Achievement in CSR Award: HSBC
Long held up as an example of bad bank behaviour, HSBC has also done some outstanding work in the field of CSR. Last year saw the second update to HSBC’s impressive forestry and agricultural commodities policies. Recognising that two of the biggest contributors to climate change are tropical forest clearance and the burning of coal for power, the bank has set strict standards for customers to meet on each of these matters, and stops banking those who do not comply.
“Our approach to climate issues keeps on evolving,” says Francis Sullivan, deputy head of global corporate sustainability and adviser on the environment. “Public policy, opinion and the regulatory framework on climate risks are changing all the time, and we need to anticipate and respond to that. We are confident that the standards in our forestry and agricultural commodities policies are among the highest in the financial services industry.”
The standards in our forestry and agricultural commodities policies are among the highest in the financial services industry
The new policies triggered a training programme to ensure risk and relationship managers understood what was required and how to implement the new standards.