HSBC's Sustainability Chief to Depart Amid Restructuring

Published 2 hours agoHSBC

HSBC's Sustainability Chief to Depart Amid Restructuring

HSBC Asset Management's global head of sustainability, Erin Leonard, is set to leave her position as the company undergoes significant restructuring under CEO Georges Elhedery. This development is part of HSBC's broader strategy to streamline operations and cut costs, which has already seen several senior management exits, including the chief sustainability officer.

Under the new structure, the Sustainability Office established by Leonard in 2021 to handle sustainable investments and diversity initiatives will have its functions distributed across different business units. ESG (Environmental, Social, and Governance) initiatives will now fall under the management of the Responsible Investment team, led by Cathrine de Coninck-Lopez. As reported by Reuters, this shift comes alongside HSBC's reevaluation of its ESG strategy, responding to increasing political scrutiny, especially in the United States.

Despite these leadership changes, HSBC maintains its commitment to achieving net-zero emissions by 2050. The bank is reviewing its emissions policies and has announced new hires, including Danny Alexander, to strengthen its low-carbon infrastructure financing. This move indicates HSBC's ongoing dedication to its environmental goals, despite the current overhaul of its sustainability strategy.

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