HSBC Navigates Economic Risks and Climate Criticism at AGM

Published 11 hours agoHSBC

HSBC Navigates Economic Risks and Climate Criticism at AGM

At HSBC's annual shareholder meeting on May 2, 2025, Chairman Mark Tucker addressed the bank's challenges amid global economic uncertainties. He indicated that shifting global trade relations are significant risks but expressed confidence that HSBC would achieve its 2025 targets even in the face of potential global recession threats. Reuters highlighted these remarks as the bank tries to navigate a complex economic landscape.

Climate commitments were a contentious topic, with activist shareholders expressing dissatisfaction over HSBC's perceived retreat from its 2030 net-zero goal, accusing the bank of supporting fossil fuel projects. To counter these criticisms, Tucker mentioned an ongoing review of interim emissions targets, suggesting the bank is evaluating its environmental strategies and commitments.

Another focal point was HSBC's leadership changes, particularly the removal of Chief Sustainability Officer Celine Herweijer from the executive committee, raising concerns about its dedication to climate initiatives. Additionally, Tucker addressed concerns from Midland Bank pensioners about pension clawback policies but stopped short of promising any reforms. Despite these pressures, all AGM resolutions were passed in line with the board's recommendations.

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