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HSBC’s annual report has grown so heavy that the UK postal service is reportedly limiting the numbers its postmen may carry to prevent back injuries.
The 454-page tome from the proudly carbon-neutral HSBC weighs in at a whopping 1.47kg. It includes a 100-page EU-mandated ‘business review’ and 133 pages of notes explaining its financial statements as required under International Financial Reporting Standards.
In 2004, HSBC complained that it was being strangled by red tape and estimated its annual compliance costs at some £400 million.
The annual report – which the bank is obliged to mail out to shareholders who request a copy – is merely the physical manifestation of this regulatory burden.
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