Top banker quits HSBC after suspension over climate-change comments

Name: HSBC’s break-up dilemma: why bank’s largest shareholder is pushing for change
Uploaded: 2022-07-07T16:23:52.000Z
Duration: 5 min 25 s
Description: HSBC’s break-up dilemma: why bank’s largest shareholder is pushing for change

Stuart Kirk, global head of responsible investing at HSBC Asset Management, told conference that climate change wasn’t a ‘financial risk we need to worry about’

The bank said Kirk’s comments were ‘inconsistent’ with its strategy, while Kirk has complained about ‘cancel culture’

Reading Time:2 minutes

Why you can trust SCMP

The HSBC building is seen in Hong Kong, China in September 2020. Photo: Bloomberg

Chad Brayin London

Published: 12:23am, 8 Jul 2022Updated: 1:54am, 8 Jul 2022

Stuart Kirk, the global head of responsible investing at HSBC Asset Management, has resigned after he was suspended in May over comments the lender has said were “inconsistent” with its strategy on climate change and the views of its senior management.

The London-based bank suspended Kirk after he was critical of the emphasis the financial industry and central bankers were placing on the financial risks of environmental change in a speech at a Financial Times conference. As part of the speech, he said climate change was not a “financial risk we need to worry about” and “there’s always some nutjob telling me about the end of the world”.

On Thursday, Kirk said that bank’s behaviour toward him since the speech made his position “unsustainable”.

“Investing is hard. So is saving our planet. Opinions on both differ. But humanity’s best chance of success is open and honest debate,” Kirk said in a LinkedIn post. “If companies believe in diversity and speaking up, they need to walk the talk. A cancel culture destroys wealth and progress.”

05:25

HSBC’s break-up dilemma: why bank’s largest shareholder is pushing for change

Kirk, a former FT journalist and Deutsche Bank banker, joined HSBC Asset Management in January 2020 and took the role of global head of responsible investing last July.

HSBC declined to comment on Thursday.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x