Aviva Investors rebukes HSBC, Standard Chartered over decision to support Hong Kong national security law
- Asset manager said it was ‘uneasy’ with banks’ decision without knowing details of the security law
- Calls for HSBC, Standard Chartered to speak out if there are ‘any future abuses of democratic freedoms’ because of the law
The asset management arm of UK insurer Aviva is the first major institutional investor to openly criticise the banks, which are two of three lenders authorised to issue currency in Hong Kong, over their show of support for the impending legislation.
“We are uneasy at the decisions of HSBC and Standard Chartered to publicly support the proposed new national security law in Hong Kong without knowing the details of the law or how it will operate in practice,” David Cumming, chief investment officer for equities at Aviva Investors, said.
“If companies make political statements, they must accept the corporate responsibilities that follow,” he added. “Consequently, we expect both companies to confirm that they will also speak out publicly if there are any future abuses of democratic freedoms connected to this law”.
Aviva is the 12th largest shareholder of HSBC and the 10th largest shareholder of Standard Chartered, according to Bloomberg data.
