SLAP AT CLIMATE SKEPTIC

HSBC suspension

British banking giant HSBC has suspended a top executive who argued during a recent public presentation that the financial risks of climate change have been exaggerated by central bank officials and other policymakers.

Stuart Kirk, global head of responsible investment at HSBC’s asset management division, made the remarks during a presentation titled, “Why Investors Need Not Worry About Climate Risk” at the FT Moral Money Summit.

Kirk stated his view that warnings about climate change have “become so hyberbolic that no one really knows how to get anyone’s attention at all.”

“I wouldn’t normally mind that. Twenty-five years in the finance industry, there’s always some nutjob telling me about the end of the world,” he said.

Kirk was suspended after an internal investigation into his presentation, sources with knowledge of the matter told the Financial Times.

But sources familiar with the presentation’s planning told the FT that its “theme and content” were “agreed internally” before the event took place.

HSBC said it could not comment on individual employees’ situations.

Kirk’s remarks drew sharp rebukes from two HSBC colleagues, including CEO Noel Quinn, who said they were a distraction.

“I do not agree — at all — with [Kirk’s] remarks,” Quinn said in a LinkedIn post. “They are inconsistent with HSBC’s strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management. Our ambition is to be the leading bank supporting the global economy in the transition to net zero.”

Nuno Matos, the boss for HSBC’s wealth and personal banking division, said, “The transition to net zero is of upmost [sic] importance to us and we will strive for ways to help our clients on this journey.”

‘Free to speak’

Standard Chartered CEO Bill Winters declined to comment on the suspension, but told Financial News London that workers should be free to express their views.

“Do I agree with the views? No. Do I encourage free speech? Yes,” Winters told the FT while attending the World Economic Forum in Davos.

“People should be able to speak their mind, whether you agree with the conclusions or not,” Winters added.