Jardines director leaves HSBC board

The Hongkong and Shanghai Banking Corp (HSBC) is without a board member representing the Jardines group after Jardine Matheson Holdings managing director Alasdair Morrison yesterday stepped down as a director of the bank.

Michael Broadbent, head of public affairs for the group - the flagship arm of global banking giant HSBC Holdings - said Mr Morrison stepped down to 'avoid perceptions of a conflict of interest'.

The bank also announced the departure of prominent businessman Tung Chee-hwa from the board.

Mr Tung's resignation followed his announcement last week he would make himself available to run for the position of Chief Executive of the Hong Kong Special Administrative Region.

The possibility of a conflict in Mr Morrison's case arose after his appointment as the chairman of the Jardine Fleming supervisory committee, in the wake of the scandal which hit the organisation's investment management arm.

'Through the chairmanship of the supervisory board, he is closely involved with the management of Jardine Fleming - which has a full banking licence [in Hong Kong],' Mr Broadbent said.

He said Mr Morrison's position with HSBC - a 'non-executive director of a bank with an investment banking subsidiary' - underlined the difficulties in light of Jardine Fleming's activities. Mr Morrison's previous roles with the Jardines group had been 'much more remote' from the HSBC organisation.