we use to identify, assess and manage our identified climate-related risks and opportunities are as follows:

Short-term	0–2 years	• Our short-term time horizon aligns with our aim: - To be net zero in our Scope 1 and 2 emissions by 2025 - To scale annual sustainable finance income to at least $1 billion by 2025 • In line with the Group's operational net zero target, we set year-on-year improvement targets for our footprint markets. Climate Risk is considered as part of our formal annual corporate strategy and financial planning process.
Medium-term	2–5 years	• Our medium-term time horizon aligns with our interim 2030 targets set for our 12 highest-emitting sectors and our commitment to mobilise $300 billion of sustainable finance by 2030. • Our strategic and financial planning constitutes action plans that intend to enable us to align to our net zero targets. We also use scenario analysis to consider how risks and opportunities may evolve under different situations in the medium-term.
Long-term	5+ years	• Our long-term time horizon aligns with our aspiration to achieve net zero in our financed emissions by 2050. • For climate scenario analysis, we run 30-year scenarios for both physical risk and transition risk, with some elements of our physical risk scenario analysis extending to 2100. • Transition risk as our clients move to lower emitting revenues by virtue of legislation is considered with reference to client transition pathways and manifests over a longer term than the maturity of the loan book up to 2050.

We consider physical and transitional climate-related risk impacts in relation to our Wealth & Retail Banking and Corporate & Investment Banking client segments, as well as in our own operations. Please refer to page 21 for further information relating to our client segment risks, and page 264 of the 2024 Annual Report for risks identified in our own operations.

For further information on how we deal with Climate Risk, please refer to the Risk review on pages 256 to 269 of the 2024 Annual Report
For our approach to managing Climate Risk through transition planning, refer to our Transition Plan at sc.com/transition-plan
For our TCFD disclosures, refer to the TCFD reporting index within the Strategic report on pages 43 to 44 of the 2024 Annual Report

Standard Chartered - Annual Report Summary 2024

Sustainability review

Nature

It is estimated that over half of global GDP is directly dependent upon nature. Despite this, nature is rapidly declining. At Standard Chartered, we acknowledge that protecting nature is essential to limiting global warming and mitigating the effects of climate change, so that the planet can sustain livelihoods as well as support inclusive sustainable economic development.

In 2024, we published our inaugural Nature Position Statement outlining our approach to nature across our business, our clients, operations and supply chains. We seek to contribute to the GBF 2030 mission of halting and reversing nature loss by: (1) continuing to integrate nature in decision-making within our business (target 14); (2) publishing nature-related disclosures in alignment with TNFD recommendations from 2026 onwards (target 15); and (3) shifting financial flows toward nature- positive outcomes and contributing to

mobilising funding for nature and delivery of the GBF (target 19). We are members of a wide range of industry platforms working to increase industry awareness of the relevance of nature considerations to financial decision-making.

Our progress on nature

The initiatives below represent the key highlights of the work undertaken in 2024 in relation to nature.

| Mobilising finance for nature-positive outcomes | • Closed the Group's first debt conversion for nature project with The Government of The Bahamas, unlocking $124 million in savings for marine conservation. The savings will support The Bahamas in effectively managing its extensive network of marine protected areas (MPAs), complete a national Mangrove Management Plan, and develop and implement a Marine Spatial Plan. We were the sole arranger, underwriter and liability manager.
• Expanded the Group's 2024 GSPF to include additional nature-related activities informed by the GBF.
• Published our latest sustainability research, 'Towards a sustainable ocean: where there's a will, there's a wave', highlighting opportunities for financing the nature-positive transition of the blue economy.
• Refer to the work done by our Nature Finance Innovation Hub on page 62 for more information. |
| --- | --- |
| Understanding the materiality of nature loss on the Group's activities | • Established a Nature Risk working group, comprising of cross-functional teams, to advance our Nature Risk analysis, leveraging our climate risk data to support more in-depth analysis of potentially material sectors and assess our financed assets exposure to nature impacts and dependencies.
• Undergoing assessment of the materiality of our own operations' impacts and dependencies on nature.
• Exploring ways to minimise the environmental impact of our operations by reducing energy, GHG emissions, water usage and non-hazardous waste generated in our operations (refer to page 71 for details).
• Set out the expectations of our suppliers to reduce waste from their operations, through our Supplier Charter including managing environmental concerns in their own supply chains, and protecting the environment and conserving natural resources, in compliance with all applicable environmental laws and regulations.
• Conducted an internal research project to better understand the Group's potential exposure to the proceeds of illegal deforestation and how the risk of illegal deforestation may manifest in our clients' supply chains. |
| Supporting collective action to address nature loss and ecosystem decline | • Engaged with market initiatives and financial regulators to advance the nature finance ecosystem. This includes our memberships in the UN Environment Programme Finance Initiative and Principles for Responsible Banking, Singapore Sustainable Finance Association Natural Capital and Biodiversity Workstream, African Natural Capital Alliance, Green Finance Institute's TNFD UK Consultation Group, WEF Biodiversity Credit Initiative, and the Global Islamic Finance Program.
• Specific focus on advancing the sustainable blue economy through continued engagement with the Ocean Risk and Resilience Action Alliance, the UN Global Compact Ocean Investment Protocol Steering Committee and the WWF Seafood Finance Working Group.
• Contributed to nature finance related white papers from World Economic Forum^{1}, Climate Financial Risk Forum^{2}, Cambridge Institute for Sustainability Leadership^{3}, and the Institute of International Finance^{4}. |
| Building internal capacity | • Provided nature-related training to the Culture and Sustainability Board Committee as well as to internal functions, i.e. Climate Risk Analysts, Environmental and Social Risk Management (ESRM), ESGR and WRB.
• Expanded existing Nature Risk capability, with the hire of a Nature Risk Lead to further embed nature into our risk policies, procedures, frameworks, and disclosures (refer to page 62 for details); and to inform client nature-positive transition opportunities. |

'Nature Finance and Biodiversity Credits: A Private Sector Roadmap to Finance and Act on Nature', World Economic Forum, October 2024
'Nature-related risk: Handbook for financial institutions', Climate Financial Risk Forum, October 2024
'Scaling Finance for Nature: Barrier Breakdown', Cambridge Institute for Sustainability Leadership, October 2024
'Responding to Nature-related Risks and Opportunities', Institute of International Finance
For a full list of our memberships and engagements visit sc.com/sustainabilitystakeholders

Our Supplier Charter can be viewed at sc.com/suppliercharter

Our Position Statements are available at sc.com/positionstatements

Read our blue economy research paper at sc.com/blue-economy

More information about the debt conversion for nature for the Bahamas is available at sc.com/debt-conversion

Standard Chartered - Annual Report Summary 2024

Social impact

We believe in the power of finance to drive positive change in the world. Our desire to drive social impact extends across both our commercial and our philanthropic activities, reflecting our aspiration to build a future that is both financially resilient and socially inclusive – this being a foundation for healthy and sustainable economies in our markets.

We approach social impact from two angles concurrently:

Through our business and clients: we provide clients with the financing that they and their communities need to tackle urgent matters such as inequality, access to essential services, and inclusive growth.
Through our philanthropic community engagement: we work to empower disadvantaged young people by providing them with skills and networks and connecting them with employment and commercial opportunities.

The combination of these efforts underscores our holistic approach to creating long-term value for our clients, colleagues and communities. By integrating both commercial and philanthropic aspirations to support our sustainability work and our Stands, we aim to accelerate our progress and amplify positive social impact such as women's empowerment and financial inclusion.

Our commercial activities: investment in social finance

We seek to partner with our clients and communities to mobilise social capital. Last year, we deepened our focus on mobilising social finance by appointing the Group's first Head of Social Sustainability.

Empowering women-owned businesses

Women are key drivers of economic and social progress, yet they continue to face significant challenges that often limit their full participation in the global economy. These challenges include systemic barriers such as unequal access to education, limited access to finance and financial resources, and entrenched discriminatory social norms.

As part of our business, we provide women and women-owned businesses with the financing they need. A cornerstone of our commitment is our SC Women's International Network (SC WIN) banking proposition, a unique offering designed exclusively for women-owned businesses, that offers tailored financial solutions, expert advisory services, and access to a global network of like-minded business leaders. Since its first launch in 2022, SC WIN has expanded its reach and is now live in seven markets, namely India, Kenya, Malaysia, Singapore, Hong Kong, Vietnam and Pakistan. SC Win has extended more than $300 million of financing to women-owned businesses since its first launch in November 2022.

To further our support, we launched a partnership with We Connect International, an organisation focused on helping women-run companies to get into global supply chains. Despite corporate commitments, less than 1 per cent of all global procurement goes to women-owned companies, and this number hasn't changed in decades¹. Through our partnership, we aim to support women-owned companies with the access to finance that they need to compete for large global contracts. By bringing together our global trade bank with our SC WIN offerings, we aim to support women-owned business with both the short-term working capital solutions and the long-term financing options that they need.

This year, we became the first global bank to sign the WE Finance Code under the Women Entrepreneur Finance Initiative across all of our banking centres. As signatories, we aim to sex-disaggregate our own lending, and intend to work throughout the ecosystem to share knowledge with our peers.

Supporting micro lending

We recognise the pivotal role of microlending in fostering economic inclusion and sustainable development. Microlending plays a vital role across our footprint in supporting underserved communities and creating opportunities for growth. Since 2006, we have financed microfinance partners in India, Bangladesh, Philippines, Nepal, Pakistan, Kenya, Uganda, Tanzania and Nigeria. In 2024, we supported more than $725 million lending to microfinance institutions, enabling over 1.2 million borrowers to access loans. These loans support a wide range of needs, from building small businesses to covering education costs or managing unexpected emergencies.

Our philanthropic activities: investment in community impact

Our philanthropic approach aims to help bridge the often-significant gap that prevents young people from accessing commercial products and services. Through community partnerships, client partnerships and employee volunteering, we aim to contribute towards more inclusive economies and increased equitable prosperity. Central to this effort is our global youth economic empowerment initiative, Futuremakers by Standard Chartered, which aims to help disadvantaged young people, especially young women, access economic opportunities through employability and entrepreneurship support. From 2019 to 2024, through Futuremakers, we supported more than 53,000 young people to access decent jobs and enabled more than 35,000 jobs through supported microbusinesses.

We continue to deepen and scale our impact, working with leading NGO partners to deliver longer-term programmes. Between 2024 and 2030, we aim to provide $120 million in Futuremakers with the intent to enable and support 140,000 decent jobs², including 70,000 jobs accessed by young female participants³ and 70,000 jobs created through supported microbusinesses⁴.

Standard Chartered – Annual Report Summary 2024
85

'Procurement's strategic value: Why gender-responsive procurement makes business sense.' UN Women, 2022
Decent jobs/employment comprises formal employment and self-employment. 'Decent' aligns with the ILO definition, but in recognition of the challenges in many markets to satisfy every criteria for 'decent', our Futuremakers initiative counts those participants who have met minimum wage plus at least two additional ILO criteria
Young female participants remain in decent employment six months post intervention
Direct jobs comprise paid employment opportunities (direct employees, active associates, contractors, support/gig workers, and the entrepreneurs themselves) directly created by the supported microbusinesses. These may be part-time or full-time, with each job accounted for as a single unit. This KPI will be based on actual data collated from project alumni over the seven year period, robust estimates based on empirical research, and ex-post project evaluations.

Sustainability review

In 2024, we have enabled and supported 20,675 decent jobs¹ and contributed $18.4 million to Futuremakers, including donations from the Group and fundraising of $2.2 million from our employees and partners.

Creating an inclusive ecosystem for decent work

Almost 60 per cent of young people not in employment, education or training (NEET) are in the Group's markets, with young women twice as likely as young men to be NEET². Our Futuremakers employability programmes prioritise these disadvantaged groups, especially women and people with disabilities, supporting them to gain the skills and networks to access decent jobs.

This year, with the Standard Chartered Foundation, we have launched three-year employability programmes with strategic NGO partners, including the launch of the sports-based Goal Accelerator programme in five markets – Malaysia, Mauritius, Pakistan, Sri Lanka and the UK, in partnership with Women Win. The programme aims to empower over 1,700 young women with the life-skills, confidence and leadership capabilities to enable them to access employment, generate a decent income and become economically resilient.

To improve employability for people with disabilities via Futuremakers, we established a disability inclusion roadmap with Sightsavers, one of our strategic NGO partners, to test innovative models in Ghana, Kenya, Pakistan, Tanzania, Uganda, and Zambia. This initial roadmap will provide insights to guide us in facilitating disability inclusion in all our programmes.

Through these and other investments, in 2024, over 24,000 participants (58 per cent women and 9 per cent people with disabilities) have established an employment plan, a key early milestone in their employability journey.

In some of our markets, we support community healthcare, climate, education and agricultural livelihood projects. In 2024, for example, we supported eye health, WASHE (water, sanitation and hygiene education), education and youth employability projects in India, including the opening of the fourth academy to promote primary eye care and train women to become optometrists.

Unlocking the potential of microbusinesses

Research by the International Finance Corporation suggests that there is a $173 billion financing gap for female microbusinesses in lower and middle-income countries³. Our Futuremakers entrepreneurship programmes support young entrepreneurs, mainly women, to achieve business growth, build green and social microbusinesses, and create much needed jobs in their communities.

Through the Futuremakers Women in Tech accelerator, we enabled female microentrepreneurs in Africa, the Middle East and the US to acquire the skills, resources, and networks they need to start and grow their businesses. We have committed $600,000 as part of a catalytic financing fund to support eight high-potential tech-enabled businesses run by our Women in Tech alumni.

In 2024, with the Standard Chartered Foundation, we have launched three-year entrepreneurship programmes with our strategic NGO partners and supported more than 14,000 microbusinesses to establish a business growth plan, a key milestone in their entrepreneurship journey.

Measuring broader societal impact

To better understand the broader impact of our Futuremakers investments, we have developed a refreshed approach to impact measurement that builds on the direct outcomes of our programmes to quantify the broader contribution to society. Using the model, and applying the results achieved in 2024, we found that more than 110,000 lives are estimated to have been impacted by Futuremakers. We anticipate that the insights from this analysis should enable us to optimise how we allocate Futuremakers resources to enhance impact potential, as well as extend our learnings to our peers and partners.

Promoting skills-based volunteering

We have also sought to scale the impact of volunteering by strengthening skills-based volunteering. In 2024, 53 per cent of colleagues volunteered to support various philanthropic causes and 114,276 hours were contributed to skills-based volunteering which ranged from provision of financial education to local schools to coaching and mentoring Futuremakers participants. In 2025, we aim to further embed skills-based volunteering opportunities into Futuremakers, leveraging our colleagues' unique skill sets to further deepen our community impact.

Charitable giving

	2024 $million	2023 $ million	2022 $million
Cash contributions	479	31.2	23.7
Employee time (non-cash item)	25.7	28.7	17.5
Gifts in-kind (non-cash item)⁴	0.5	0.4	0.3
Management costs	5.2	5.4	5.0
Total (direct contributions by Group)	79.3	65.7	46.5
Leverage⁵	2.7	2.9	4.8
Total (including leverage)	82.0	68.6	51.3
Percentage of prior year operating profit (PYOP)	1.6	1.6	1.5

The data includes 7,425 young female participants in decent employment, where participants remain in decent employment six months post intervention, and 13,250 direct jobs enabled by supported microbusinesses
'Global Employment Trends for Youth 2022: Investing in transforming futures for your people.' Geneva: ILO, 2022
'MSME Finance Gap Report', International Finance Corporation, 2017
Gifts in-kind: In-kind contributions of products, property or services valued at the cost to the Group
Leverage: fundraising from employees and partners benefitting the community

Standard Chartered - Annual Report Summary 2024

Managing Environmental and Social Risk

We seek to proactively manage environmental and social risks and impacts arising from the Group's client relationships and transactions.

Our cross-sector Environmental and Social Risk Management (ESRM) Framework helps us apply international standards and best practices across all our markets. In the frontline, our ESRM team within the CSO organisation oversees the management of environmental and social risks associated with our client relationships.

For further information please refer to our ESRM Framework at sc.com/esriskframework

Our approach is embedded into our credit approval process and supports us to work with our stakeholders to identify, manage, mitigate and monitor the potential impacts that stem from our financing decisions.

Our Position Statements, approved by the GRRRC, outline the cross-sector and sector-specific criteria we apply to assess whether to provide financial services to our clients.

We use these statements – which draw on International Finance Corporation Performance Standards, the Equator Principles and global best practice – to assess environmental and social risk related to our financing.

We reviewed 1,449 clients and 747 transactions that presented potential for elevated environmental and social risk in 2024. If we find a material environmental and social issue, we take steps to proactively engage the client to mitigate identified risks and impacts, and support and guide our clients to improve their environmental and social performance over time.

However, for clients who do not meet our Position Statement criteria, we may look to withdraw financial services and exit the relationship if we cannot work with them to align over an agreed time frame.

In 2024, we completed the review and update of our Human Rights Position Statement.

During the year, we evolved our approach to Nature Risk assessment. This included a loan book analysis to identify nature-related impacts and dependencies at sector, country and financial services levels. The Group's cross-sector Nature Position Statement provides a consolidated view of our approach to managing Nature Risk across our business, operations and supply chain. Further information can be found on page 84 of this report.

Read more about our Position Statements at sc.com/positionstatements

Our list of Prohibited Activities can be found at sc.com/prohibitedactivities

Our reporting against the Equator Principles can be found at sc.com/equatorprinciples and in our ESG data pack at sc.com/esg-data-pack

Standard Chartered - Annual Report Summary 2024

Sustainability review

Respecting human rights

We are committed to respecting human rights across our business. We recognise that the global nature of our business may expose us to the risk of modern slavery and human trafficking in our operations, supply chain and client relationships and we are committed to managing and mitigating these risks. Our Modern Slavery Statement details our approach and actions to manage modern slavery risks across our value chain.

Read our Modern Slavery Statement at sc.com/modernslavery

Our Position Statement on Human Rights is a key part of our ESRM framework and was developed following engagement with a range of internal and external stakeholders, including expert practitioners and civil society organisations. Like our cross-sector Position Statements, the Human Rights Position Statement applies to our clients, suppliers and employees and is regularly reviewed to ensure it addresses emerging risks and issues.

Due diligence is a central part of our approach in assessing and managing risks associated with the provision of financial services to our clients. We approach this due diligence in accordance with our ESRM and Financial Crime Compliance (FCC) frameworks.

Read more about our ESRM Framework and Position Statements at sc.com/positionstatements

We will not enter into relationships with suppliers involved in human trafficking, modern slavery or forced labour. Suppliers that are identified as presenting higher risks of modern slavery are subject to due diligence. Our Supplier Charter sets out the principles for the behavioural standard that Standard Chartered expects from its suppliers, and those within a supplier's sphere of influence that assist them in performing their obligations to us.

Read our Supplier Charter at sc.com/suppliercharter

Our Fair Pay Charter sets out the principles by which we seek to deliver fair and competitive remuneration to all employees. We use these principles to guide reward and performance decision-making globally, including how we set, structure and deliver remuneration.

Further information on our alignment to the Fair Pay Charter can be found on page 116 and in our 2024 Diversity, Equality and Inclusion Report available at sc.com/diversityfairpayreport

Standard Chartered - Annual Report Summary 2024

Integrity, conduct and ethics

We aim to live our valued behaviours, which are ‘Never settle’, ‘Better together’ and ‘Do the right thing’ through our actions, decisions and interactions day-to-day with colleagues, clients and the markets we serve.

Managing Conduct Risk is critical to delivering positive outcomes for our clients, markets and stakeholders and fundamental to achieving our brand promise, here for good. Conduct Risk may arise anywhere in the Group at any time. The Group therefore expects all employees to be responsible for managing Conduct Risk given it is a transversal risk, which means it impacts every aspect of the Group's operations.

Code of Conduct and Ethics

The Code of Conduct and Ethics (the Code) remains the primary tool through which we communicate our conduct expectations. It is aligned with our Stands, strengthening the link between ethics, culture, conduct and the Group's strategy. The Code is intended to be more than a guidance document: rather, it is a code to live by, designed to guide colleagues through how to live our valued behaviours on a day-to-day basis, whatever their business, function, region or role. To guide us in living conduct of the highest standards, the Code was shaped around 10 conduct outcomes we all strive to deliver, and connects these to our culture, behaviour, and ethics. The revamped Code e-learning was launched in April 2024. In June 2024, we celebrated Global Conduct Week. The event was about celebrating good conduct and seeing our Code in action.

Download our Code of Conduct and Ethics at sc.com/codeofconductandethics and visit sc.com/speakingup to find more about how our Speaking Up programme works

Speaking Up

Our Speaking Up Programme provides a safe, independent and confidential way to report whistleblowing concerns. It is aimed at helping to build and maintain a strong ethical culture, with integrity, trust, and transparency.

The early disclosure of concerns reduces the risk of financial and reputational loss caused by misconduct. We encourage colleagues, contractors, clients, suppliers and members of the public to raise concerns through the Speaking Up channels.

These channels enable whistleblowing concerns to be raised in various ways, such as via email, a web portal, a telephone hotline (where available), or by speaking to someone in their line management, who may or may not be their usual People Leader (available for employees only). When a concern is raised, our Shared Investigative Services team will determine whether the matter is a Speaking Up disclosure or if it is an out-of-scope disclosure.

Throughout 2024, we hosted a series of awareness campaigns to ensure that we continue to create an environment where everyone feels secure and empowered to speak up. The Global Conduct Week was held from 24 to 28 June, themed ‘A Code to live by’, to celebrate good conduct, reinforce our valued behaviours and promote the importance of ethics, trust and integrity. All interactive panels were aimed to encourage colleagues to think about how their decisions and individual actions on a daily basis can aggregate to a much wider impact on outcomes for our clients, customers and other stakeholders.

Our Group Conduct Risk Management Standard sets minimum standards for the management of Conduct Risk across our operations.

The Group employs a risk-based, three lines of defence approach to Conduct Risk Management, where oversight, governance and controls are proportionate to our assessment of the risk. We set target conduct outcomes that the Group aspires to deliver for clients, external stakeholders, employees, and the environment.

To reinforce our shared commitment to the highest possible standards of conduct, each year we ask our colleagues to reconsider what the Code means to them through a refresher e-learning, and to reaffirm their commitment. In 2024, 99.9 per cent of our colleagues completed the mandatory training and affirmation (99.8 per cent in 2023).

Colleagues who are overdue without a valid reason are subject to a 25 per cent reduction in their annual variable compensation for the year they failed to attest.

99.9% of employees affirmed recommitment to our Code annually

We marked the World Whistleblowers Day as part of the Conduct Week, where a panel discussion was held with the Group Independent Non-Executive Director and Whistleblowing Champion. Colleagues were reminded about the Speaking Up channels and the key pillars of our Speaking Up Programme, namely: anonymity, confidentiality and no victimisation.

Visit our Speaking Up programme's website sc.com/speakingup
The Speaking Up Programme continues to be utilised across all countries, businesses and functions, and our 2024 My Voice survey found that there continued to be a high degree of confidence in the Programme. 87 per cent of employees felt comfortable raising concerns through the Speaking Up channels (88 per cent in 2023). Each year, the Board reviews a Speaking Up report, which provides an overview of the effectiveness of the Group Speaking Up Programme. For the period July 2023 to June 2024 there was a 1 per cent increase in disclosures volume compared to the prior 12 months. There was a 1 per cent decrease in the proportion of employees who opted to remain anonymous when reporting disclosures.

87% of employees in our My Voice survey felt comfortable raising concerns through Speaking Up channels

Standard Chartered - Annual Report Summary 2024
89

Sustainability review

Fighting financial crime

Access to the financial system helps transform lives around the world, helping to reduce poverty and spur economic development. But the financial system is also used by those involved in some of today's most damaging crimes – from human trafficking to terrorism, corruption, and the drug trade. Our ambition is to help tackle these crimes by making the financial system a hostile environment for criminals and terrorists. We have no appetite for breaches in laws and regulations related to financial crime.

Our Compliance, Financial Crime and Conduct Risk (CFCR) team sets our Financial Crime Risk management framework. We seek to protect our clients and communities against money laundering (AML), terrorist financing, sanctions, fraud, and other risks, by applying core controls such as client due-diligence, screening and monitoring, and strengthening our people's understanding as to how to identify, manage and mitigate such risks. In addition, anti-bribery, and corruption (ABC) controls aim to prevent colleagues, or third parties working on our behalf, from engaging in bribery or corruption.

Our mission doesn't stop at our door. We're teaming up with banks, governments, and regulators around the world to raise the bar across the industry. Throughout 2024, we actively participated in industry groups, including the Wolfsberg Group of global banks, Madison Group and UK Finance. We also launched a number of financial crime transformation initiatives focused on technology and process capability. The identification and analysis of criminal networks utilising various money laundering typologies; for example, money mules and shell companies, continues to be a focus, with the proactive use of data to support early detection and prevention.

Our public-private partnerships are aimed at producing new insights about various criminal typologies and advances in how we collectively combat financial crime in an increasing number of jurisdictions, including Singapore, Hong Kong, South Africa, India, the UK, USA and UAE.

Sanctions on Russia remain a significant area of focus. In 2024, the attention has been on multilateral and multiagency measures to prevent evasion or circumvention of sanctions and export controls on Russia.

For those in high-risk roles and functions, we delivered additional training across all financial crime areas, including in-depth awareness on Russia sanctions, ABC training for targeted roles, training on tax evasion risks, trade AML, financial crime risks in fintech and digital assets, and money laundering risks concerned with money mules and shell companies. We also delivered a new targeted training module covering ESG and ABC risk, 'Managing Proliferation Financing Risk and Country AML Handbook'. In addition, masterclasses and forums were held to deepen understanding.

This was further supported by our Group-wide financial crime awareness campaign, 'The Whole Story', which aimed to raise employee awareness of the real-life impact of financial crime. The theme for 2024 was 'Staying one step ahead in the fight against financial crime'. It emphasised the need to continuously reinvigorate and recharge the fight against financial crime through staying abreast of new technologies, and building partnerships with government bodies, regulators, and our peers to strengthen our collective defences.

In 2024, no legal cases concluded in which allegations of corruption had been made against the Group or its employees.

We have invested significantly to ensure our employees are properly equipped to combat financial crime. In 2024, 99.8 per cent of colleagues and governance body members completed financial crime mandatory e-learnings which cover topics such as ABC, AML, including terrorist financing, sanctions, tax evasion and fraud topics (Asia: 99.8 per cent, AME: 999 per cent, EA: 999 per cent, governance body members: 100 per cent). This compares with 999 per cent in 2023.

99.8%

of colleagues and governance members completed financial crime mandatory e-learnings'.

Governance body members represent Bill Winters and Diego De Giorgi. Colleagues represent permanent employees of the Group as well as fixed-term workers employed by the Group for a fixed period.

Standard Chartered - Annual Report Summary 2024

Responsible lending and fair treatment of retail customers in our Wealth & Retail Banking (WRB) segment

The Board of Directors provides oversight of the Group's treatment of WRB retail customers through its reporting and committee structures. The relevant governance forum or Risk Committee is required to challenge the business for any new or material product proposals prior to the commencement of the product approval process, and there are periodic governance forums to monitor customer complaints and collections effectiveness.

Escalations may be taken to the WRB Risk Committee chaired by the WRB Chief Risk Officer or the Group Risk Committee chaired by the Group Chief Risk Officer, and ultimately to the Group's Board and Board Risk Committee.

Complaints management

Formal avenues are established for WRB customers to lodge complaints. A complaints-handling process has been put in place to enable the proper receipt, acknowledgement and independent and effective handling of complaints, which are to be resolved and notified to customers within a reasonable turnaround time without compromising the quality of the review.

Global key complaints insights, trends and root causes are provided to the WRB Risk Committee. Examples of key metrics that are used to track and manage complaints across WRB markets include: total number of complaints received in the period split by type and root cause, including sub-categories such as potentially inappropriate sales, proven mis-selling or fraud, and percentage of complaints resolved within the predetermined turnaround time.

Collections

Second line of defense oversight and governance of WRB retail collections are performed by the WRB Risk function, with regular reviews of performance metrics and complaints-handling data. Across the Group, while the approach may vary across markets in line with local regulations, programmes to assist retail banking borrowers in financial distress are handled by the Collections teams.

The Group's credit policies outline the expectations on the Group's Collections teams, which include the following:

Providing a fair and reasonable treatment regarding any allowed concession or waiver
Aligning calling and visitation hours to local regulations and practices
Having all customer interactions with the Collections teams, complaints and feedback monitored and regularly reviewed
Offering temporary or permanent modifications to loan terms when required

All Collections employees responsible for dealing with customers in financial distress are required to be trained prior to commencement of collection activities, and in particular, are required to understand the Group's Code of Conduct and Ethics. Existing employees also undergo regular training in dealing with customers who are undergoing financial hardship, and communications guidance is regularly updated to reflect common circumstances encountered in our markets. Where external collections agencies are utilised, these agencies undergo assessment and due diligence in accordance with Group sourcing standards and their staff must undertake the same training as the Group's internal Collections teams.

Loan modifications

Loan modification options that may be offered to our customers in accordance with local regulations and the Group's internal credit policies, which take into account the most recently available information on the customer's income, expenditures and circumstances. Collections staff managing these arrangements are trained to discuss options thoroughly with customers in order that any restructured payments, if agreed, are affordable.

Standard Chartered - Annual Report Summary 2024

Sustainability review

Sustainability governance

Sustainability-related risks, opportunities and organisational implications are overseen by the Group's Board, Management Team and supporting sub-committees.

Board oversight of sustainability and climate-related risks and opportunities

The Board is responsible for the long-term success of the Group and its strategy. Embedding sustainability across our business is a key strategic priority for the Group, and ultimate responsibility for this sits with the Board. Oversight is exercised through the appointment of supporting committees which consider sustainability- and climate-related risks and opportunities when reviewing and guiding strategic decisions. Through these sub-committees the Board has oversight of the progress against the Group's external commitments, Sustainability Aspirations and delivery against key sustainability priorities including sustainable finance, Position Statements, human rights and community engagement Throughout 2024, Board activities have included reviewing and guiding strategic decisions on our approach to reach net zero financed emissions by 2050. Since 2019, the Board has approved a Climate Risk Appetite Statement annually to reflect our aim to measure and manage the financial and non-financial risks arising from climate change and to reduce emissions related to the Group's own activities, including those associated with providing financial services to clients, in line with the Paris Agreement. Further, to reflect the combined Climate Risk and Reputational and Sustainability Risk, a combined Risk Appetite Statement will be in effect for a comprehensive coverage in 2025.

Management-level governance

Supporting the Board in its strategic decisions is the Group Management Team (GMT) and its supporting committees. Each member of the GMT is responsible for strategically driving sustainability considerations within their geography, business segment or function in line with our net zero roadmap. The GMT committees hold the ultimate decision-making authority over all material sustainability initiatives and can direct actions as necessary for areas of improvement to ensure their effective implementation. This includes ensuring the effective management of Climate Risk and the net zero roadmap in support of the Group's strategy, as well as overseeing Risk Appetite metrics.

The responsibility for the Group's risk management approach and overall second line of defence for Climate Risk sits with the GCRO as the appropriate Senior Management Function under the Senior Managers Regime. The GCRO is supported by the Global Head, Enterprise Risk Management, who has day-to-day oversight responsibility for Climate Risk.

The structure of the Group's Board and Management Team can be found on pages 105 to 112 of the 2024 Annual Report

Supporting governance

The oversight and management of sustainability- and climate-related risks and opportunities are an integral part of our business management, involving several executive committees. These committees operate under their terms of reference, delineating responsibilities, decision-making process, authority and the escalation route for any material issues. Additionally, a number of teams across our business, risk and functional areas are either dedicated to, or spend a proportion of their time, working on sustainability- and climate-related activities. We are also expanding governance and risk management at the regional, country and segment levels to better identify and manage climate-related risks and opportunities.

Structural overview of Standard Chartered PLC's sustainability- and climate-related governance

Standard Chartered - Annual Report Summary 2024

Governance committees and steering groups

Several committees and steering groups support the Group's Board and Management Team on the management and monitoring of sustainability and climate-related risks and opportunities, and associated impacts on our business and for our key stakeholders.

Governance body	Chair	Agenda frequency and inputs	Roles and responsibilities	Topics covered in 2024
Standard Chartered PLC Board	Group Chairman	Annual Strategy Review 2024
Annual Sustainability Strategy Update
Climate Risk updates delivered through the Group CRO report	• Oversight of the Group's sustainability strategy, with input from the Culture and Sustainability Committee	• Considered the core role of sustainability as part of the annual strategy discussion as it is more deeply embedded across the business
• Approved Climate Risk Appetite Statement and Board-level Risk Appetite metrics
• Endorsed the 2025 sustainability priorities
• Received an update on the Group's sustainability strategy, including progress against the four sustainability strategic pillars, the Group's scorecard metrics and public sustainability commitments
• Approved the 2023 Modern Slavery Statement, detailing the steps taken to manage the risk of modern slavery in the business and its supply chain
• Received updates on ESG Risk through the Group CRO reports
Board Risk Committee (BRC)	Independent Non-Executive Director	Climate Risk updates are provided to BRC in Group CRO reports six times a year. Additionally, one standalone update on ESGR Risk provided in December 2024.	• Provide oversight of the Group's key risks on behalf of the Board and is the primary risk committee at Board level that oversees Climate Risk
• Consider the Group's Risk Appetite and make recommendations to the Board on the Climate Risk Appetite Statement
• Assess risk types (including Climate Risk) and the effectiveness of risk management frameworks and policies
• Provide oversight and challenge the design and execution of climate-related Group-wide enterprise stress tests mandated by a regulator	• Reviewed, discussed and challenged:
(i) a combined update on the Group's progress on embedding ESGR risks (including climate and greenwashing related risks) within our client businesses and own operations;
(ii) integration of ESGR Risk into corporate planning and business strategy;
(iii) development of the Group's internal modelling and stress testing capabilities; and
(iv) key focus areas for 2025.
• Reviewed Climate Risk Information Report quarterly
• Monitored adherence to RA metrics
Audit Committee (AC)	Independent Non-Executive Director	Updated annually in Q4 and more frequently if any material disclosures are made outside of the Group's Annual Report	• Responsible for oversight of the Group's financial and non-financial reporting, internal controls, audit and whistleblowing systems and controls	• Reviewed changes to the climate and greenhouse gas emissions-related quantitative disclosures to be reported in this Annual Report, and the key controls around those quantitative disclosures
Culture and Sustainability Committee (CSC)	Independent Non-Executive Director	Four times in 2024	• Review the Group's overall Sustainability Strategy
• Review progress against the Group's external commitments, Sustainability Aspirations and delivery against key sustainability priorities
• Monitor the implementation and delivery of the Group's public commitment to net zero emissions by 2050
• Monitor emerging sustainability issues that require Board-level oversight and/or external stakeholder engagement
• Monitor progress against the ESG Ratings Strategy Roadmap
• Review sustainability measures included in the Group annual and/or long-term incentive plan (LTIP) scorecards	• Reviewed and discussed the Group's Sustainability Strategy
• Reviewed progress on the Group's net zero roadmap
• Discussed and endorsed the approach to baseline and target the agriculture sector
• Received nature-related training
• Reviewed and endorsed the Group's Transition Plan
• Discussed and endorsed the oil and gas facilitated emissions target
• Considered a progress update on the Group's Sustainability Aspirations and endorsed four new KPIs
• Reviewed, challenged and endorsed the proposed changes to the Human Rights Position Statement (HRPS)
• Monitored the Group's performance on the prioritised external ratings agencies

Standard Chartered – Annual Report Summary 2024

Sustainability review

Governance body	Chair	Agenda frequency and inputs	Roles and responsibilities
Group Risk Committee (GRC)	Group Chief Risk Officer (GCRO)1	Climate Risk updates were provided to GRC in Group CRO report 11 times during 2024. Additionally, three ad hoc meetings	• Oversee the effective implementation of the Enterprise Risk Management Framework (“ERMF”) for the Group, including the delegation of any part of its authorities to appropriate individuals or properly constituted committees below the GRC
• Review Risk Appetite (RA) for all Principal Risk Types (PRT) including Climate Risk across the Group, to ensure that this is within the approved Board RA and Management Team (MT) limits	• Received updates on RA, portfolio risks, recent NGO activity and regulatory updates via Group CRO Report
• Received an update on Reputational and Sustainability Risk materiality assessment, Environmental and Social Risk Assessments and ESGR Risk by PRT as part of the Group Risk Information Report
• Received an update on RA MT Limit and Board RA metrics and monitored adherence to these
Group Responsibility and Reputational Risk Committee (GRRRC)	GCRO1	Fourteen times in 2024	• Oversee and approve Position Statements including sector-specific and cross-sector statements including Climate Risk
• Oversee reputational and sustainability-related RA metrics
• Provide visibility of potentially very high or high ESGR matter escalations to the Board Risk Committee as relevant
• Make decisions on clients and transactions which are assessed as High or Very-High based on the Group’s Reputational Risk Materiality Assessment Matrix	Reviewed and approved:
• Exposure to clients that do not comply with enhanced environmental and social criteria
• Transactions where Position Statement criteria are not fully met
• Transactions with high or very high Reputational Risk with climate change factors and decisions on whether to decline transactions or not
• The process for net zero portfolio steering and governance, including:
(i) evaluating clients’ transition plans;
(ii) refreshed financed emissions data for clients in sectors where the Group has set net zero targets; and
(iii) ongoing approach to net zero portfolio management.
• Updates for cross-sector and sector-specific Position Statements
Sustainability Executive Committee (Sustainability ExCo)	Chief Sustainability Officer (CSO)	Five times in 2024	• Hold ultimate decision-making authority over all material sustainability initiatives as delegated by the Group Management Team
• Direct actions as necessary for areas of improvement to ensure the effective implementation of sustainability initiatives
• Review findings and escalations from delegated committees (including but not limited to the Sustainability Operating Steering Committee)
• Oversee the net zero programme	Reviewed and approved:
• New net zero sector target for agriculture and facilitated emissions target for the most material sector, oil and gas
• Announcement of a forward methane commitment
• Approval of the Group’s Sustainability Aspirations
• Group’s Transition Plan
• Group’s prioritised ESG ratings
Discussed:
• The Group’s NGO engagements
• Early coal decommissioning approach
• Lifting Participation LTIP metrics

1 Following Tracey McDermott's retirement as Group Head, Conduct, Financial Crime and Compliance at the end of 2024, Group Chief Risk Officer, Sadia Ricke, assumed overall Group Management Team oversight for the CFCR function in January 2025, and succeeded Tracey McDermott as Chair of the GRRRC. See page 112 of the 2024 Annual Report for more detail on the Management Team

94 Standard Chartered – Annual Report Summary 2024

Governance body	Chair	Agenda frequency and inputs	Roles and responsibilities	Topics covered in 2024
Climate Risk Management Committee (CRMC)	Global Head, Enterprise Risk Management	Seven times in 2024	· Oversee the effective implementation of the Group's Climate Risk workplan, including relevant regulatory requirements. · Provide challenge and recommend Climate Risk-related Enterprise Stress Test results · Review, challenge and provide feedback on external disclosures such as Climate Risk-related financial disclosures, including those set out by the TCFD · Monitor and challenge the Climate Risk and net zero profile of the Group within Risk Appetite · Approval of methodology changes to the net zero baselining and associated targets for existing sectors · Review and approval of any new net zero sector target	Drove delivery of: · Climate-related Group-wide stress testing and management scenario analysis · Progress associated with integrating Climate Risk across all impacted risk types · Climate Risk-related external disclosures, including those discussed in this report · Regulatory feedback and supervision · Climate-related management information and Risk Appetite metrics · Approach to delivering training and upskilling staff on Climate Risk across the Group · Oversight on the development, ownership, as well as the results of Climate Risk models in scope · Oversight of progress towards 2030 targets for automotive manufacturing, steel and agriculture sectors
Sustainable Finance Governance Committee (SFGC)	Head, Global Sustainability Engagement and Disclosures	At least six times a year	· Provide leadership, governance and oversight in delivering the Group's sustainable finance offerings · Review and endorse sustainable finance products · Guide the Group in identifying opportunities in sustainable finance and managing the greenwashing risks relating to sustainable finance	Reviewed and approved: · Sustainable finance products including sustainable cash products, sustainable trade finance products and sustainable finance wealth and retail products · Green and sustainable finance transactions including transactions with climate-related key performance indicators · The Group's GSPF, encompassing a range of climate finance activities · The Group's TFF outlining our approach to defining transition activities · The Group's approach to pureplay clients which align to the Group's GSPF and TFF
Sustainability Operating Steering Committee (SOOC)	Head Strategic Initiatives, Sustainable Finance	Monthly (minimum eight per year)	· Central forum where all strategic priorities related to sustainability are consolidated, prioritised and agreed upon · Oversee and monitor milestones and deliverables of sustainability initiatives · Ensure sustainability investment budget is centrally prioritised and allocated to business' and functions' quarterly performance reviews · Be a forum for escalation and decision-making	· Enforced accountability and fostered collaboration across the Group to operationalise the Group's net zero plan requirements and the broader sustainability agenda · Advanced the pan-bank data and digital strategy and capabilities to embed sustainability into the client and deal lifecycle · Provided updates on advancement within the Group's Innovation Hubs

Visit our Committees website to view the terms of reference for our five

board committees sc.com/committees

Standard Chartered - Annual Report Summary 2024

Sustainability review

Incentive structure

Variable remuneration is based on measurable performance criteria linked to the Group's strategy, including our sustainability-related goals and targets, which is overseen by the Culture and Sustainability and Remuneration Committees.

Annual incentive

The Group scorecard, which contains financial and strategic measures, is a key input in determining the Group's variable remuneration pool. Sustainability-related measures were included in the 2024 Group scorecard and continue to be included in the 2025 Group scorecard related to:

Sustainability-related measures continue to be included in the 2025 Group scorecard related to:

Growing sustainable finance income in our Corporate & Investment Banking network and social lending in Wealth & Retail Banking.
Net zero decarbonisation: reducing our financed emissions for key sectors in line with our risk appetite.
Reducing Scope 1 and 2 emissions in line with our operational net zero by 2025 target.

Long-term incentive plan (LTIP)

LTIP awards are granted to members of the Group Management Team and may also be granted to other employees in the Group. Sustainability measures continue to be included in the 2025-27 LTIP, streamlined to focus on our net zero pathway as follows:

Sustainability continues to be included in the 2025-27 LTIP streamlined to focus on our net zero pathway as follows:

Accelerating zero: progress towards our 2030 sustainable finance mobilisation target in each of the three performance years.
Net zero decarbonisation: reducing our financed emissions for key sectors being assessed on annual year-on-year emission reductions.

> Further details can be found in the Directors' remuneration report on pages 143-181 of the 2024 Annual Report

Key individuals or teams with climate-related objectives which impact variable remuneration

In addition to the Group scorecard and LTIP performance measures, dedicated climate and sustainability-related objectives apply across functional and regional scorecards including the Risk function, and individual objectives add a further link between sustainability outcomes and reward.

Individual or team	Objectives/performance linkage
Group Management Team (MT)	Members of the Group MT are eligible for an annual incentive based on the outcome of our Group scorecard and an LTIP award which both include sustainability-related measures. Further details can be found on pages 143 to 181 of the 2024 Annual Report.
Group Chief Risk Officer (CRO)	The GCRO is responsible for the overall second line of defence for Climate Risk as the appropriate Senior Management Function under the Senior Managers Regime. The GCRO is supported by the Global Head, Enterprise Risk Management, who has day-to-day oversight responsibility for Climate Risk.
Chief Sustainability Officer (CSO)	The CSO is responsible for setting and driving the Group's sustainability strategy, including delivering on the Group's public sustainability commitments. The CSO organisation houses the Group's sustainability strategy, net zero delivery, strategic initiatives, Innovation Hubs and environmental and social risk management (ESRM) teams. Performance measures for the CSO include progress against the delivery of the Group's net zero roadmap and sustainable finance targets.
Global Head of Supply Chain Management	The Global Head of Supply Chain Management is responsible for ensuring and overseeing the delivery of supply chain emissions reductions and climate-related objectives and plans in partnership with contract owners across the Group. This includes baselining our supply chain emissions related to products and services, supply chain emissions disclosures, and the implementation of plans to reduce supply chain-related emissions and managing climate risks in partnership with our suppliers.
Global Head of Corporate Real Estate Services (CRES)	The Global Head of CRES is responsible for delivering on our aim to reach net zero emissions in our Scope 1 and Scope 2 emissions by 2025.
All employees	Selected sustainability-related targets are incorporated into our annual Group scorecard which determines annual incentives for the majority of our employees.

Standard Chartered – Annual Report Summary 2024

Directors' Report

98 Group Chairman's governance overview

99 Board of Directors

104 Corporate governance

115 Directors' remuneration report

Encouraging girls to Play On

We teamed up with Liverpool Football Club coaches in 2024 to deliver our bespoke 'Play On: Train the Trainer' curriculum to local coaches in South Africa and Kenya, with more than 6,300 girls estimated to have taken part.

It's part of our joint five-year initiative with LFC to keep girls in sport because of the life skills it teaches.

LFC Women's players also featured in a series of social videos highlighting the importance of mentors in encouraging girls to play sport, helping girls to believe in themselves and thrive both on and off the field.

Group Chairman's governance overview

"Governance is about doing the right things, at the right times, and being vigilant."

Before I began to write what is my final corporate governance report to you as Chairman, I took some time to look back across my reports and reflect on our journey.

In 2016, my first report set out a few aims for my stewardship of the Group. Some of these related to its governance and included my commitment to make the Group more resilient to external shocks, to ensure excellent governance and the highest ethical standards.

Governance is about doing the right things, at the right times and being vigilant. Many of my subsequent reports referred to navigating the geopolitical environment, tackling financial crime and managing increasing cyber threats. While those categories might have remained the same, the underlying threats continue to evolve rapidly.

We monitored them closely, inviting internal and external experts to discuss their opinions and predictions with the Board at specially arranged sessions throughout my tenure. The speakers included some of the world's most eminent economists, central bankers, regulators, politicians, business leaders and technology experts. The Management Team are invited to many of these events and the outcomes helped improve the resilience of the Group and shape our strategy.

In 2018, the dynamism of geopolitics was such that the Group established an International Advisory Council (IAC) made of experts drawn from a number of disciplines from around the World. The IAC meets regularly to share their views on world developments and their potential impacts on the Group. It is currently chaired by Robert Zoellick, the former President of the World Bank and remains as important to our strategic thinking today as it was at its inception.

Early in my tenure, sustainability featured regularly on Board agendas. In 2018, the Group committed to cease new funding for coal fired power stations. By 2021, the rapidly increasing focus on sustainability, and climate in particular, saw the establishment of a Board committee which included sustainability as a key part of its remit. This year, I was very proud that the Group announced that it had completed its final position statement on the 12 highest carbon emitting sectors. In preparing these statements, we have made some difficult choices to promote a just transition for all our communities. You can read more about this in the Culture and Sustainability Committee report on pages 134 to 136 of the 2024 Annual Report.

Occasionally, I am asked how a Board of 12 or so people are able to oversee an organisation as complex, dynamic and with the geographic spread of Standard Chartered. Of course, we cannot expect our Board to have expertise in every market or issue faced by the Group but nevertheless recognise our duty to provide oversight of the whole business and constructive challenge to Management. Where we have needed an additional specific area of expertise for a sustained period, we have appointed Board advisers. Paul Khoo, a former head of Interpol, advised the Board for many years on the Group's approach to financial crime. Sir Iain Lobban, a former head of GCHQ, has advised the Board on the Management's strategy for

dealing with cyber security threats for a number of years and continues to do so. On other occasions, directors attend technical training sessions and meetings are arranged with individual directors to take them through areas and issues they may not have encountered before.

Now turning to this year, the Board visited Shanghai, Mumbai and Nairobi to get a better understanding on the ground of the significant potential in these dynamic markets. In addition, many directors made individual trips to visit the business in a number of other markets. Each visit presented opportunities for directors to engage with our colleagues, clients, suppliers, regulators and other stakeholders. We enjoyed every moment and are grateful for the warmth of the receptions we received and time of everyone we met.

The Board has focused heavily on the preparation of a new Remuneration Policy, which will be put to shareholders at the AGM. We have engaged extensively with our investors and other stakeholders and I am very grateful for their time and advice. You will be able to read much more about this in our Directors' remuneration report on page 143 to 173 of the 2024 Annual Report.

I was very sorry to say goodbye to David Conner, who retired from the Board after completing his nine-year term in December 2024. David is the last of the non-executives who were in place when I arrived, and I want to thank him for his many significant contributions during our shared journey. We welcomed Lincoln Leong to the Board in November 2024 and I am pleased to report that he is settling in well and already proving a valuable addition.

We completed our board and committee reviews, which recognised a number of achievements and areas for improvement. You can read more about these and a range of other topics in the rest of this report.

You have an exceptional Board who work exceptionally hard for you. The Board has made an exceptional choice in choosing Maria as my successor and I have every confidence that it will flourish under her leadership.

I am proud of what we have achieved over the past nine years and thank you for your consistent support during my tenure. I look forward to the Board helping the Group to continue to deliver long-term value to shareholders and other stakeholders.

Dr José Viñals
Group Chairman
21 February 2025

Standard Chartered - Annual Report Summary 2024

Board of Directors

Committee key

A Audit Committee

B Board Risk Committee

S Culture and Sustainability Committee

H Governance and Nomination Committee

R Remuneration Committee

C Denotes Committee Chair

Dr José Viñals (70)

Group Chairman

Appointed October 2016 and Group Chairman in December 2016. José was appointed to the Court of Standard Chartered Bank in April 2019.

Nationality: Spanish Based in the UK

Skills and experience José has substantial experience in the international regulatory arena and an exceptional understanding of the economic, financial and political dynamics of our markets and of global trade.

Career Until 2016, José was the Financial Counsellor and the Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF). He was the IMF's chief spokesperson on financial matters, including global financial stability. During his tenure, José was a member of the Plenary and Steering Committee of the Financial Stability Board. Prior to the IMF, José began his career as an economist and as a member of the faculty at Stanford University, before going to the Central Bank of Spain, where he was the Deputy Governor. He is a past President of the International Monetary Conference. José has held many other board and advisory positions, including chair of Spain's Deposit Guarantee Fund, chair of the International

Relations Committee at the European Central Bank, member of the Economic and Financial Committee of the European Union, and chair of the Working Group on Institutional Investors at the Bank for International Settlements.

External appointments José is Co-Chair of the United Nations' Alliance of Global Investors for Sustainable Development. He is a board member of the Institute of International Finance and a member of the board of directors of the Bretton Woods Committee. He is also a member of the Leadership Council of TheCityUK, a member of the Business Advisory Group to the Director General of the World Trade Organization, a member of the World Economic Forum's Community of Chairpersons and a board member of the Social Progress Imperative.

Committees

Bill Winters (63)

Group Chief Executive

Appointed June 2015. Bill was also appointed to the Court of Standard Chartered Bank in June 2015.

Nationality: US/British Based in the UK

Skills and experience Bill is a career banker with significant frontline global banking experience and a proven track record of leadership and financial success.

Career Bill began his career with JP Morgan, where he went on to become one of its top five executives and later Co-Chief Executive Officer at the investment bank from 2004 until 2009. Bill was invited to be a committee member of the UK Independent Commission on Banking to recommend ways to improve competition and financial stability in banking. Subsequently, he served as an adviser to the UK Parliamentary Commission on Banking Standards and was asked by the Court of the Bank of England to complete an independent review of the Bank of

England's liquidity operations. In 2011, Bill founded Renshaw Bay, an alternative asset management firm, where he was Chairman and CEO. He stepped down on appointment to the Standard Chartered PLC Board. Bill was previously a non-executive director of Pension Insurance Corporation plc and RIT Capital Partners plc. He received a CBE in 2013.

External appointments Bill is an independent non-executive director of Novartis International AG, an Advisory Group Member of the Integrity Council for Voluntary Carbon Markets and a Board Advisor to the International Rescue Committee.

Diego De Giorgi (54)

Group Chief Financial Officer

Appointed January 2024. Diego was also appointed to the Court of Standard Chartered Bank in January 2024.

Nationality: Italian Based in the UK

Skills and experience Diego has more than three decades of experience in the global financial services sector, working with clients across the UK, Europe, the US, Asia, the Middle East and Africa.

Career Diego spent 18 years at Goldman Sachs, with leadership roles in the Equity Capital Markets Group and the Financial Institutions Group before becoming the Chief Operating Officer for the Global Investment Banking division. Following this, he moved to Bank of America Merrill Lynch, where he spent six years, rising to Head of Global Investment Banking. He served as a non-executive director at UniCredit and a member of their Compensation Committee in 2020 and 2021. From 2021,

Diego was the Co-Chief Executive of Pegasus Europe, Europe's largest-ever special purpose acquisition company, which was focused on the financial services sector and was listed on Euronext Amsterdam.

External appointments Diego sits on the Board of the MIB Trieste School of Management.

Standard Chartered - Annual Report Summary 2024

Directors' report

Board of Directors

Maria Ramos (65)

Senior Independent Director

Appointed January 2021. Maria was also appointed to the Court of Standard Chartered Bank in January 2021. She was appointed as Senior Independent Director in September 2022.

Nationality: South African Based in South Africa

Skills and experience Maria has extensive CEO, banking, commercial, financial, policy and international experience. As announced on 4 February 2025, Maria will be appointed as Group Chair, subject to regulatory approval, following the AGM on 8 May 2025.

Career Maria served as Chief Executive Officer of ABSA Group Limited (previously Barclays Africa Group), a diversified financial services group serving 12 African markets, from 2009 to 2019. Before joining ABSA, Maria was the Group Chief Executive of Transnet Ltd, the state-owned freight transport and logistics service provider, for five years. Maria served for seven years as Director General of South Africa's National Treasury (formerly the Department of Finance). Maria has served on a number of international boards, including Sanlam Ltd, Remgro Ltd, and

SABMiller plc, and more recently was Chair of AngloGold Ashanti PLC until 2024 and a non-executive director of the Saudi British Bank and Public Investment Corporation Limited until December 2020.

External appointments Maria is a non-executive director of Compagnie Financière Richemont SA from which she will retire after 13 years on 31 March 2025. She is also a member of the Group of Thirty, sits on the International Advisory Board of the Blavatnik School of Government at Oxford University and on the Wits Foundation Board of Governors.

As announced on 4 February 2025, Maria will be appointed as Group Chair of Standard Chartered PLC following the 2025 AGM on 8 May 2025.

Committees

8 A B H

Shirish Apte (72)

Independent Non-Executive Director

Appointed May 2022. Shirish was appointed to the Court of Standard Chartered Bank in January 2023.

Nationality: British Based in Singapore

Skills and experience Shirish has extensive corporate, investment banking, risk management, commercial and retail banking experience. He has a deep understanding of financial services, notably across the Asia Pacific, Middle East, Africa, and Central and Eastern European regions.

Career Shirish spent over 30 years with Citigroup, where he focused on corporate and investment banking, and managed commercial and retail banking businesses at country and regional level. He has strong risk experience and was a Senior Credit Officer and a Senior Securities Officer at Citigroup. Shirish was Co-CEO for Citi's Europe, Middle East and Africa business from 2008 to 2009, and Regional CEO Asia

Pacific from 2009 to 2011. He was Chairman of Asia Pacific Banking from 2012 until his retirement in 2014. He was on the Executive and Operating Committees of Citigroup from 2008 to 2014. From June 2014 until October 2022, he was an independent non-executive director at the Commonwealth Bank of Australia.

External appointments Shirish is an independent non-executive director at Singapore Life Pte Ltd and Hillhouse Investments and an independent non-executive director of Keppel Corporation Limited, where he is a member of its Audit and Board Risk Committees.

Committees

5 A B H

Phil Rivett (69)

Independent Non-Executive Director

Appointed May 2020. Phil was also appointed to the Court of Standard Chartered Bank in May 2020.

Nationality: British Based in the UK

Skills and experience Phil has significant professional accountancy and audit experience, specifically focused in the financial services sector.

Career Phil joined PricewaterhouseCoopers (PwC) in 1976, becoming a Partner in 1986. He spent more than 30 years at PwC and was lead relationship Partner for several FTSE 100 companies, including several international banks and financial services institutions. He also has substantial international experience, having worked with banks across the Middle East and Asia, in particular China. He became Leader of PwC's Financial Services Assurance practice in 2007 and was appointed Chairman of its Global Financial Services Group in 2011.

Phil has sat on a number of global financial services industry groups, producing guidelines for best practice in governance, financial reporting and risk management.

External appointments Phil is an independent non-executive director and Chair of the Audit Committee at Nationwide Building Society.

Committees

4 B H

Standard Chartered - Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
101

Dr Linda Yueh, CBE (53)

Independent Non-Executive Director

Appointed January 2023. Linda was also appointed to the Court of Standard Chartered Bank in January 2023.

Nationality: US/British
Based in the UK

Skills and experience Linda is a renowned economist and financial broadcaster with a diverse range of skills and experience across financial services, technology, not-for-profit and business-to-business service sectors.

Career Linda has held various academic and advisory roles after starting her career as a corporate lawyer. Linda was Economics Editor at Bloomberg News from 2010 to 2012 and Chief Business Correspondent for the BBC between 2013 and 2015. She was a Visiting Professor at LSE IDEAS at the London School of Economics and Political Science from 2019 to 2022 and served on the Independent Review Panel on Ring-Fencing and Proprietary Trading for HM Treasury. Linda held non-executive directorships with Scottish Mortgage Investment Trust Plc, London & Partners Ltd and JPMorgan Asia Growth & Income Plc. She was Senior Independent Director of Fidelity China Special Situations Plc. Linda was awarded a CBE for Services to Economics in the

New Year Honours List of 2023. Linda was a Trustee of the Coutts Foundation and Adviser to the UK Board of Trade.

External appointments Linda is a Fellow at St Edmund Hall, Oxford University, and Adjunct Professor of Economics at London Business School. She is an independent non-executive director of Rentokil Initial Plc and Segro Plc, Chair of the Baillie Gifford The Schiehallion Fund Ltd, an investment company listed on the Specialist Fund Segment of the London Stock Exchange Main Market, Chair of the Royal Commonwealth Society, Trustee of the Fidelity UK and International Foundations, and an Associate Fellow at Chatham House. Linda is a Member of the UK Soft Power Council, co-chaired by the UK Foreign and Culture Secretaries.

Committees
R M

Jackie Hunt (56)

Independent Non-Executive Director

Appointed October 2022. Jackie was also appointed to the Court of Standard Chartered Bank in October 2022.

Nationality: British
Based in the UK

Skills and experience Jackie is a chartered accountant and has spent most of her career within financial services. She brings significant UK and international financial services experience, including asset management, insurance, regulatory and accounting knowledge.

Career Jackie has held several senior management positions at companies including Aviva, Hibernian Group, Norwich Union Insurance, PwC and RSA Insurance. From 2016 until 2021, she was a member of the Allianz SE management board. Jackie was an executive director of Prudential plc and CEO of Prudential UK, Europe and Africa. She was Group Chief Financial Officer of Standard Life plc from 2010 to

2013, where she helped transform the life insurer into a diverse savings, pensions and asset management business. Jackie was previously the Senior Independent Director of National Express Group PLC, a non-executive director of TheCityUK and the Deputy Chair of the FCA Practitioner Panel. She was also an independent non-executive director of Man Group PLC, Rothesay Life PLC and OneWeb Holdings Limited.

External appointments Jackie is an independent non-executive director of Willis Towers Watson plc.

Committees
A B R

Robin Lawther, CBE (63)

Independent Non-Executive Director

Appointed July 2022.

Nationality: US/British
Based in the UK

Skills and experience Robin brings extensive international banking experience in global markets and financial institutions. In addition to a broad understanding of commercial banking, she has specialist knowledge in investment banking, mergers and acquisitions, and capital raising.

Career Robin spent over 25 years at JP Morgan Chase in several senior executive positions. She has valuable executive and non-executive experience across global markets and has considerable understanding of regulatory and governance issues. From 2019 to 2021, she served as a non-executive director on the board of M&G plc. In January 2014, Robin

joined Shareholder Executive, which later became UK Government Investments (UKGI), as a non-executive board member until completing her term in May 2022. She received a CBE for services to finance and diversity in the Queen's Birthday Honours 2020. From 2014 to 2023, she served as an independent non-executive director of Nordea Bank Abp.

External appointments Robin is an independent board member of Ashurst LLP and a member of the global advisory board at Aon PLC.

Committees
B S R

Directors' report

Board of Directors

David Tang (70)

Independent Non-Executive Director

Appointed June 2019.

Nationality: US

Based in China

Skills and experience David has a deep understanding and experience of emerging technologies in the context of some of our key markets, most notably Mainland China.

Career David has more than 30 years of international and Chinese operational experience in the technology and venture capital industries, covering venture investments, sales, marketing, business development, research and development and manufacturing. From 1989 to 2004, David held a number of senior positions in Apple, Digital Equipment Corp and 3Com based in China and across the Asia Pacific region. From 2004 to 2010, David held various positions in Nokia, including Corporate Vice President, Chairman of Nokia Telecommunications Ltd and Vice Chairman of Nokia (China) Investment Co. Ltd. He went on to become Corporate Senior Vice President and Regional President of Advanced Micro Devices (AMD), Greater

China, before joining NGP Capital (Nokia Growth Partners) in Beijing as Managing Director and Partner in 2013, a position he held until June 2021. David was a non-executive director of Kingsoft Corporation, a leading Chinese software and internet services company listed on the Hong Kong Stock Exchange.

External appointments David joined Kaiyun Energy (previously Kaiyun Motors) in June 2021 as Chief Value Officer. David is also a non-executive director of JOYV Inc., the Chinese live-streaming social media platform listed on the Nasdaq Stock Market. He is also an adviser to NGP Capital.

Committees

R S

Diane Jurgens (62)

Independent Non-Executive Director

Appointed Diane was appointed as an independent non-executive director of Standard Chartered PLC in March 2024. Diane was also appointed to the Court of Standard Chartered Bank in March 2024.

Nationality: US

Based in the US

Skills and experience Diane has significant expertise in driving technology, product development and innovation to transform business operations across the mass media and entertainment, mining, automotive and aerospace sectors.

Career From 2020 to 2023, Diane was Executive Vice President and Chief Information Officer at The Walt Disney Company, where she oversaw Disney's global enterprise technology organisation. Between 2015 and 2020, Diane was Chief Technology Officer of the multinational mining and metals company BHP, where, largely based in Singapore, she was responsible for leading capital program delivery, technology operations, cyber

security, data privacy, and research and development. Between 2012 and 2015, Diane was President and Managing Director of an American and Chinese joint venture, Shanghai Onstar Telematics, and was based in Shanghai. Prior to that, Diane held numerous senior executive positions at General Motors including several global roles across many of the Group's key markets.

External appointments Diane is a Dean's Advisory Board Member on the University of Washington College of Engineering and a non-executive director of the World 50 Group.

Committees

S R

Lincoln Leong (64)

Independent Non-Executive Director

Appointed: November 2024. Lincoln was also appointed to the Court of Standard Chartered Bank in November 2024.

Nationality: Canadian/Chinese (HK)

Based in Hong Kong

Skills and experience Lincoln is a Chartered Accountant with experience in general management, investment management and investment banking, including a wealth of executive and non-executive board experience across a range of industries and markets, particularly in the Hong Kong market.

Career Lincoln spent over 15 years at MTR Corporation Limited in a range of executive roles, becoming its Chief Executive Officer from 2015 to 2019. Prior to this he held a number of senior roles within private equity and investment banking including as a partner at Capital Z Asia Limited, Senior Vice President of Investment Banking at Lehman Brothers Asia Ltd and Director of, followed by Head of Corporate Finance at Schroders Asia Ltd. Lincoln started his career as an accountant at PriceWaterhouse (now PricewaterhouseCoopers) in London and subsequently joined PriceWaterhouse

in Vancouver. He was previously a non-executive director of Jardine Strategic Holdings Limited and Mandarin Oriental International Limited, and an independent non-executive director of Link Asset Management Limited (manager of the listed Link Real Estate Investment Trust) and SUNeVision Holdings Ltd.

External appointments Lincoln is an independent non-executive director of Standard Chartered Bank (Hong Kong) Limited. He is also a non-executive director of the Hong Kong listed company China Resources Land Limited, a non-executive director of Hongkong Land Holdings Limited and holds a number of roles on the boards of not-for-profit companies including The Community Chest of Hong Kong, Hong Kong Management Association and Hong Kong Housing Society.

Committees A

Standard Chartered - Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
103

Adrian de Souza (54)
Group Company Secretary

Appointed Adrian was appointed Group Company Secretary in May 2022.

Nationality: British
Based in the UK

Skills and experience Adrian has extensive experience as Company Secretary and General Counsel to FTSE 100 and FTSE 250 companies.

Career Adrian qualified as a lawyer in 1997. Prior to joining Standard Chartered, he was General Counsel for Vivo Energy PLC, a FTSE 250 pan-African fuel retailer, where he was responsible for the Company Secretarial, Governance, Ethics, Compliance and Forensic Investigations functions, and was a member of the group's Executive Committee. After working in private practice at international law firms Hogan Lovells and Clifford Chance, Adrian served as General Counsel and Company Secretary at IQSA Group (a Goldman Sachs private equity business), Company Secretary at Barclays Bank UK PLC, General Counsel and Company Secretary of the FTSE 100 company, Land Securities Group PLC, where he was a member of the Group's Executive Committee, and Head of Legal at SABMiller PLC, Europe.

As announced on 21 December 2023, Andy Halford stepped down from the Board on 2 January 2024. As announced on 16 February 2024, Gay Huey Evans stepped down from the Board with effect from 29 February 2024 and Carlson Tong stepped down on 9 May 2024. As announced on 11 December 2024, David Conner stepped down from the Board with effect from 30 December 2024.

With the exception of the Governance and Nomination Committee (where the Group Chairman is its Chair), all of the Board committees are composed of independent non-executive directors (INEDs). The roles of the Group Chairman and Group Chief Executive are distinct from one another and are clearly defined in detailed role descriptions which can be viewed at sc.com/roledescriptions

Directors' report
Corporate governance

Corporate governance

Standard Chartered PLC	The Board The Board is responsible for the governance, strategic direction and performance of the Group and the delivery of sustainable value within a framework of prudent and effective controls to which the Group's culture is aligned. The Board is responsible for the Group's engagement with key stakeholders and for considering their views and interests during Board discussions and decision-making. It is responsible for overseeing the Group's conduct and affairs and for promoting its long-term sustainable success. Under its Terms of Reference, the Board has direct responsibility for certain matters, including approval of the Group's long-term objectives, purpose, valued behaviours, culture and commercial strategy. In other areas, it delegates responsibilities to its committees in order to ensure effective independent oversight and scrutiny of those matters and receives reports from them at Board meetings.
	Key governance roles
Board Chairman Our Group Chairman, José Viñals, is responsible for leading the Board, ensuring its effectiveness and, together with the Group Chief Executive, developing and embedding the Group's culture. The Chairman promotes high standards of integrity and governance across the Group and ensures effective communication and understanding between the Board, management, shareholders and other stakeholders.
Senior Independent Director Our Senior Independent Director, Maria Ramos, provides a sounding board for the Group Chairman. Her role includes serving as an intermediary for the other directors where necessary and undertaking the performance evaluation of the Chairman. Maria is available to shareholders if they have concerns that the Chairman, Chief Executive or other executive directors are not able to resolve or for which the normal channels would be inappropriate. She can be contacted via the Group Company Secretary at 1 Basinghall Avenue, London EC2V 5DD.
Audit Committee	The Audit Committee is responsible for oversight and review of matters relating to financial reporting, the Group's internal controls, including internal financial controls, and the work undertaken by the Compliance, Financial Crime & Conduct Risk function, Group Internal Audit (GIA) and the Group's Statutory Auditor, Ernst & Young LLP (EY).
Board Risk Committee	The Board Risk Committee is responsible for oversight and review of the Group's Risk Appetite Statement, the appropriateness and effectiveness of the Group's risk management systems and the principal risks, including Climate Risk, to the Group's business. Furthermore, it considers the implications of material regulatory change proposals and due diligence on material acquisitions and disposals.
Culture and Sustainability Committee	The Culture and Sustainability Committee (CSC) is responsible for oversight and review of the Group's culture and sustainability priorities.
Governance and Nomination Committee	The Governance and Nomination Committee is responsible for oversight and review of Board and executive succession, overall Board effectiveness and corporate governance issues across the Group.
Remuneration Committee	The Remuneration Committee is responsible for oversight and review of remuneration, share plans and other incentives.

With the exception of the Governance and Nomination Committee (where the Group Chairman is its Chair), all of the Board committees are composed of independent non-executive directors (INEDs).

Group Chief Executive	The Board delegates authority for the operational management of the Group's business to the Group Chief Executive for further delegation by him in respect of matters that are necessary for the effective day-to-day running and management of the business. The Board holds the Group Chief Executive accountable in discharging his delegated responsibilities.
Management Team	The Management Team comprises the Group Chief Executive and the Group Chief Financial Officer, client segment CEOs and our global function heads. It has responsibility for the day-to-day management of the Group and for executing its strategy.

☑ Terms of Reference for the Board and each committee are in place to provide clarity over where responsibility for decision-making lies. These are reviewed annually against industry best practice, corporate governance provisions and guidance, and relevant regulatory rules. Our Terms of Reference are available on our website at sc.com/ourpeople

☑ The biographies of each director are set out on pages 99 to 103. The roles of the Group Chairman and Group Chief Executive are distinct from one another and are clearly defined in detailed role descriptions which can be viewed at sc.com/roledescriptions

Corporate Governance Compliance Statement

The directors are pleased to confirm that the Company continued to comply with the UK Corporate Governance Code 2018 (UK Code) and the Hong Kong Corporate Governance Code contained in Appendix C1 of the Hong Kong Listing Rules (HK Code) for the whole of the year under review. In this report, which constitutes our corporate governance report, we share insights into how governance operates within the Group and how we have applied the principles set out in the UK Code and HK Code. Copies of the UK Code and the HK Code can be found at frc.org.uk and hkex.com.hk respectively.

The Group confirms that it has adopted a code of conduct regarding directors' securities transactions by directors on terms no less exacting than required by Appendix C3 of the Hong Kong Listing Rules. Having made specific enquires of all directors, the Group confirms that all directors have complied with the required standards of the adopted code of conduct.

Standard Chartered - Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
105

Board activities during 2024

Attendance at Board meetings in 2024

	Attendance
		AGM	Scheduled
■	José Viñals (Group Chairman)	Y	8/8
■	Bill Winters (Group Chief Executive)	Y	8/8
■	Diego De Giorgi (Group Chief Financial Officer)	Y	8/8
■	David Conner	Y	8/8
■	Gay Huey Evans, CBE	Y	1/1
■	Phil Rivett	Y	8/8
■	David Tang	Y	8/8
■	Shirish Apte	Y	8/8
■	Robin Lawther, CBE	Y	8/8
■	Jackie Hunt	Y	8/8
■	Linda Yueh, CBE	Y	8/8
■	Carlson Tong	Y	3/3
■	Diane Jurgens	Y	7/7
■	Lincoln Leong	n/a	2/2

Our Board meetings

The Board is committed to maintaining a comprehensive schedule of meetings and a forward agenda to ensure its time is used most effectively and efficiently. The Group Chairman holds INED-only meetings ahead of each scheduled Board meeting, which provides the opportunity for discussion on key agenda items and other matters without the executive directors and management present.

Sir Iain Lobban, as independent adviser to the Board and its committees on cyber security and cyber threat management, attended relevant items at Board and Committee meetings to provide an independent and current view on the Group's progress in this area.

Our stakeholders

Relationships with our key stakeholders were considered extensively during Board and Committee meetings and in decision-making, and in the individual and collective engagements that took place throughout the year.

See Stakeholder engagement on page 112 and Section 172 statement on page 35

Stakeholders

Directors' report
Corporate governance

Board matters

Board discussion and activities in 2024

Strategy

Reviewed the Group's strategy over two days at a Board and senior management offsite meeting, discussing progress against the strategic priorities, the pivot to focus on cross-border and Affluent banking, and execution challenges. The Board concluded that management is executing the strategy well and that it remains appropriate
Reviewed and approved the 2025–2029 Corporate Plan as a basis for preparation of the 2025 budget, receiving a report from the GCRO on the alignment of the plan to the Group's Enterprise Risk Management Framework (ERMF), and the Group Risk Appetite Statement
Reviewed and scrutinised the strategic and operational performance of the business across client segments, product groups and regions, which included details of their priorities, progress, opportunities and response to current events
This included deep dives into the following areas:
Affluent and Private Banking
Innovation and SC Ventures
Use of AI
Blue Sky session
China, India and Africa and the Kenya business.
Received and discussed regular corporate development updates.
Reviewed and discussed the Group's sustainability strategy.
Reviewed and discussed the progress and evolution of the Group's Technology & Operations strategy.
Reviewed and discussed the Global Business Services strategy.
Approved exploring the potential sale of a small number of businesses to boost investment in the Group's Affluent franchise (Wealth & Retail Banking (WRB) businesses in Botswana, Uganda and Zambia).

Spotlight: Decision to explore exit of three WRB businesses in Africa

The Board approved a decision to explore options to divest three African WRB businesses in Botswana, Uganda and Zambia, to refocus capital to the Group's cross-border and Affluent businesses in line with the Group's strategic objectives. In taking this decision, the Board considered the long-term advantages for the Group and the businesses themselves, but also the shorter-term effects on the Group's clients, employees and regulators before approving the decision. Once firm proposals for the divestments are made, the Board will scrutinise the wider stakeholder impacts carefully.

Stakeholders:

Risk management

Received and discussed briefings from management on information and cyber-security (ICS) matters, and noted the successful delivery of the ICS strategic plan, transitioning ICS Risk to a steady state.
Reviewed work on projects to replace and upgrade data centres in Asia.
Received and discussed China data sovereignty risks.
Reviewed and discussed risk reports from the GCRO.
Reviewed the findings from the Bank of England's (BoE) second resolvability assessment.
Engaged with the Prudential Regulation Authority (PRA) on the findings of its 2024 Periodic Summary Meeting Letter.
Assessed progress in continuing to strengthen the Group's risk culture.
Approved the Group's Risk Appetite for 2025 which included a consideration of principal risks.
Approved the Group's insurance coverage for 2024/2025
Approved material changes to the ERMF.

Standard Chartered – Annual Report Summary 2024

Board discussion and activities in 2024 continued

Financials and performance

Monitored the Group's financial performance.
Approved the 2023 full-year and 2024 half-year results.
Monitored and assessed the strength of the Group's capital and liquidity positions.
Provided oversight and monitored implementation of the Fit for Growth (FFG) programme.
Considered the Group's approach to capital management and returns and approved the 2023 final dividend, 2024 interim dividend, and two share buyback programmes.
Received half-yearly updates on, and discussed, the Group's major investment programmes in 2024.
Reviewed changes to the Group's segment and country financial reporting.
Received half-yearly updates on, and discussed, investor relations matters.
Reviewed the 2024 Group and Management Team Scorecard.

Spotlight: Share buyback

During 2024, the Board approved two dividend payments, and announced buybacks of ordinary shares totalling $2.5 billion. The Board noted the importance of approving distributions and other capital management activities within an appropriately prudent framework. Assurance was also sought from management regarding the protection of the Group's capital position and its ability to execute planned investment activities for future growth. With the successful completion of our 2024 buybacks, in addition to total dividends for 2024 of 37 cents per ordinary share and a new $1.5 billion buyback announced today, we are well on our way to our $8 billion three-year cumulative shareholder distributions target.

Stakeholders

People, culture and values

Approved the Group's UK and Australia Modern Slavery Statements.
Discussed progress made against the Group's people strategy.
Considered the work completed to deliver on the Group's culture aspiration and received insights on the Group's culture from the global employee engagement survey, My Voice.
Received updates on the progression and evolution of the Management Team's and senior management's succession plans following a number of recent appointments.
Reviewed the Board Diversity Policy and concluded that no changes were required.
Reviewed an annual report update on the operation and effectiveness of the Group's Speaking Up programme for 2023-2024.

External environment

Discussed the macroeconomic and geo-political headwinds and tailwinds in the global economy, including an assessment of the impact on the key drivers of the Group's financial performance.
Received internal and external briefings and input across a range of subjects, including:
Global context and the role of the global bank
The power and impact of technology in banking
Global geopolitical outlook
The Middle East and the impact of the Israel-Gaza-Hezbollah conflict
Regulatory developments and updates.

Governance

Monitored developments and trends in corporate governance and the impact of changes to the UK and Hong Kong Listing Rules in order to ensure the Company's governance structures remain compliant.
Received reports at each scheduled meeting from the Board committee chairs on key areas of focus for the committees and quarterly updates from SCBHK and its Audit and Board Risk committees.
Undertook training on directors' duties and the governance landscape.
Approved the appointment of two new independent non-executive directors, Diane Jurgens and Lincoln Leong, to the Board, as well as changes to the membership of the Board's committees.
Discussed and reviewed the independence, performance and annual re-election of the non-executive directors.
Approved the re-appointment of the independent adviser to the Board on cyber security and cyber threats.
Authorised potential conflicts of interest relating to directors' external appointments.
Discussed the observations and themes arising from the 2024 internally facilitated Board and committees' effectiveness review ahead of approving the 2025 Action Plan.
Reviewed and, where appropriate, approved updates to the Terms of Reference for each Board committee ensuring that they reflected best practice and relevant rules.
Further developed meaningful linkages between the Board and its subsidiaries at chair, board and committee level (see page 113).

Standard Chartered – Annual Report Summary 2024

Directors' report
Corporate governance

Board training and development

Director induction

Upon joining the Board, our directors undertake a comprehensive tailored induction programme.

Diane Jurgens

Diane Jurgens was appointed as an INED and member of the CSC on 1 March 2024. She undertook a formal induction plan consisting of a combination of meetings with existing Board members, business and function heads and external counsel, receiving tailored training sessions on our businesses and topics including Directors' Duties, Governance Requirements, Strategy, Risk, Finance and Banking, and a deep dive into topics relevant to her membership of the CSC. Diane received training on the obligations applicable to directors of Hong Kong-listed companies on 14 February 2024 as required by Rule 3.09D of the Hong Kong Listing Rules, and has confirmed that she understands those obligations. Diane joined the Board Risk Committee later in the year and is undertaking an induction programme for that. She also visited some key markets on the overseas Board trips to Shanghai and Beijing in April, to Mumbai in June and to Nairobi in November, as well as undertaking a trip to Silicon Valley with the Group's Management Team and a visit to Singapore where she met with senior management. Diane also attended a financial services conference in New York, where she met members of our US senior management team.

Lincoln Leong

Lincoln Leong was appointed as an INED in November 2024. Lincoln is undertaking an induction programme consisting of a combination of meetings with existing Board members, business and function heads and external counsel, receiving tailored training sessions on our businesses and topics including Directors' Duties, Governance Requirements, Strategy, Risk, Finance and Cyber/artificial intelligence and a deep dive into topics relevant to his membership of the Audit Committee. Lincoln received training on the obligations applicable to directors of Hong Kong-listed companies on 2 October 2024 as required by Rule 3.09D of the Hong Kong Listing Rules, and has confirmed that he understands those obligations.

The Governance and Nomination Committee reviews the induction programme of all new INEDs. The Committee is satisfied that all new INEDs have made excellent progress with their induction programmes.

Ongoing training

Ongoing development plans ensure that directors lead with confidence and integrity and promote the Group's culture, purpose and values. Mandatory learning and training are also important elements of directors' fitness and propriety assessments as required under the UK Senior Managers and Certification Regime. During the year, all directors received a combination of mandatory learning, briefings, presentations from guest speakers and papers on a wide range of topics to ensure that they are well informed and that the Board remains highly effective. The table below gives further examples of directors' training in 2024.

2024 director training overview

	Sustainability Position Statements	Artificial Intelligence	Geopolitical Outlook: 2024 elections and their likely impact on the evolving global order	Audit and Corporate Governance (ACG) Socialisation	Recovery and Resolvability Board simulation exercise	Blue Sky Session	Model Risk Management	Directors' duties and regulatory updates
José Viñals	☑	☑	☑	☑	☑	☑	☑	☑
Bill Winters	☑	☑	☑	☑	☑	☑	☑	☑
Diego De Giorgi¹	☑	☑	☑	☑	☑	☑	☑	☑
Shirish Apte	☑	☑	☑	☑	☑	☑	☑	☑
David Conner²	☑	☑	☑	☑	☑	☑	☑	☑
Jackie Hunt	☑	☑	☑	☑	☑	☑	☑	☑
Diane Jurgens³	n/a	☑	☑	☑	☑	☑	☑	☑
Robin Lawther	☑	☑	☑	☑	☑	☑	☑	☑
Maria Ramos	☑	☑	☑	☑	☑	☑	☑	☑
Phil Rivett	☑	☑	☑	☑	☑	☑	☑	☑
Carlson Tong⁴	☑	☑	☑	☑	n/a	n/a	n/a	n/a
David Tang	☑	☑	☑	☑	☑	☑	☑	☑
Linda Yueh	☑	☑	☑	☑	☑	☑	☑	☑
Lincoln Leong⁵	n/a	n/a	n/a	n/a	n/a	n/a	☑	☑

1 Diego de Giorgi joined the Board on 3 January 2024
2 David Conner stepped down from the Board on 30 December 2024
3 Diane Jurgens joined the Board on 1 March 2024
4 Carlson Tong stepped down from the Board on 9 May 2024
5 Lincoln Leong joined the Board on 2 November 2024

☑ Director attended the session
☑ Director was unable to attend the session but received any accompanying material and had opportunities to raise questions and observations with the Group Chairman and Group Company Secretary

Standard Chartered - Annual Report Summary 2024

In 2024, Board members received briefings from and engaged with, diplomats, political advisers and politicians, eminent economists, central bankers and former leaders of international organisations on topics including the evolving geopolitical outlook, the impact of the conflicts in the Middle East, the potential impact of the incoming administration in the United States, the role of the global bank, the power and impact of technology in banking, regulatory developments and the global macroeconomic environment.

Committee training

Members of the Board committees also received training relevant to their respective committees. In 2024, the Board Risk Committee received training on topics including the Internal Capital Adequacy Assessment Process (ICAAP) and the Internal Liquidity Adequacy Assessment Process (ILAAP), and Traded Risk. The Audit Committee received training on the proposed approach to material controls under the UK Code and a deep dive into sanctions. The CSC received training on nature and biodiversity.

Individual performance

The Group Chairman led the performance review of individual director performance for 2024. These one-to-one sessions considered:

their performance against core competencies, including their challenge and conduct in meetings and the Board's expectation of directors
their time commitment to the Group, including (where relevant) the potential impact of any outside interests
their ongoing development and training needs
the Board's composition and refreshment
their level of engagement across the Group.

These performance reviews are used as the basis for recommending the re-election of directors by shareholders at the AGM and to assist the Group Chairman with his own assessment of the Board's effectiveness. In addition, the Group Chairman has responsibility for assessing annually the fitness and propriety of the Company's INEDs and the Group Chief Executive Officer under the UK Senior Managers and Certification Regime. These assessments were carried out in respect of each INED and the Group Chief Executive and no issues in relation to fitness and propriety were identified. The Group Chief Executive carried out a similar assessment for the Group Chief Financial Officer, also with no issues identified.

Group Chairman's performance

Maria Ramos, as Senior Independent Director, reviewed José Viñals' performance as Group Chairman, meeting with each director separately to take their feedback. Consolidated feedback was shared with him.

Time commitment

Our INEDs commit sufficient time in discharging their responsibilities as directors of Standard Chartered. In general, we estimate that each INED spent well in excess of their expected time commitments on Board-related duties.

Access to independent advice

All of the directors have access to the advice of the Group Company Secretary, who provides support to the Board and is responsible for advising the Board on governance matters. Directors also have access to independent professional advice at the Group's expense where they judge it necessary to discharge their responsibilities as directors.

Standard Chartered - Annual Report Summary 2024
109

Directors' report
Corporate governance

Board effectiveness

2024 Internal Board performance review process

The review took the form of an in-depth conversation between the Group Company Secretary and each of the Board members. The discussions explored some of the themes from the previous year's review as well as probing the Board's and committees' performance through the year and how it could be further enhanced.
Results were compiled into a detailed report.
This report was shared with the Group Chairman and the Governance and Nomination Committee.
Key findings and recommendations were presented to the Board and an Action Plan for 2025 was approved. Details of key observations and the Action Plan are set out below.
Observations on committee effectiveness were shared with the relevant committee chairs and action plans for 2025 agreed. Details of key observations and committee action plans are set out in each committee report.

Progress against the 2024 Action Plan

The 2024 Action Plan set out a number of actions to be achieved following the internally facilitated Board evaluation conducted in 2023. The 2024 Action Plan was regularly reviewed during the year and good progress had been made against many of the actions as evidenced by this year's internally facilitated Board effectiveness review.

Key observations from the 2024 internal effectiveness review

The Board was very satisfied with its performance in a challenging year, during which it monitored potential geopolitical shifts. It also oversaw the induction of a number of new directors and the selection of a new Chair in addition to its principle role of overseeing the business.
Directors felt the Board remained effective in setting and progressing its priorities, with the focus on the principle drivers of the share price having a positive effect.
There was an improved focus on strategy in Board agendas. Papers had improved in terms of their focus and length, though there was still further to go.
Stakeholder engagement continued to be effective. Directors had many opportunities to meet with clients, employees, shareholders, other investors and regulators, much of which was focussed around market visits to China, India and Kenya. However directors felt that the Board could have more opportunities to meet clients and would like to see more agenda time devoted to customers and competitor analysis.
Directors had the right mix of talent and functioned well together, with the Chairman continuing to be highly regarded and effective.
The Board had received insights from external and internal speakers on a range of business, geopolitical, economic, technology and sustainability topics.

2025 Action Plan

Continue to improve the focus of agendas towards strategic items, while ensuring oversight of the control environment remains robust and continues to meet evolving challenges.
Continue to improve the focus of Board papers to clearly set out key issues and include relevant assumptions for challenge.
Reduce duplication between the Board and Committees, while ensuring the Board remains abreast of key issues withing the remit of the Committees.
Increase the time devoted at meetings to customers, competitor analysis and oversight of the Group's transformation plans.

Standard Chartered – Annual Report Summary 2024

Director independence

The Governance and Nomination Committee reviews the independence of each of the non-executive directors, taking into account any circumstances likely to impair, or which could impair, their independence. Recommendations are then made to the Board for further consideration. In determining the independence of a non-executive director, the Board considers each individual against, but not limited to, the criteria set out in the UK Code and the Hong Kong Listing Rules. The Board considers all of the non-executive directors to be independent of Standard Chartered, and has concluded that there are no relationships or circumstances likely to impair any individual non-executive director's judgement.

External directorships and other business interests

Board members hold external directorships and other outside business interests, details of which are set out in their biographies on pages 99 to 103. We recognise the significant benefits that broader boardroom and other commercial, advisory and charitable activity provides.

However, we closely monitor the nature and quantity of external directorships our directors hold, in order to satisfy ourselves that any additional appointments will not adversely impact their time commitment to their role at Standard Chartered, and to ensure that all of our Board members remain compliant with the PRA directorship requirements, as well as shareholder guidance on 'overboarding'.

Our established internal processes ensure that directors do not undertake any new external appointments without first receiving formal approval of the Board. The Board has delegated authority to make such approvals to the Group Chairman, with the exception of his own appointments. Potential conflicts of interest are considered before any approval is given and, if any are identified, appropriate undertakings are sought and safeguards put in place.

Before committing to an additional appointment, directors confirm the existence of any potential or actual conflicts that the role will not breach their limit as set out by the PRA, and provide the necessary assurance that the appointment will not adversely impact their ability to continue to fulfil their role as a director of the Company. All directors continue to hold no more than four non-executive directorships (or one executive directorship alongside two non-executive directorships) permitted under the General Organisational Requirements Part of the PRA Rulebook.

Standard Chartered – Annual Report Summary 2024

Directors' report

Corporate governance

Board engagement with our stakeholders

Consideration of our stakeholders' views is important not only to Board decision-making, but also to the Board's consideration of our purpose, values and strategy. During the year, directors engaged collectively and individually with stakeholders. Informal and formal meetings with stakeholders across our markets help to provide INEDs with a comprehensive understanding of their views and the impact of the Group's activities.

Clients and suppliers

Maintaining productive and sustainable relationships with our clients is a key priority. Throughout 2024, directors travelled within our footprint for meetings with clients in order to understand their developing needs. This year the Board visited e-commerce, technology and AI clients in Beijing and fintech clients and suppliers in Shanghai, and held events for clients in Mumbai, Shanghai and Nairobi.

Employees

The Board places great importance on workforce engagement at all levels as a way of ensuring that the voice of colleagues is heard and reflected in decision-making. It maintains a two-way dialogue through market-led engagements that enable the Board to listen to and better understand the lived experience of our colleagues across a range of markets, which is important to the Board in overseeing, supporting and, where necessary, challenging management in implementing its people strategy.

The Board continues to adopt an alternative workforce engagement method as set out in the UK Code. Our enhanced model, which saw its first full year of operation in 2024, is designed to improve how Board members gather and share feedback obtained from colleagues who come from a cross section of the business, and use that to provide additional assurance for information received from employee surveys and other employee feedback tools. In 2024, the Board formally met colleagues in various markets, including Shanghai, Mumbai and Nairobi, in specially arranged sessions.

Employees continued

Ahead of these, directors were briefed on the individual market, including local trends provided by the annual employee engagement survey (My Voice) and other relevant data points offered by local and regional management teams. Feedback from these sessions was subsequently shared with the CSC and other stakeholders, where appropriate. Through these sessions directors were able to appreciate the challenges, successes, concerns and opportunities shared by colleagues in each of the markets.

In addition to this enhanced model, the Group has a comprehensive employee listening programme, through which the Board has an opportunity to understand diverse employee perspectives. These tools include the annual employee engagement survey, a continuous listening programme, lifecycle surveys and diagnostic research on specific areas of focus, such as flexible working and performance management.

Details on all of our employee engagement can be found on page 188 of the 2024 Annual Report.

The Board is also informed about the operation and themes of issues raised under the Group's Whistleblowing programme.

For more details on Speaking Up, please refer to page 89.

Regulators and governments

The Board, either collectively or individually, engaged with relevant policy-makers and regulators in several jurisdictions across our global footprint, including for example: the UK, EU, China, Singapore and India. Topics of discussion included changes in the regulatory landscape for financial services, developments in new regulation in such areas as digital assets and sustainable finance, and the issue of fragmenting rule sets across the global context.

Investors

During the year, we maintained a comprehensive programme of engagement, including with investor advisory bodies and credit rating agencies, and provided updates on progress made to transform our business to deliver improved returns.

The Group Chairman and other Board directors had direct contact with investors and advisory voting bodies during the year, and received regular updates from the Investor Relations and Group Secretariat teams, including reports on market developments. The Group Chairman, leads engagement with shareholders and hosted the 2024 AGM alongside fellow Board members, in addition to a large number of bilateral meetings with investors.

Standard Chartered – Annual Report Summary 2024

Investors continued

In November 2024 the Group Chairman hosted a Stewardship Event alongside the chairs of all the Board committees. The Group Chairman provided an update regarding the Group's strategy, including with respect to sustainability, and the Board committee chairs provided updates on the work of their committees during the year. This was followed by a presentation on Cybersecurity at Standard Chartered and a Q&A session.

Bill Winters and Diego De Giorgi were the primary spokespeople for the Group in 2024 and engaged extensively with existing and potential investors during individual or group meetings and conferences. Judy Hsu, CEO, WRB, Standard Chartered PLC, hosted a virtual Affluent investor seminar, providing an overview of the Affluent business as well as insights on the strategy and propositions to grow the business further.

The Chair of the Remuneration Committee led an investor consultation on proposals for the new Remuneration Policy being put to shareholders at the coming AGM. More details on this are included within the Remuneration Report.

The AGM, held this year on 10 May 2024, is the Board's key opportunity for engagement with retail shareholders, enabling discussion of the Group's recent performance and strategic priorities. Questions received from shareholders covered a diverse range of topics, including the Group's strategy, client transition plans, biodiversity, the China market and sustainable finance. All Board-proposed resolutions were passed. We remain very grateful for the support of our shareholders.

Society

The Board places great importance in understanding, and considering the needs of, the communities and environment in which we do business. Directors took the opportunity during a Board trip to Beijing to participate in a youth career mentoring workshop with university students. In Shanghai, Board members met entrepreneurs who were beneficiaries of our community projects: Social Enterprise Support Project and Women in Entrepreneurship, the Bank's signature Futuremakers programmes in China. In Mumbai, directors visited a Standard Chartered Futuremakers-supported training facility for persons with disabilities, which provides training in core employability skills such as digital literacy, digital problem solving, soft skills and career readiness, and engaged with the students of the programmes. In Nairobi we held a 'mentor's den' for Futuremakers participants and their alumni with members of the Board and the Group Management Team.

Our subsidiaries

In 2024, the Group Chairman and INEDs engaged with the Group's subsidiaries through a number of forums.

The Group Chairman attended a meeting of the Hong Kong board. He also attended the annual Audit, Board Risk and Remuneration Committee chairs' calls with subsidiaries, and engaged actively with subsidiary chairs and INEDs on market visits.

On an annual basis, the Chairs of the SCBHK and Standard Chartered Bank (Singapore) Limited (SCBSL) Audit Committees observe SC PLC/SC Bank Audit Committee meetings, and the Chair of the Audit Committee attends SCBHK and SCBSL Audit Committee meetings and provides an overview of SC PLC/SC Bank Audit Committee key areas of focus. In March (after the announcement of full-year results), the Audit Committee Chair hosts an annual global call with subsidiary Audit Committee members, where attendees listen to the priorities of the SC PLC/SC Bank Audit Committees and are encouraged to ask questions. As part of the annual performance and effectiveness review of EY, subsidiary Audit Committee Chairs are invited to comment on the effectiveness of our Statutory Auditor via a structured questionnaire. During overseas Board visits, the Audit Committee Chair and other members meet with local Audit Committee Chairs, Heads of GIA and EY Partners.

The Board Risk Committee Chair hosts an annual videoconference with chairs of the subsidiary board risk committees. This year, items discussed during the call included: priorities and focus for the Board Risk Committee during 2024, the external environment and the GRCO's priorities. The risk committee chairs of SCBHK and SCBSL joined one Group Board Risk Committee meeting and the Board Risk Committee Chair attended one SCBHK Risk Committee meeting.

The Remuneration Committee Chair held a videoconference attended by the subsidiary remuneration committee chairs and the chairs of subsidiary boards that have remuneration responsibilities. The call was also attended by the Group Chairman, other members of the Group Remuneration Committee and executives from Human Resources, and Reward and the Corporate Secretariat. The call fostered knowledge sharing and best practice between the Group Remuneration Committee and the subsidiary remuneration committees and raised awareness of the priorities felt by the wider workforce in our markets. Topics that were discussed included: changes to the discretionary incentive approach for 2024; key messages; salary considerations; the removal of the 2:1 bonus cap; the 2025 Directors' Remuneration Policy; and the Bank's employee recognition platform, Appreciate.

Further detail on how the Group engaged with stakeholders more generally can be found on page 35 to 41.

Standard Chartered - Annual Report Summary 2024

Directors' report
Corporate governance

Appointing a new Group Chair of Standard Chartered PLC

With José Viñals' nine-year term as Group Chairman due to expire in October 2025, the Board commenced a global search for his successor in late 2023, which led to the appointment of Maria Ramos as Group Chair Designate to succeed José.

Early stages of the process

Members of the Board were invited to express an interest in putting themselves forward for the role, with Maria accepting that invitation
Maria would typically have led the search in her capacity as the Company's Senior Independent Director, however, given her interest in the role a Selection Panel was constituted to lead the process instead. The Selection Panel was comprised of non-executive directors and was chaired by Phil Rivett, a member of the Governance and Nomination Committee
A draft role specification was agreed by the Selection Panel
Several leading international search firms were invited to pitch for the mandate, following which Spencer Stuart* was appointed to support the process
The Selection Panel, with input from the Executive Directors, agreed the final role specification. They were careful to ensure this supported the Group's strategic priorities and included the skills, experience and knowledge as well as the personal attributes required for the role.

Long-list

A diverse global list of candidates was presented by Spencer Stuart and was discussed extensively. Spencer Stuart was then asked to gather additional information on some of the candidates to ensure suitability
A refined shortlist of potential external candidates was then agreed by the Selection Panel, and they were approached by Spencer Stuart.

Short-list

The shortlisted candidates met with Spencer Stuart and Phil Rivett initially, to explain to them more about the role, our expectations and to gauge their appetite and suitability
Members of the Selection Panel, together with the Executive Directors then interviewed the remaining candidates and measured them against the agreed role specification
Spencer Stuart produced reports on each of the final candidates, containing detailed assessments and referencing.

Final Stages

The feedback was then documented and discussed at a meeting of the Selection Panel and Executive Directors. A recommendation was then made to the Board
The Board, excluding Maria, then met and discussed Maria's candidacy which was unanimously endorsed, subject to a number of regulatory and other external approvals. Their decision was based on their experience of working with her, Spencer Stuart's report and the interviews with her which demonstrated:
a deep knowledge and understanding of the Group and the banking industry, as a former bank chief executive
considerable international non-executive and Chair experience as well as a firm understanding of the key governance issues
integrity, professional reputation, competency, breadth of knowledge and qualification to take on the role
strong commercial, governmental, financial and policy experience
broad international experience, strong international network and experience of operating across emerging markets.

Announcement

Progress against the outstanding approvals were sufficiently advanced for the Board to be sufficiently confident to announce her conditional appointment on 4 February 2025.

Spencer Stuart is a signatory of the Voluntary Code of Conduct for Executive Search Firms. They also provide leadership advisory and senior executive search and assessment services to the HR function within the Standard Chartered Group.

Maria Ramos

Throughout the selection process, as highlighted above, Maria demonstrated her extensive experience as a leader in both the public and private sector and as a banker. She has strong international exposure, and a particularly good understanding of emerging and developing markets. An economist by training, Maria played a pivotal role in South Africa's post-apartheid economic and public finance reform as Director-General of the National Treasury from 1995-2003. She was appointed Chief Executive of Transnet Ltd, the state-owned freight transport and logistics service provider in 2004-2009 during which time Transnet underwent a significant financial, cultural and operational turnaround. Maria went on to serve as Group CEO of Absa for ten years from 2009-2019, where she navigated the global financial crisis, expanded Absa into a pan-African financial services provider with a footprint across 12 African markets and managed its transition following Barclays' divestment of its controlling stake. Maria retired from her executive career in 2019 and has gone on to serve as an independent non-executive director of several boards, including internationally listed companies, and advisory groups (more details on those roles can be found on page 99). Most recently, Maria served as Chair of AngloGold Ashanti Limited (2020-2024), a leading global mining company, where she provided strategic leadership and oversight of a major and complex corporate restructuring of the company.

Standard Chartered – Annual Report Summary 2024

Directors' remuneration report

"Rebalancing director remuneration to strengthen the alignment between pay and performance, and to incentivise outperformance"

I am pleased to present the directors' remuneration report for the year ended 31 December 2024. This report provides an overview of the Remuneration Committee's work and decision-making in determining the remuneration for executive directors and the wider workforce. The current directors' remuneration policy operated throughout 2024 as intended, incentivising performance linked to the Group's strategy and aligning with shareholder interests.

The report also sets out details of the new directors' remuneration policy for the period 2025-2027, which will be put to a shareholder vote at the AGM in May 2025.

The decisions taken by the Committee were based on careful consideration of a broad range of factors including performance across the Group, the economic environment in our markets, and the need for fair and appropriate reward for our workforce.

Key sections

Page 122 Remuneration at a glance
Page 124 Remuneration alignment
Page 126 Directors' remuneration policy

For the full Directors' remuneration report, refer to the Annual Report 2024.

Our performance in 2024

RoTE performance

The Group has built upon the significant progress made over the past two years to deliver very strong performance in 2024, including a significant (160bps) year-on-year increase in return on tangible equity (RoTE) to 11.7 per cent (on an underlying basis). Underlying profit before tax is up 21 per cent at constant currency (ccy) on last year. These positive results reflect strong execution of our strategy, combining differentiated cross-border capabilities with leading wealth management expertise, and a focus on sustainability across our businesses.

Group scorecard

No Committee discretion was used to amend the formulaic scorecard outcome.

63% Group scorecard outcome

The Group scorecard, was 63 per cent. Of this, 30 per cent (out of a possible 50 per cent) related to financial performance including: underlying income up 13 per cent year-on-year; exceeding our sustainable finance revenue and sales targets; the increase in RoTE; and achievement of our costs targets. The remaining 33 per cent (out of a possible 50 per cent) related to the achievement of non-financial goals, including strong client satisfaction performance and delivery against sustainability and productivity targets.

See pages 157 and 158 of the 2024 Annual Report for more information

Financial KPIs

Profit before tax	Common Equity Tier 1 ratio	Return on tangible equity	Total shareholder return
$6,811m
↑ 21% (underlying basis)	14.2%
↑ 19bps	11.7%
↑ 160bps (underlying basis)	47.5%
2023: 9.4%

Standard Chartered – Annual Report Summary 2024

Directors' report
Directors' remuneration report

Summary of 2024 remuneration decisions

Group performance has been very strong across both financial and non-financial metrics and the Committee has taken decisions on remuneration that reflect this performance and the delivery against our targets.
Discretionary incentives are $1,690 million for 2024, up 7 per cent on 2023, reflecting Group performance and affordability, with average global salary increases of 2.5 per cent for 2025.
Annual incentives for executive directors, Bill Winters, Group Chief Executive (CEO) and Diego De Giorgi, Group Chief Financial Officer (GCFO), assessed at 66% of the maximum, are £1,461,874 and £958,320 respectively.
Projected performance outcome of 88 per cent for the 2022-24 long-term incentive plan (LTIP) awards.
The 2024 single total figure of remuneration is £10,655,707 for the CEO and £2,769,259 for the GCFO.
Reward for all Group employees, including the executive directors, continues to be aligned to the Group's strategic priorities, through the annual and long-term incentive scorecards.

Group-wide remuneration

2024 discretionary annual incentives

In determining an appropriate incentive pool, the Committee considers the Group scorecard outcome alongside additional factors, such as the external environment, market competitiveness and overall affordability. The Committee also considers risk, control and conduct matters, including ongoing investigations and matters raised by regulators.

Following its review of these factors, the Committee set an annual incentive pool of $1,690 million, an increase of 7 per cent on 2023.

Discretionary incentive pool

Incentive pool ($m)	% change (reported)	% change (same store basis)
1,690	7	9

Group-wide initiatives

Our Fair Pay Charter continues to guide the design and delivery of reward. In 2024, we saw the benefits of initiatives launched in line with the Charter, with more than 2,000 parents using our refreshed global parental leave policy, the expansion of our menopause support, an enhanced global Employee Assistance Programme and the introduction of local benefits such as emergency care and neurodiversity support.

We have further embedded continuous feedback, coaching and open two-way performance feedback and increased individual performance differentiation in variable pay outcomes.

During 2024, we also introduced Appreciate, our global recognition platform through which colleagues can celebrate one another's achievements and recognise their efforts to live our valued behaviours by awarding points, which are redeemable against gifts. Around 700,000 recognitions have been made since launch.

Our 2024 Diversity, Equality and Inclusion Impact Report gives further detail on our Fair Pay Charter and also includes our diversity pay gap disclosures and analysis, with detail on the actions we are taking to increase gender and ethnicity representation across the Group.

Our Diversity, Equality and Inclusion Impact Report can be found here: sc.com/fairpayreport

2025 salaries

The average global salary increase for 2025 is 2.5 per cent. As in previous years, increases will be principally focused towards junior employees and areas of strategic importance. For those individuals receiving an increase, the average is circa 7 per cent with higher than average increases in South Asia and Africa reflecting ongoing cost-of-living challenges.

Executive director remuneration in 2024

Annual incentives for executive directors

Annual incentives for Bill and Diego are based predominantly on the Group scorecard with an additional element for personal performance.

The Committee approved the following annual incentive outcomes for 2024, taking account of individual performance assessments, for Bill and Diego. The Committee is satisfied that these are appropriate given the very strong Group performance in 2024 and the significant personal contributions from Bill and Diego.

	2024 annual incentive (£)	% of maximum	Year-on-year change (%)
Bill Winters	1,461,874	66	0
Diego De Giorgi	958,320	66	-

See pages 157 to 160 of the 2024 Annual Report for further details

2022-24 LTIP awards

The 2022-24 LTIP awards are due to start vesting in March 2025 with a projected performance outcome of 88 per cent, based on RoTE of 11.7 per cent, relative total shareholder return (TSR) ranking above upper quartile, and above target performance against sustainability and other strategic measures. As usual, the final relative TSR outcome will be assessed three years from the date of award, in March 2025. The values delivered by this projected outcome are based on the three-month average share price to 31 December 2024 and are included in the single total figure of remuneration for Bill. Diego did not participate in this award.

	Award share price (£)	Valuation share price (£)	2022-24 LTIP projected outcome (£)
Bill Winters	4,876	9,197	6,125,761

The Committee reviewed the assessments that resulted in the outcome for 2024, and are satisfied that it reflects the positive performance over the three year period. In addition, the Committee considered the grant price against that of the previous year's award, and against the average share price in the period leading up to the grant date. The price difference was not significant and, therefore, the Committee concluded there was no windfall gain.

See pages 161 and 162 of the 2024 Annual Report for further details

Standard Chartered - Annual Report Summary 2024

Single total figure of remuneration for 2024

The 2024 annual incentive and projected 2022-24 LTIP performance outcome results in a 2024 single figure for Bill of £10,655,707 and for Diego of £2,769,259. For Bill, the 2024 single figure represents a year-on-year increase of 46 per cent. Fixed pay for Bill was unchanged from 2023 and the annual incentive of £1,461,874 was flat on 2023. The increase in the single figure was driven principally by the 2022-24 LTIP outcome, reflecting the Group's consistent, strong performance over the last three years and the significant increase in our share price over recent months.

See page 156 of the 2024 Annual Report for further details

Bill's 2022-24 LTIP award will vest, pro rata, over the next five years, with a further one-year retention period following each vest, further reinforcing alignment of remuneration outcomes with shareholder interests and the Group's long-term performance.

2024 single total figure of remuneration (£000)

Salary, pension, benefits Annual incentive LTIP

Bill Winters

Diego De Giorgi

2025 Directors' remuneration policy

The new policy represents the most significant change for many years and, as such, we engaged extensively and transparently with our major shareholders throughout the review. Their feedback and support has been crucial in informing our new policy.
The removal of the regulatory cap on variable pay for banks gives us the opportunity to rebalance total remuneration from fixed pay towards performance-linked variable remuneration, incentivising outperformance and reinforcing the alignment between executive director reward and shareholder experience.
Executive director salaries are being significantly reduced, by 40 per cent for the CEO and 33 per cent for the GCFO.
The maximum total remuneration opportunity, if 100 per cent performance outcome is achieved for both the annual incentive and LTIP, is £13.1 million for the CEO and £7.7 million for the GCFO.
A larger proportion of total remuneration (circa 85 per cent at the maximum) is delivered in performance-linked incentives, with a greater weighting to the share price-linked LTIP.
Annual incentive and LTIP performance scorecards have been simplified with increased emphasis on financial measures.
Shareholding requirements will be increased to 500 per cent of salary for the CEO and 400 per cent of salary for the GCFO.

The Committee is seeking shareholder approval for a new three-year directors' remuneration policy. Our policy over the past decade has had to comply with the regulatory variable pay cap for banks that was introduced by the European Union and retained in UK legislation post Brexit. The variable pay cap, which was in place from 2014 to 2023, limited variable remuneration to 200 per cent of fixed pay for employees – including executive directors – identified as material risk takers.

The Committee welcomes the removal of the variable pay cap, which had the unintended consequence of increasing fixed pay and reducing performance-linked variable pay. The removal of the cap gives us the opportunity to develop a new approach for executive directors, and the applicable wider workforce, with a greater proportion of total remuneration awarded in performance-based incentives that aligns with shareholder interests, and are competitive with policies of our global banking peer group.

In arriving at our proposed directors' remuneration policy, we consulted with approximately 60 per cent of our share register, proxy advisers such as Institutional Shareholder Services, The Investment Association and Glass Lewis, and with other important stakeholders, including the PRA and FCA.

We began our consultation earlier than usual in 2024 to give us the opportunity to test our initial thinking with key shareholders and the proxy advisers and have held 40 separate consultation meetings since then. We received valuable input including support for the principle of rebalancing total remuneration towards performance-linked variable remuneration, and a preference for scorecards that are simple, transparent and weighted towards financial metrics. This feedback helped to shape the proposed policy, which we reviewed again with key shareholders and proxy advisers in late 2024 and early 2025.

In addition, our shareholders and the proxy advisers emphasised the importance of explaining our thinking behind the decisions we have made, and we have endeavoured to do that as clearly as possible in this report.

Standard Chartered - Annual Report Summary 2024

Directors' report
Directors' remuneration report

Reducing fixed pay significantly and increasing performance-linked variable pay opportunity

In reviewing our approach for rebalancing total remuneration, and setting an appropriate new maximum opportunity, we considered what Bill's maximum pay opportunity would be if we removed the share element of his salary (which was introduced as a response to the cap) and replaced it with variable pay. We did this calculation in the same way as we converted variable pay to fixed pay when the cap was introduced in 2014.

2014 context

In 2014, to comply with the cap while also recognising the guaranteed nature of fixed pay versus performance linked and 'at risk' variable remuneration, we reduced the variable pay opportunity for executives by £3 for every £1 increase in fixed pay.

For Bill, removing the share element of his current fixed pay and applying the same swap ratio for variable to fixed pay would result in a total remuneration at maximum opportunity of £11.1 million.

In addition, the Committee carefully considered the evolution of executive directors' pay opportunity since the introduction of the cap in 2014. Over the 10-year period since Bill's appointment in 2015, his total fixed pay and, therefore, his maximum and target (50 per cent performance outcome) total remuneration opportunities have increased by less than 0.5 per cent. This has resulted in:

An erosion in the competitiveness of CEO remuneration versus companies which were not subject to the cap. The average increase in maximum earning opportunity for FTSE 100 CEOs over the past 10 years is in the region of 20 per cent, and at target opportunity the average increase is above 30 per cent.
Increased internal pay compression, where the pay of senior employees below executive level, for whom we have had more flexibility to increase fixed pay and, therefore, maximum opportunity, is reaching levels similar to or above the pay of the executive directors.

To address these issues, the Committee is proposing a maximum opportunity of £13.1 million for Bill and £7.7 million for Diego, with the incentive element increased to provide an appropriate mix between fixed (13 per cent for Bill and 16 per cent for Diego at maximum opportunity) and performance-linked, variable remuneration (87 per cent for Bill and 84 per cent for Diego).

The maximum opportunities for Bill and Diego will only be realised if performance outcomes of 100 per cent are achieved for both the annual incentive and LTIP scorecards. The Committee has consistently set stretching targets, and has been very diligent in assessing performance as evidenced by historical scorecard outcomes. Equally, we have set stretching targets in the 2025 scorecards including setting the level for the maximum RoTE outcome in the LTIP scorecard at 14.5 per cent. On this basis, we believe that the policy will incentivise the delivery of significant returns for shareholders, and reward our executive directors appropriately if this is achieved, thereby linking incentive remuneration with improved shareholder outcomes. See pages 171 (annual incentive) and 172 (LTIP) of the 2024 Annual Report for full scorecard details.

Additionally, the variable remuneration is weighted towards long-term incentives which are awarded in shares, start vesting after a three-year performance period, and remain subject to malus and clawback in line with remuneration regulations, currently up to ten years from the grant date.

Current and new directors' maximum remuneration opportunity, showing reduced fixed pay and increased incentive opportunity (£m)

Peer group benchmarking

As part of the policy review, the Committee also considered the total remuneration proposed against a peer group of global and regional banks and the FTSE 30.

The peer banks selected are from the UK, Asia, Europe and the USA with business activities and a geographical footprint similar to Standard Chartered, and with whom we may compete for executive talent. The peer group was established by scoring candidate peers against four criteria: geography, business, market cap and headcount.

The group includes two US banks – JPMorgan Chase and Citi – which we believe is appropriate based on our criteria. In particular, the US is a significant location for the recruitment of senior executives. Both of our current executive directors have worked at US banks earlier in their careers and we have recruited several US non-executive directors. However, recognising the debate regarding the differential in US versus UK pay levels, for these banks we used a direct report of the Group CEO for the remuneration benchmark, in recognition that this would be a more appropriate match in terms of potential recruitment.

While there is no perfect peer across the criteria tested, the robust scoring methodology that we applied gives us confidence that we have selected an appropriate group of peers. The banks included in our remuneration peer group are detailed below:

Remuneration peer group

Barclays
Citi (Head of Markets)
DBS
Deutsche Bank
HSBC
JPMorgan Chase (Co-CEO Commercial and Investment Bank)
Lloyds Banking Group
OCBC
Société Générale
UBS
United Overseas Bank

Standard Chartered - Annual Report Summary 2024

For Bill and Diego, current and new maximum remuneration opportunities against our peer group are shown below:

Peer group data is based on 2023 outcomes and availability of data

For Bill, total remuneration opportunity under the new policy is positioned towards the upper quartile of our remuneration peer group for target and maximum performance outcomes (based on currently available compensation information for our peers) and positioned towards the upper quartile against FTSE 30 companies. For Diego, total remuneration under the new policy is positioned around the median of our remuneration peer group and around the upper quartile against FTSE 30 companies.

The Committee recognises that, while the proposed maximum opportunities for executive directors are within the peer group range, the proposal for Bill is in the top half of the range. We believe that this is appropriate for the Bank at this time to incentivise the delivery of sustainably higher returns and, supported by the stretching performance targets we have set, deliver appropriate and competitive performance-linked reward.

Simplifying our scorecards and focusing on financial measures

We appreciate that the significantly higher variable incentive opportunity for executive directors needs to be accompanied by an increased focus on financial performance measures – ensuring a strong link between executive director pay and shareholder returns. We have also taken note of shareholder feedback for making scorecard metrics simple, transparent and measurable. To that end, financial metrics now constitute 60 per cent of the annual scorecard metrics (versus 50 per cent previously), and 80 per cent of the LTIP scorecard (versus 60 per cent previously). The LTIP scorecard metrics comprise 40 per cent each for RoTE and relative TSR, and 20 per cent for sustainability measures.

Flexibility to disapply time proration on vesting LTIP awards

The Committee recognises that the standard practice in the UK is to prorate in-flight LTIP awards for time served during the performance period when an executive director retires.

However, the Committee has decided to retain the provision that allows it to consider the disapplication of time proration for in-flight LTIP awards, only for Bill, on his retirement. The Committee believes it is appropriate to retain this flexibility for Bill as, during his tenure as CEO, he has overseen a very substantial transformation of the Bank. This major overhaul has created the environment for the Bank, and its shareholders, to benefit from current and future strategies.

We acknowledge the feedback received from our shareholders and the proxy advisers that the use of this flexibility is not standard practice. The Committee's default position is that LTIP pro-ration for time served will apply unless there is strong evidence of tangible and sustained improvement in the performance of Standard Chartered prior to Bill's retirement. In addition:

Bill will need to be designated as an 'Eligible Leaver' under our share plan rules, which includes requirements such as not taking on another executive role for a competitor, for the provision to be considered.
Any LTIP awards that are retained on retirement will continue to be deferred in accordance with applicable deferral rules and will remain subject to malus and clawback provisions.

A majority of our shareholders, with whom we discussed this provision, were comfortable that the Committee retain this flexibility for Bill in the context of the significant transformation he has overseen, and indicated that they would judge the decision of the Committee if the provision was used. Should the Committee decide to use this discretion, the circumstances and deliberations around its decision will be fully disclosed in the applicable directors' remuneration report.

Increased shareholding requirements

The shareholding requirements in place for executive directors are based on a percentage of salary and, therefore, with the reduction in salaries these requirements need to be revised.

Considering our other proposals, and reflecting the increase in variable pay opportunity, we are proposing new shareholding requirements of 500 per cent of the new salary for Bill and 400 per cent of the new salary for Diego. This represents an increase in GBP terms of 19 per cent for Bill and 33 per cent for Diego and positions the requirements at the upper quartile of the FTSE 30.

PRA and FCA consultation on remuneration regulations

The Committee notes the current consultation on certain aspects of the remuneration regulations, including reducing the length of deferral and the removal of post-vest retention periods currently applicable to share awards along with reintroducing the option to pay dividend equivalents on deferred share awards.

We have designed the policy to be flexible enough to respond to any changes without significant restructuring.

Standard Chartered - Annual Report Summary 2024

Directors' report
Directors' remuneration report

Executive directors' remuneration in 2025

Subject to the approval of the new directors' remuneration policy, the table below summaries how the policy will be implemented in 2025. Full details of the new policy are set out on pages 126 to 131.

New directors' remuneration policy – implementation in 2025

Fixed remuneration	Bill	Diego
Salary	£1,500,000	£1,100,000
Benefits	A range of core benefits, aligned with UK workforce
Pension	10% of salary
	£150,000	£110,000
Variable remuneration
Increased annual incentive	270% of salary	Maximum: 220% of salary
Opportunity based on		Financial measures - 60%
a simplified scorecard		Strategic measures - 30%
		Personal performance - 10%
Increased long-term incentive	490% of salary	Maximum: 370% of salary
Opportunity based on		Financial measures: Return on tangible equity 40%;
a simplified scorecard		Relative total shareholder return 40%
		Non-financial measures: Sustainability 20%
The outcomes of both the annual and long-term incentive plans are subject to a risk and control modifier
Increased shareholder requirements	500% of salary	400% of salary

2025 salaries

Subject to approval of the directors' remuneration policy in May 2025, salaries will be reduced by 40 per cent for Bill and by 33 per cent for Diego, effective from 1 April 2025.

2025-27 LTIP awards to be granted in May 2025

The Committee will grant 2025-27 LTIP awards to the executive directors following the AGM on 8 May 2025.

Subject to the approval of the new directors' remuneration policy, and considering the very strong 2024 Group performance, the Committee has approved LTIP awards for the period of 2025-27 as follows:

	2025-27 LTIP award (£)	% of salary
Bill Winters	7,350,000	490%
Diego De Giorgi	4,070,000	370%

The LTIP awards are dependent on our simplified and re-focused performance measures and targets by the end of a three-year performance period.

To reflect the increased long-term remuneration opportunity, the RoTE performance range has been increased, and for these awards will be 11.5 per cent for a threshold outcome up to 14.5 per cent for a maximum outcome. TSR will continue to have a performance range of threshold for relative median ranking up to a maximum outcome for upper quartile ranking. The sustainability targets are focused on our net zero pathway and are quantitative in nature. The outcome of the awards is also subject to a risk and control modifier to be assessed based on input from the Group Board Risk Committee to ensure the performance has been delivered with appropriate risk and control management.

See pages 172 and 173 of the 2024 Annual Report for further details

Standard Chartered – Annual Report Summary 2024

In conclusion, the Committee believes that the 2024 outcomes are appropriate in the context of the very strong performance delivered in 2024. The proposed directors' remuneration policy, which will apply from 2025, subject to shareholder approval, delivers on the critical need to have a reward policy in place which enables the Board to attract, retain and motivate our executive directors. We ask that our shareholders support the policy on the basis that it:

Gives a significantly higher weighting to performance-linked variable pay which will incentivise and appropriately reward outperformance at this important growth phase for the Bank.
Reinforces the alignment of executive director reward and shareholder experience with a greater proportion of pay that is directly linked to Group performance and the share price, and outcomes based on scorecards that are focused on financial return measures and linked to our strategic aims.
Provides a competitive maximum opportunity, that is within the market range, and better aligned with remuneration structures in markets where we compete for talent, enhancing our ability to attract and retain executives.
Mitigates internal pay compression pressure.

In the rest of this report, we present the disclosures required by regulations, as well as additional information to explain how remuneration for our executives aligns with our strategy, shareholder interests and wider workforce pay. In making remuneration decisions for 2024 and beyond, we have also been mindful of the experience of our wider stakeholder group.

I would like to thank my fellow Committee members for the work they have put into the Committee in 2024 and our shareholders for the valuable insights that they provided during a very productive round of engagement in recent months.

Shirish Apte

Chair of the Remuneration Committee

(All disclosures in the directors' remuneration report are unaudited unless otherwise stated. Disclosures marked as audited should be considered audited in the context of the financial statements as a whole.)

How to use this report

Within the directors' remuneration report we have used colour coding to denote different elements of remuneration, as follows:

Salary, pension, benefits (fixed remuneration)
Annual incentive
LTIP

We have also used the following icons for ease of navigation through this section and to show alignment between remuneration and the strategic objectives of the Group.

Standard Chartered - Annual Report Summary 2024

Directors' report
Directors' remuneration report

Remuneration at a glance

How does executive director remuneration link to Group strategy?

		As measured by	2024 Annual incentive	2022-24 LTIP
Financial KPIs
Further details can be found on pages 157 and 161 of the 2024 Annual Report	· Income		✓
	· Costs	Financial results	✓
	· Return on tangible equity		✓	✓
	· Common Equity Tier 1 ratio			✓
	· Relative total shareholder return			✓
Strategic priorities
Further details can be found on page 18	· Network business		✓	✓
	· Affluent client business		✓	✓
	· Digital Ventures	Achievement against objectives	✓
	· Mass Retail business		✓	✓
	· Sustainability		✓	✓
Critical enablers
Further details can be found on page 20	· People and culture		✓	✓
	· Ways of working		✓	✓
	· Innovation			✓

How did we determine executive director variable remuneration outcomes in 2024?

2024 annual incentive

2022-24 LTIP

Following the detailed performance assessment of measures and proof points, the Committee considered the performance outcomes of both scorecards to be appropriate and consistent with Group performance.

How do executive directors' remuneration outcomes compare with the maximum opportunity?

2024 annual incentive (£000)

2022-24 LTIP projected outcome (£000)¹

¹ The values of the projected outcome and maximum opportunity are calculated using a three-month average share price to 31 December 2024.

Standard Chartered – Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
123

How we paid our executive directors in 2024 (single total figure of remuneration) £000

How the CEO's remuneration is delivered over time¹

	Awarded for 2024 £000	Delivery method	Structure and timing of payment
Salary	£2,517	CEO: 50% cash	Cash
		CEO: 50% shares		Shares Released in equal amounts between 2025 and 2029
Pension	£252	100% cash	Cash
Annual incentive²	£1,462	50% cash		Cash
		50% shares		Shares
LTIP³,³	£7,350	100% shares	Forward looking performance measured over 2025 to 2027			Shares Delivered in equal amounts between 2028 and 2032 (subject to 12-month retention post vest)
			2024	2025	2026	2027	2028	2029

1 The diagram shows how Bill's remuneration is released over time, with the final component of pay granted in 2024 being released in 2032. Diego's pay awarded for 2024 will release over the same period.
2 Variable remuneration, including annual incentive and LTIP, is subject to clawback for up to 10 years from grant.
3 To be awarded in consideration of Group performance in 2024, under the new directors' remuneration policy, subject to approval at the AGM in May 2025.

Alignment of executive remuneration with shareholder experience

As shown in the illustration above, a significant proportion of executive director remuneration is delivered in shares, creating a strong alignment of interests between executive directors and shareholders.

Under the new directors' remuneration policy, the rebalance towards performance-linked, variable remuneration will further increase the proportion of remuneration that is delivered in shares to, at maximum performance, around 70 per cent of total remuneration for both executive directors.

Executive directors will be required to maintain significant personal share holdings of 500 per cent of salary for the CEO and 400 per cent of salary for the GCFO.

Appropriateness of executive directors' remuneration

We maintain a consistent remuneration approach for all employees, in line with our Fair Pay Charter. Remuneration for executive directors is reviewed annually against internal and external measures to ensure appropriate levels, aligned with the approach for other employees. During 2024, as part of the development of the directors' remuneration policy, fixed and variable remuneration were reviewed against a peer group of international banks to ensure the new policy would be appropriately competitive. See pages 118 and 119 for full details of the benchmarking process.

Directors' report
Directors' remuneration report

Remuneration alignment

Alignment with...

Our culture

Our performance and reward framework supports us in embedding a high-performance culture and aligns with our principle that colleagues should share in the success of the Group.

Remuneration decisions are guided by our Fair Pay Charter.
See our 2024 Diversity, Equality and Inclusion Impact Report for further details on our Fair Pay Charter sc.com/fairpayreport
The wider workforce and our executive directors participate in continuous performance management and feedback to ensure that performance is discussed and assessed throughout the year.
Employee performance is assessed based on what is achieved and how it is achieved in line with our valued behaviours. Our remuneration structure and policies ensure that behaviours consistent with these values are appropriately recognised and rewarded.
Our LTIP is subject to an assessment to ensure appropriate levels of conduct have been demonstrated to meet our conduct gateway requirement.

Our strategy

Remuneration decisions made across the Group, including for our executive directors, align with our strategic priorities and our Stands, including our commitment to sustainable social and economic development.

Performance measures in our Group and LTIP scorecards are designed to drive achievement of the financial and strategic goals that will deliver long-term sustainable value for our stakeholders.
Sustainability is a key consideration for setting and measuring financial and strategic targets.
If scorecard outcomes are not consistent with progress against our strategic commitments, the Committee has the discretion to make adjustments.
See page 122 for further details on how our incentive plans are aligned to our strategy

Our approach to risk and control

The determination of our remuneration policy and outcomes align with the Group's risk and control framework.

The Group has a robust formal process for reviewing risk and control matters and reflecting these in remuneration outcomes at both an individual and collective level.
The most significant risk and control matters are escalated for oversight by the Remuneration Committee and, at year-end, these are reviewed to determine any impact to Group incentives.
Long-term sustainable performance is supported through the ability to make adjustments to variable remuneration for risk, control and conduct behaviours, the deferral of variable remuneration, and the ability to apply malus and clawback where appropriate.
Incentives for employees engaged in Audit, Risk and Compliance functions are set independently of the businesses they oversee.
See page 180 of the 2024 Annual Report for further details

Performance aligned remuneration

The balance between fixed and variable remuneration is geared to provide a greater proportion of fixed remuneration for more junior employees to give more financial security. In comparison, for more senior employees, including the executive directors, the variable remuneration opportunity is larger, reflecting their ability to influence the Group's performance.

Standard Chartered – Annual Report Summary 2024

How does our directors' remuneration policy address other key features set out in the UK Corporate Governance Code?

Proportionality

In line with our commitment to pay for performance, a significant proportion of executive director pay is delivered through incentives based on performance metrics aligned with our strategy. Our new directors' remuneration policy further enhances this with an increased proportion of performance-linked variable pay.
The Committee sets robust and stretching targets to ensure there is a clear link between Group performance and executive director awards.
Executive directors' interests are further aligned with shareholders' long-term interests through the deferred release of annual incentives and LTIP awards.
Malus and clawback provisions apply for up to 10 years from grant, in alignment with remuneration regulations for senior management. No malus or clawback provisions were used during 2024.
Shareholding requirements are in place for executive directors, requiring them to build and maintain a significant shareholding in Company shares while in employment and for a period of two years from stepping down as a director. Bill currently exceeds his respective shareholding requirements and Diego is continuing to build up his requirement.

Predictability

The range of possible rewards to individual executive directors is set out in the scenario charts on page 170 of the 2024 Annual Report, where we also demonstrate the impact of a 50 per cent share price appreciation over the three-year performance period of the LTIP.
In addition to maximum award levels specified in our current and new remuneration policies, the value of incentive awards will vary depending on achievement against specified performance targets and the share price at the time of delivery for the significant part of reward which is delivered in shares.

Simplicity and clarity

Simplicity is a key driver for the structure of our executive pay, subject to adherence to regulatory requirements arising from operating as a UK-regulated bank.
Our remuneration structure comprises straightforward and well-understood components. The purpose, structure, alignment with strategy and consistency with arrangements for the wider workforce are clearly set out in the remuneration policy.

See pages 126 and 131 for further details

We set and report our performance-related measures, targets and outcomes in a clear and balanced way.

How is our executive director remuneration aligned to stakeholder experience?

Remuneration outcomes reflect key financial and non-financial performance delivered in the year. Sixty per cent of the 2025 executive director annual incentive scorecard and 80 per cent of the 2025-27 LTIP award will be based on financial performance.
Variable remuneration awards are based on stretching targets which are subject to robust assessment, as evidenced by historical outcomes.
A significant portion of executive remuneration is paid in shares, and shareholding requirements apply.
Post-employment shareholding requirements further reinforce the importance of sustainable long-term performance.
The Committee Chair regularly engages with shareholders on remuneration matters.
The Committee Chair regularly meets with our lead regulators to discuss our remuneration approach and outcomes.
Remuneration outcomes take into account risk, control and conduct considerations.
Pay structures are aligned to relevant best practice, including the application of deferrals and malus/clawback.
The same remuneration principles apply to executives and employees, including consistent benefit and pension provision by location.

See pages 126 and 131 for further details

Incentives for executive directors are based on a set of measures that strongly align with those used to determine discretionary incentives across the Group.
Measures to improve the overall employee experience across the Group by creating a better work environment for our employees are included in the Group scorecard.
Sustainability measures used within the Group scorecard and LTIP are aligned to our Sustainability Aspirations, reflecting our commitment to sustainable social and economic development.
The Committee tracks gender and ethnicity pay gaps, and actively monitors the actions being taken to close them.
Remuneration outcomes reflect performance delivered including client-related performance objectives (e.g., improved client satisfaction).

Standard Chartered – Annual Report Summary 2024

Directors' report
Directors' remuneration report

Directors' remuneration policy

This section sets out our new directors' remuneration policy in full, which will be put forward to shareholders for a binding vote at the 2025 AGM. If approved, the policy will apply from 8 May 2025. The current policy was approved at the AGM held on 4 May 2022 and has applied from that date.

→ See pages 127 to 131 for the full policy that shareholders will be asked to approve.

Summary of proposed executive directors' remuneration policy

Fixed remuneration	Current policy	Proposed changes in policy and why
Salary	Delivered part in cash paid monthly, and part in shares with 20 per cent released annually over the following five years.	What: Salaries will be significantly reduced and paid monthly in cash.
Why: Remuneration is being rebalanced from fixed pay towards performance-linked variable remuneration to incentivise the delivery of sustainable higher returns, and enhance the alignment of executive pay with shareholder experience.
Pension	For directors who joined before 4 May 2022, an annual pension allowance or contribution of 10 per cent of salary is payable.
For directors who joined after 4 May 2022, 10 per cent of the cash element of salary only will be payable.	No change
Why: Pension will be calculated as 10 per cent of cash salary. The removal of salary shares, will automatically result in a reduction in the pension allowance for the Group CEO.
Benefits	A range of benefits are provided which support directors to carry out their duties effectively.	No change
Why: Core benefits continue to be aligned with the wider workforce.
Variable remuneration	Current policy	Proposed changes in policy and why
Annual incentive	Maximum opportunity of 88 per cent of salary, awarded in 50 per cent cash and 50 per cent shares subject to holding requirements.
Awards are determined by the Committee, based on the assessment of the annual incentive scorecard, which contains at least 50 per cent weighting in financial measures, and additional strategic and personal performance measures.	What: The maximum annual incentive opportunity will be 270 per cent of salary for the CEO and 220 per cent for the GCFO. The weighting of financial measures in the annual scorecard will be increased to at least 60 per cent.
Why: Reflects the rebalancing of remuneration towards performance-linked, variable pay. Changes to the scorecard reflect shareholder feedback.
LTIP	Maximum opportunity of 132 per cent of salary, with awards granted annually and subject to performance measured over three years.
Phased vesting over three to seven years and subject to a one year retention after each vest.
Awards are determined by the Committee, based on the assessment of a scorecard, which contains at least 50 per cent weighting in financial measures, and additional strategic measures.	What: The maximum LTIP award opportunity will be 490 per cent of salary for the CEO and 370 per cent for the GCFO. The LTIP scorecard will contain financial measures of at least an 80 per cent weighting, with the remainder being based on sustainability measures.
Why: Reflects the rebalancing of remuneration towards performance-linked, variable pay. Changes to the scorecard reflect shareholder feedback.
Other remuneration	Current policy	Proposed changes in policy and why
Shareholding requirements	Executive directors are required to hold a specified level of shares expressed as a percentage of salary. During the current policy the requirements have been 250 per cent of salary for the CEO and 200 per cent of salary for the GCFO. The requirement remains in place for two years following cessation of employment.	What: The shareholding requirement will increase to 500 per cent of salary for the CEO and 400 per cent of salary for the GCFO. The post-employment requirement will commence when an executive director steps down from the Board, and not when their employment ceases, if later.
Why: The new shareholding requirement will exceed the maximum LTIP opportunity as a multiply of salary, further aligning interests of executive directors with shareholders. It is appropriate for the post-employment requirement to apply in the context of services as an executive director.

Standard Chartered – Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
127

Other remuneration	Current policy	Proposed changes in policy and why
Leaver provisions	In-flight LTIP awards are prorated for time served during the performance period when an executive director retires. However, the Committee has the flexibility to disapply the proration of LTIP awards on retirement.
A set of minimum criteria must be met before the Committee can consider the use of flexibility.	What: Prorating in-flight LTIP awards for time served remains the default approach. However, the option to disapply proration will be retained only to be considered on the retirement of Bill Winters from the role of CEO, after considering the circumstances at that time, including Group and individual performance, and any other relevant information. The minimum criteria have been removed.
Why: The Committee consider it appropriate to retain this flexibility for Bill, after the very substantial transformation of the Bank that he has overseen during his tenure as CEO and the ongoing impact that Bill's achievements will have on the Bank.
The minimum eligibility criteria have been removed to reflect feedback from some shareholders that they believed the disapplication of proration would automatically apply if these were met.

Proposed executive directors' remuneration full policy

The proposed executive directors' remuneration policy, to be effective from the date of the Group's AGM on 8 May 2025, for up to three years, is set out below. During the policy term, the Committee may make minor changes to align with regulatory, legal or tax changes, if necessary, without seeking shareholder approval.

The remuneration of the Group Chairman, executive directors, senior management and all colleagues was considered in the development of the new policy. Alignment with the wider workforce and with Group-wide remuneration arrangements was critical to the approach taken in the development of the new policy, which is designed to reflect the Group's purpose as well as following the principles of our Fair Pay Charter. During the review and development of the new policy, no individual participated in decisions that would impact the determination of their own remuneration.

Fixed remuneration

Salary
Purpose and link to strategy	• To attract, retain, and develop high-calibre executive directors required to deliver the Group's strategic priorities.
• Reflects the individuals' role, skills and experience, following the Group-wide principles which apply to all employees.
Operation	• Delivered in cash, paid monthly.
• Reviewed annually in line with the wider workforce with any changes applying from April.
Maximum potential	• Increases may be made at the Committee's discretion to take account of circumstances such as: Increase in scope or responsibility; individual's development in role; salary increases across the Group; alignment to market-competitive levels.
Pension
Purpose and link to strategy	• Forms part of a competitive remuneration package and supports executive directors' long-term retirement savings.
Operation	• Paid as a cash allowance and/or contribution to a defined contribution scheme.
• Pension contributions may also be made in lieu of any waived salary or the cash amount of any annual incentive.
Maximum potential	• 10 per cent of salary.
Benefits
Purpose and link to strategy	• A local market-competitive package to support executives carrying out their duties effectively.
Operation	• Benefits may include a cash benefits allowance, car and driver (or other car-related service), private medical insurance, long-term disability cover, life insurance, financial advice and tax preparation and tax return assistance.
• Additional benefits may also be provided where an executive director is relocated or spends a substantial portion of their time in more than one jurisdiction for business purposes, including but not limited to, relocation, shipping and storage, housing allowance, education fees and tax and social security costs.
• Other benefits may be offered if considered appropriate and reasonable by the Committee.
• Executive directors are reimbursed for expenses, such as travel and subsistence, and any associated tax incurred in the performance of their duties.
• Directors may be accompanied by their spouse or partner to meetings/events. In exceptional circumstances, the costs (and any associated tax) will be met by the Group.
Maximum potential	• Set at a level the Committee considers appropriate based on factors including the market and individual circumstances.

Directors' report
Directors' remuneration report

Variable remuneration

Annual incentive
Purpose and link to strategy	• Incentivise performance linked to the Group's strategy and aligned to shareholder interests.
Operation	• Determined based on Group and individual performance over the preceding financial year.
• Delivered as a combination of cash and shares subject to holding requirements.
• The Committee may make amendments to accommodate future changes to remuneration regulations relating to deferrals and post-vest retention periods.
Maximum potential	• The annual incentive maximum that can be awarded is 270 per cent of salary for the CEO and 220 per cent of salary for the GCFO and can be any amount from zero to the maximum.
Performance measures	• Determined by the Committee based on an assessment of an annual scorecard containing financial, strategic and personal performance measures. Financial measures will comprise at least 60 per cent of the annual scorecard.
• The targets, together with an assessment of performance against those targets, will be disclosed retrospectively.
• The Committee will review the scorecard annually and may vary the measures, weightings and targets each year.
• Discretion may be exercised by the Committee to ensure that the outcome is a fair and accurate reflection of business and individual performance (but it will not exceed the maximum opportunity).
• The overall annual incentive outcome will be subject to a risk and control modifier, assessed over the year.
Long-term incentive plan (LTIP)
---	---
Purpose and link to strategy	• Incentivise performance linked to the Group's strategy and aligned to shareholder interests.
Operation	• Granted annually with performance of the Group and of the individual considered in determining the award level.
• Performance assessed over a forward-looking period of at least three years.
• Delivered in shares which are subject to deferral and holding periods.
• The Committee may make changes to accommodate future changes to remuneration regulations relating to deferrals and post-vest retention periods.
• The number of shares awarded in respect of LTIP awards may take into account the current regulatory prohibition on dividend equivalents (calculated by reference to market consensus dividend yield) such that the overall value of the award is maintained.
Maximum potential	• The LTIP maximum that can be awarded is 490 per cent of salary for the CEO and 370 per cent of salary for the GCFO and can be any amount from zero to the maximum.
Performance measures	• May be a mix of financial measures and other long-term strategic measures.
• Financial measures will comprise at least 80 per cent of the performance measures. Weightings and targets will be set in advance of each grant by the Committee and disclosed prospectively. Performance against those measures will be disclosed retrospectively.
• For financial measures, the performance outcome will be assessed on a sliding-scale basis between threshold and maximum with no more than a 25 per cent outcome at threshold performance.
• The overall outcome will be subject to a risk and control modifier, assessed over the performance period.

Annual incentive and LTIP operation

Annual incentive awards will be made in cash and shares. LTIP awards will be granted as conditional share awards.
Deferral and vesting of awards are structured so that they comply with prevailing remuneration regulations.
The Committee can, in specified circumstances, apply malus or clawback to all or part of annual incentive and/or any LTIP awards. See page 180 of the 2024 Annual Report for more details.
On the occurrence of corporate events and other reorganisation events, the Committee may apply discretion to adjust the vesting and/or the number of shares underlying an award.

Standard Chartered – Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
129

Shareholding requirements

Purpose and link to strategy	• To align executive director and shareholder interests.
Operation	• Executive directors are expected to build and maintain a shareholding, within five years from the date of their appointment (or, from the date of any changes to the terms of the shareholding requirement, if later), with a value equivalent to:
– CEO: 500 per cent of salary
– GCFO: 400 per cent of salary
• Shares that count towards the requirement are beneficially owned shares, vested share awards subject to a retention period and unvested share awards for which performance conditions have been satisfied (on a net-of-tax basis).
• Executive directors will have a reasonable time period to build up to this requirement again if it is not met because of a significant share price depreciation.
• If the requirement is not achieved within the specified time frame, the Committee will determine appropriate actions based on the circumstances that resulted in the requirement not being met.
Sharesave
Purpose and link to strategy	• Provides an opportunity for all employees to invest voluntarily in the Group.
Operation	• An all-employee plan where participants (including executive directors) are able to open a savings contract to fund the exercise of an option over shares.
• Savings per month of between £5 and £500.
• The option price is set at a discount of up to 20 per cent of the share price at the date of invitation, or such other discount as may be determined by the Committee.
Legacy arrangements
Purpose and link to strategy	• Honour existing commitments.
Operation	• Any previous commitments or arrangements entered into with current or former executive directors will be honoured, including remuneration arrangements entered into under the previously approved directors’ remuneration policy.
External roles
Purpose and link to strategy	• To encourage self-development and allow for the introduction of external insight and practice.
Operation	• Executive directors may accept appointments in other organisations subject to relevant Board approval. Executive directors are generally limited to one non-executive directorship in another listed company. Fees may be retained by the executive director.

Executive directors' policy on recruitment

The Committee's approach to recruitment is to attract diverse experience and expertise by paying competitive remuneration that reflects our international nature and enables us to attract and retain key talent from a global marketplace. The policy is summarised below.

Fixed remuneration	Operation
Salary	In line with policy
Pension	In line with policy
Benefits	In line with policy
Variable remuneration	Operation
Annual incentive	In line with policy
LTIP	In line with policy
Shareholding requirements	In line with policy
Buy-out awards	• The Committee may consider buying out forfeited remuneration or opportunities, and/or compensating for losses incurred as a result of joining the Group, subject to proof of forfeiture or loss.
• Any award will be structured within the requirements of the applicable remuneration regulations and will be no more generous overall than the remuneration forfeited in terms of the existence of performance measures, value, timing and form of delivery.
• The value of buy-out awards is not included within the maximum variable remuneration level where it relates to forfeited remuneration from a previous role or employer.
Legacy matters	• Where a senior executive is promoted to the Board, their existing contractual commitments agreed prior to their appointment may still be honoured in accordance with the terms of the relevant commitment, including vesting of any pre-existing deferred or long-term incentive awards.

Directors' report
Directors' remuneration report

Executive directors' policy on contracts and loss of office

Element	Operation
Notice period	• Maximum of 12 months' notice from the company and the executive director.
Payments in lieu of notice	• May be paid in lieu of notice if not required to remain in employment for the whole notice period.
Garden leave	• May be required to work and/or serve a period of garden leave during the notice period.
Compensation for loss of office in service contracts	• Dependent on an individual's contract but in any event no more than 12 months' salary, pension and benefits.
• Payable quarterly and subject to mitigation if the executive director seeks alternative employment.
• Not in addition to any payment in lieu of notice or if the individual remains in employment for the whole notice period.
• In the event of a settlement agreement, the Committee may make payments it considers reasonable in settlement of potential legal claims, including potential entitlement to compensation in respect of statutory rights under employment protection legislation.
• The Committee may also include in such payments, reasonable reimbursement of professional fees, such as legal fees and tax advice (and any associated tax), in connection with such arrangements. Career transition support may also be provided.

Treatment of variable remuneration on termination

Operation

Eligible leaver status will generally be given in cases such as death, disability, retirement, and redundancy. Discretion is applied as to awarding eligible leaver status in cases of mutual separation.
Eligible leavers (as determined by the Committee) may be eligible for variable remuneration although there is no automatic entitlement.
The Committee has discretion to reduce the entitlement of an eligible leaver in line with performance, contribution and the circumstances of the termination.
On a change of control, the amount is pro-rated for the period of service during the year. The Committee may alter the performance period, measures, and targets to ensure the performance measures remain relevant but challenging. The Committee has the discretion under the relevant plan rules to determine how eligible leaver status should be applied on termination.
For eligible leavers, deferred awards not subject to long-term performance measures vest in full over the original timescale and remain subject to the Group's clawback arrangements. The Committee has discretion to reduce the level of vesting.
Awards subject to long-term performance measures will vest, subject to those measures, on a pro rata basis (reflecting the proportion of the relevant financial performance period that the executive director has been employed) and remain subject to the Group's clawback arrangements.
The Committee has the flexibility to disapply proration for time served on the vesting of LTIP awards on the retirement of Bill Winters from the role of Group CEO, after considering the circumstances at that time including: the performance of the Group; Bill's personal performance; and any other relevant information.
If the flexibility is used, the Committee would provide a clear and full disclosure at the time and no LTIP award would be granted in the final year of employment.
There would be no additional payments in lieu of notice.
If Bill takes up a new role as an executive at a competitor, all unvested awards will lapse. Vesting may be subject to non-solicit and non-compete requirements.
Awards lapse for executive directors not designated eligible leavers.
On a change of control, the Committee may allow awards to continue or roll-over in agreement with the acquirer, taking into account the circumstances, and may alter the performance period, measures and targets to ensure the performance measures remain relevant.

Post-employment shareholding requirement

Purpose and link to strategy	• To align executive directors' interests with the Group's long-term strategy and the interests of shareholders following employment.
Operation	• On stepping down as an executive director, individuals will be required to maintain the shareholding requirement for two years (or, if lower, the actual shareholding on departure).
• After the executive director has stepped down, the shareholding requirement will be maintained through self-certification, to the extent it is not met via shares held within the Group's employee share plan and nominee accounts.

Standard Chartered - Annual Report Summary 2024

Standard Chartered – Annual Report Summary 2024
131

Notes to the remuneration policy for executive directors

Committee's judgement and discretion

The Committee has certain operational discretion that it may exercise when considering executive directors' remuneration, including but not limited to:

Determining whether a leaver is an eligible leaver under the Group's share plans and treatment of remuneration arrangements.
Amending LTIP performance measures following a corporate event to ensure a fair and consistent assessment of performance.
Deciding whether to apply malus or clawback to an award.

Ability for the Committee to amend the policy for emerging and future regulatory requirements

The Committee retains the discretion to make reasonable and proportionate changes to the policy if they consider this appropriate to respond to changing legal or regulatory requirements or guidelines. This includes the ability to make administrative changes to benefit the operation of the policy and/or to implement such changes ahead of any formal effective date, ensuring timely compliance.

Where proposed changes are considered by the Committee to be material, the Group will engage with its major shareholders and any changes would be formally incorporated into the policy when it is next put to shareholders for approval.

Chair and independent non-executive directors' remuneration policy

Fees
Purpose and link to strategy	• Attract a Chair and INEDs who, together with the Board as a whole, have a broad range of skills and experience to determine Group strategy and oversee its implementation.
Operation	• The INEDs are paid fees to chair or be a member of Board committees and for the Deputy Chair and Senior Independent Director roles.
• Fees are set at a level which reflect the duties, time commitment and contribution expected from the Chair and INEDs, and are appropriately positioned against those in banks and other companies of a similar scale and complexity.
• Fees are paid in cash or shares. Post-tax fees may be used to acquire shares.
• The Chair and INED fees are reviewed periodically. The Board sets INED fees and the Committee sets the Chair's fees. The Chair and INEDs recuse themselves from any discussion on their fees.
• INEDs may also receive fees as directors of subsidiaries of Standard Chartered PLC, to the extent permitted by regulation.
• Overall aggregate base fees paid to the Chair and all INEDs will remain within the limit stated in the Articles of Association (currently £2 million per annum).
• There are no recovery provisions or performance measures.
Benefits
Purpose and link to strategy	• Appropriate benefits package to support the Chair and INEDs to carry out their duties effectively.
Operation	• The Chair is provided with benefits associated with the role, including a car and driver and private medical insurance, permanent health insurance and life insurance. Any tax costs associated with these benefits are paid by the Group. Any future Chair based outside of the UK may receive assistance with their relocation consistent with the support offered to individuals under the Group's international mobility policies.
• The Chair and INEDs are reimbursed for expenses, such as travel and subsistence (and including any associated tax), incurred in the performance of their duties, and may receive tax preparation and tax return assistance.
• In exceptional circumstances the Chair and INEDs may be accompanied by their spouse or partner to meetings or events. The costs (and any associated tax) are paid by the Group.

Approach on recruitment, service contracts and loss of office for Chair or INEDs

Service contracts and policy on payment for loss of office for the Chair and INEDs
Fees and benefits	• In line with the Chair and INED remuneration policy
Service contracts and loss of office	• The Chair is provided a notice period of up to 12 months and is entitled to a payment in lieu of notice in respect of any unexpired part of the notice period at the point of termination.
• INEDs are appointed for a period of one year unless terminated earlier by either party with three months' written notice. No entitlement to the payment of fees or provision of benefits continues beyond termination of the appointment and INEDs are not entitled to any payments for loss of office (other than entitlements under contract law, such as a payment in lieu of notice if notice is not served).

Shareholder information

Dividend and Interest Payment Dates

Ordinary Shares	Final Dividend
Results and dividend announced	21 February 2025
Ex-dividend date	27 (UK) 26 (HK) March 2025
Record date for dividend	28 March 2025
Last date to amend currency election instructions for cash dividend*	24 April 2025
Dividend payment date	19 May 2025

In either United States dollars, sterling or Hong Kong dollars

Preference Shares	1st half yearly dividend	2nd half yearly dividend
7¼ per cent non-cumulative irredeemable preference shares of £1	1 April 2025	1 October 2025
8¼ per cent non-cumulative irredeemable preference shares of £1 each	1 April 2025	1 October 2025
6.409 per cent non-cumulative redeemable preference shares of $5 each	30 January and 30 April 2025	30 July and 30 October 2025
7.014 per cent non-cumulative redeemable preference shares of $5 each	30 January 2025	30 July 2025

Annual General Meeting

The Annual General Meeting (AGM) will be held on Thursday, 8 May 2025 at 11.00am UK time (6.00pm Hong Kong time). Further details regarding the format, location and business to be transacted at the meeting will be disclosed within the 2025 Notice of AGM.

Details of voting at the Company's AGM and of proxy votes cast can be found on the Company's website at sc.com/agm

Interim results

The interim results will be announced to the London Stock Exchange and the Stock Exchange of Hong Kong Limited and put on the Company's website.

Country-by-Country Reporting

In accordance with the requirements of the Capital Requirements (Country-by-Country Reporting) Regulations 2013, the Group will publish additional country-by-country information in respect of the year ended 31 December 2024, on or before 31 December 2025. We have also published our UK Tax Strategy.

See our latest Country-by-Country report sc.com/sustainabilitylibrary

Pillar 3 Reporting

In accordance with the Pillar 3 disclosure requirements, the Group has published the Pillar 3 Disclosures in respect of the year ended 31 December 2024.

See our Pillar 3 Disclosures sc.com/financial-results

ShareCare

ShareCare is available to shareholders on the Company's UK register who have a UK address and bank account. It allows you to hold your Standard Chartered PLC shares in a nominee account. Your shares will be held in electronic form so you will no longer have to worry about keeping your share certificates safe. If you join ShareCare, you will still be invited to attend the Company's AGM and you will receive any dividend at the same time as everyone else. ShareCare is free to join and there are no annual fees to pay.

If you would like to receive more information, please visit sc.com/sharecare or contact the shareholder helpline on 0370 702 0138

Donating shares to ShareGift

Shareholders who have a small number of shares often find it uneconomical to sell them. An alternative is to consider donating them to the charity ShareGift (registered charity 1052686), which collects donations of unwanted shares until there are enough to sell and uses the proceeds to support UK charities. There is no implication for capital gains tax (no gain or loss) when you donate shares to charity and UK taxpayers may be able to claim income tax relief on the value of their donation.

Further information can be obtained from the Company's registrars or from ShareGift on 020 7930 3737 or from sharegift.org

Bankers' Automated Clearing System (BACS)

Dividends can be paid straight into your bank or building society account.

Please register online at investorcentre.co.uk or contact our registrar for a dividend mandate form

Registrars and shareholder enquiries

If you have any enquiries relating to your shareholding and you hold your shares on the UK register, please contact our registrar at investorcentre.co.uk/contactus. Alternatively, please contact Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ or call the shareholder helpline number on 0370 702 0138. If you hold your shares on the Hong Kong branch register and you have enquiries, please contact Computershare Hong Kong Investor Services Limited, 17M Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong.

You can check your shareholding at computershare.com/hk/investors

Substantial shareholders

The Company and its shareholders have been granted partial exemption from the disclosure requirements under Part XV of the Securities and Futures Ordinance (SFO). As a result of this exemption, shareholders, directors and chief executives, no longer have an obligation under Part XV of the SFO (other than Divisions 5, 11 and 12 thereof) to notify the Company of substantial shareholding interests, and the Company is no longer required to maintain a register of interests of substantial shareholders under section 336 of the SFO, nor a register of directors' and chief executives' interests under section 352 of the SFO. The Company is, however, required to file with The Stock Exchange of Hong Kong Limited any disclosure of interests made in the UK.

Standard Chartered - Annual Report Summary 2024

Taxation

No tax is currently withheld from payments of dividends by Standard Chartered PLC. Shareholders and prospective purchasers should consult an appropriate independent professional adviser regarding the tax consequences of an investment in shares in light of their particular circumstances, including the effect of any national, state or local laws.

Chinese translation

If you would like a Chinese language version of the 2024 Annual Report, please contact Computershare Hong Kong Investor Services Limited, 17M Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong.

二〇二四年年報之中文譯本可向香港中央證券登記有限公司索取,地址：香港灣仔皇后大道東183號合和中心17M樓。

Shareholders on the Hong Kong branch register who have asked to receive corporate communications in either Chinese or English can change this election by contacting Computershare. If there is a dispute between any translation and the English version of this Annual Report, the English text shall prevail.

Electronic communications

If you hold your shares on the UK register and in future you would like to receive the Annual Report electronically rather than by post, please register online at: investorcentre.co.uk. Click on 'register now' and follow the instructions. You will need to have your Shareholder or ShareCare reference number to hand. You can find this on your share certificate or ShareCare statement. Once you have registered and confirmed your email communication preference, you will receive future notifications via email enabling you to submit your proxy vote online. In addition, as a member of Investor Centre, you will be able to manage your shareholding online and change your bank mandate or address information.

Important notices

Forward-looking statements

The information included in this document may contain 'forward-looking statements' based upon current expectations or beliefs as well as statements formulated with assumptions about future events. Forward-looking statements include, without limitation, projections, estimates, commitments, plans, approaches, ambitions and targets (including, without limitation, ESG commitments, ambitions and targets). Forward-looking statements often use words such as 'may', 'could', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'seek', 'aim', 'continue' or other words of similar meaning to any of the foregoing. Forward-looking statements may also (or additionally) be identified by the fact that they do not relate only to historical or current facts.

By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties and other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. Readers should not place reliance on, and are cautioned about relying on, any forward-looking statements.

There are several factors which could cause the Group's actual results and its plans and objectives to differ materially from those expressed or implied in forward-looking statements.

The factors include (but are not limited to): changes in global, political, economic, business, competitive and market forces or conditions, or in future exchange and interest rates; changes in environmental, geopolitical, social or physical risks; legal, regulatory and policy developments, including regulatory measures addressing climate change and broader sustainability-related issues; the development of standards and interpretations, including evolving requirements and practices in ESG reporting; the ability of the Group, together with governments and other stakeholders to measure, manage, and mitigate the impacts of climate change and broader sustainability-related issues effectively; risks arising out of health crises and pandemics; risks of cyber-attacks, data, information or security breaches or technology failures involving the Group; changes in tax rates or policy; future business combinations or dispositions; and other factors specific to the Group, including those identified in this Annual Report and financial statements of the Group. To the extent that any forward-looking statements contained in this document are based on past or current trends and/or activities of the Group, they should not be taken as a representation that such trends or activities will continue in the future.

No statement in this document is intended to be, nor should be interpreted as, a profit forecast or to imply that the earnings of the Group for the current year or future years will necessarily match or exceed the historical or published earnings of the Group. Each forward-looking statement speaks only as of the date that it is made. Except as required by any applicable laws or regulations, the Group expressly disclaims any obligation to revise or update any forward-looking statement contained within this document, regardless of whether those statements are affected as a result of new information, future events or otherwise.

Please refer to this Annual Report and the financial statements of the Group for a discussion of certain of the risks and factors that could adversely impact the Group's actual results, and cause its plans and objectives, to differ materially from those expressed or implied in any forward looking statements.

Non-IFRS performance measures and alternative performance measures

The Group financial statements have been prepared in accordance with UK-adopted international accounting standards and International Financial Reporting Standards (IFRS) as adopted by the European Union. Standard Chartered PLC's financial statements have been prepared in accordance with UK-adopted international accounting standards (IAS) as applied in conformity with section 408 of the Companies Act 2006. This document may contain financial measures and ratios not specifically defined under IFRS or IAS and/or alternative performance measures as defined in the European Securities and Market Authority guidelines. Such measures may exclude certain items which management believes are not representative of the underlying performance of the business and which distort period-on-period comparison. These measures are not a substitute for IAS or IFRS measures and are based on a number of assumptions that are subject to uncertainties and change. Please refer to this Annual Report and the financial statements of the Group for further information, including reconciliations between the underlying and reported measures.

Standard Chartered - Annual Report Summary 2024
133

Shareholder information

Financial instruments

Nothing in this document shall constitute, in any jurisdiction, an offer or solicitation to sell or purchase any securities or other financial instruments, nor shall it constitute a recommendation or advice in respect of any securities or other financial instruments or any other matter.

Basis of Preparation and Caution Regarding Data Limitations

This section is specifically relevant to, amongst others, the sustainability and climate models, calculations and disclosures throughout this report. The information contained in this document has been prepared on the following basis:

i. disclosures in the Strategic report, Financial review, Sustainability review, Directors' report, Risk review and Capital review and Supplementary information are unaudited unless otherwise stated;

ii. all information, positions and statements set out in this document are subject to change without notice;

iii. the information included in this document does not constitute any investment, accounting, legal, regulatory or tax advice or an invitation or recommendation to enter into any transaction;

iv. the information included in this document may have been repaired using models, methodologies and data which are subject to certain limitations. These limitations include: the limited availability of reliable data, data gaps, and the nascent nature of the methodologies and technologies underpinning this data; the limited standardisation of data (given, amongst other things, limited international coordination on data and methodology standards); and future uncertainty (due, amongst other things, to changing projections relating to technological development and global and regional laws, regulations and policies, and the current inability to make use of strong historical data);

v. models, external data and methodologies used in information included in this document are or could be subject to adjustment which is beyond our control;

vi. any opinions and estimates should be regarded as indicative, preliminary and for illustrative purposes only. Expected and actual outcomes may differ from those set out in this document (as explained in the "Forward-looking statements" section above);

vii. some of the related information appearing in this document may have been obtained from public and other sources and, while the Group believes such information to be reliable, it has not been independently verified by the Group and no representation or warranty is made by the Group as to its quality, completeness, accuracy, fitness for a particular purpose or noninfringement of such information;

viii. for the purposes of the information included in this document, a number of key judgements and assumptions have been made. It is possible that the assumptions drawn, and the judgement exercised may subsequently turn out to be inaccurate. The judgements and data presented in this document are not a substitute for judgements and analysis made independently by the reader;

ix. any opinions or views of third parties expressed in this document are those of the third parties identified, and not of the Group, its affiliates, directors, officers, employees or agents. By incorporating or referring to opinions and views of third parties, the Group is not, in any way, endorsing or supporting such opinions or views;

x. while the Group bears primary responsibility for the information included in this document, it does not accept responsibility for the external input provided by any third parties for the purposes of developing the information included in this document;

xi. the data contained in this document reflects available information and estimates at the relevant time;

xii. where the Group has used any methodology or tools developed by a third party, the application of the methodology or tools (or consequences of its application) shall not be interpreted as conflicting with any legal or contractual obligations and such legal or contractual obligations shall take precedence over the application of the methodology or tools;

xiii. where the Group has used any underlying data provided or sourced by a third party, the use of the data shall not be interpreted as conflicting with any legal or contractual obligations and such legal or contractual obligations shall take precedence over the use of the data;

xiv. this Important Notice is not limited in applicability to those sections of the document where limitations to data, metrics and methodologies are identified and where this Important Notice is referenced. This Important Notice applies to the whole document;

xv. further development of reporting, standards or other principles could impact the information included in this document or any metrics, data and targets included in this document (it being noted that ESG reporting and standards are subject to rapid change and development); and

xvi. while all reasonable care has been taken in preparing the information included in this document, neither the Group nor any of its affiliates, directors, officers, employees or agents make any representation or warranty as to its quality, accuracy or completeness, and they accept no responsibility or liability for the contents of this information, including any errors of fact, omission or opinion expressed. You are advised to exercise your own independent judgement (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained in this document.

The Group, its affiliates, directors, officers, employees or agents expressly disclaim any liability and responsibility for any decisions or actions which you may take and for any damage or losses you may suffer from your use of or reliance on the information contained in this document.

Copyright in all materials, text, articles and information contained in this document (other than third party materials, text, articles and information) is the property of, and may only be reproduced with permission of an authorised signatory of, the Group.

Copyright in materials, text, articles and information created by third parties and the rights under copyright of such parties are hereby acknowledged. Copyright in all other materials not belonging to third parties and copyright in these materials as a compilation vests and shall remain at all times copyright of the Group and should not be reproduced or used except for business purposes on behalf of the Group or save with the express prior written consent of an authorised signatory of the Group.

Standard Chartered - Annual Report Summary 2024

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The STANDARD CHARTERED word mark, its logo device and associated product brand names are owned by Standard Chartered PLC and centrally licensed to its operating entities.

Registered Office: 1 Basinghall Avenue, London EC2V 5DD. Telephone +44 (0) 20 7885 8888.

Principal place of business in Hong Kong: 32nd Floor, 4-4A Des Voeux Road, Central, Hong Kong.

Registered in England No. 966425.

LSE stock code: STAN.LN
HKSE stock code: 02888

Global headquarters

Standard Chartered Group
1 Basinghall Avenue
London, EC2V 5DD
United Kingdom
+44 (0)20 7885 8888

Registrar information

UK
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol, BS99 6ZZ
+44 (0)370 702 0138

Chinese translation

Computershare Hong Kong
Investor Services Limited
17M Floor, Hopewell Centre
183 Queen's Road East
Wan Chai
Hong Kong

Digital Annual Report

sc.com/annualreport

Shareholder enquiries

ShareCare information
sc.com/sharecare
+44 (0)370 702 0138

ShareGift information
ShareGift.org
+44 (0)20 7930 3737

Hong Kong
Computershare Hong Kong
Investor Services Limited
17M Floor, Hopewell Centre
183 Queen's Road East
Wan Chai
Hong Kong
computershare.com/hk/investors

AI assistant

Standard Chartered PLC — Annual Report 2024

4648_rns_2025-03-31_71889d83-7a12-4135-bf08-4c7cbf4adeef.pdf

Connecting the world's most dynamic markets

Connecting the world’s most dynamic markets

In this report

Strategic report

Financial review

Sustainability review

Directors' report

About this report

Sustainability and ESG reporting

Alternative performance measures

Who we are and what we do

Our client segments

Global functions

Our culture

Valued behaviours

Do the right thing

Never settle

Better together

Our Stands

Where we operate

Our locations

Americas

Europe

Middle East

Africa

Asia

Together, we run further

Group Chairman's statement

Performance with purpose

Confident and accountable

From possibilities to prosperity

Dr José Viñals

Group Chief Executive’s review

Taking action to concentrate resources on areas of greatest strength

Strong progress in our leading sustainability business

Improving operational leverage through the Fit for Growth programme

Delivering substantial shareholder distributions

Optimistic outlook for the markets in our footprint

This is our time

Bill Winters

Management Team

Key performance indicators

Alignment to remuneration

Non-financial KPIs

Market environment

Global macro trends: Macroeconomic factors affecting the global landscape

Trends in 2024

Outlook for 2025

Medium- and long-term view

Broader global trends

The world under Trump 2.0

Regional outlook

Greater China and North Asia

Actual and projected growth by market

ASEAN and South Asia

Actual and projected growth by market

Americas

Actual and projected growth by market

Regional outlook

Africa

Actual and projected growth by market

Middle East

Actual and projected growth by market

Europe

Actual and projected growth by market

Highlighting the impact of extreme weather and climate change

Our strategy

Cross-border

Affluent

Our business model

Our business segments

Corporate & Investment Banking (CIB)

Our key products and services

Global Markets & Global Banking

Transaction Services

Wealth Solutions

Retail Products

Standard Chartered PLC Annual Report 2024