Summary:
At its annual general meeting (AGM) on May 2, HSBC faced intense scrutiny from investors, activists, and shareholder groups over its climate commitments, fossil fuel financing, and governance practices. While executives reaffirmed net-zero goals, critics say actions — and accountability — are lacking.
Key Highlights:
- HSBC leadership reaffirmed its long-term net-zero ambition, but did not directly address accusations of weakening climate targets.
- 30 investors managing £1.2 trillion in assets, including Nest, LAPFF, and the Church of England, urged the bank to strengthen climate targets in its upcoming review.
- ShareAction’s Jeanne Martin praised the bank for committing to hybrid AGMs, preserving “shareholder democracy.”
- The AGM nearly excluded Global South voices, as HSBC attempted to close the meeting early. Only after pressure from shareholders did two representatives get to speak. “AGMs are meant to be a forum for shareholders… to raise concerns,” said Martin.
- Ugandan activist Patience Nabukalu hand-delivered a letter demanding HSBC sever ties with the East African Crude Oil Pipeline (EACOP). “Every pound [HSBC] pours into fossil fuel projects like EACOP, my community loses a little more,” she said.
- Despite claims of no direct involvement, HSBC previously financed companies linked to EACOP with $1.78 billion, including French energy giant Total.
- Zahra Hdidou of ActionAid UK criticized HSBC’s record: “HSBC cannot be trusted to act alone. The government must introduce regulation to stop UK banks from financing pollution.”
The AGM exposed growing rifts between HSBC and climate-conscious investors, with calls for stronger regulation and deeper transparency.
