HSBC shareholder resolution update

Intensive engagement by Brunel and the coalition of investors that filed a climate change resolution at HSBC, calling on them to publish a strategy to reduce exposure to fossil fuel assets on a timeline consistent with the Paris climate goals, has led to the withdrawal of the shareholder resolution. This is in exchange for HSBC’s own board-backed resolution.

Brunel welcomes the significant progress made and recognises the importance of ongoing shareholder engagement. In short, the board-backed resolution would commit HSBC to;

  • Phasing-out the financing of coal-fired power and thermal coal mining by 2030 within the OECD and by 2040 elsewhere
  • Implementing a strategy to align its provision of financing, starting with Oil & Gas and Power & Utilities, to the climate goals of the Paris Agreement
  • Publishing 2025 and 2030 targets for its Oil & Gas and Power & Utilities portfolios
  • Reporting on progress on an annual basis, starting this year

HSBC will put this to a vote at its AGM on the 28th May and it needs 75% approval to become binding.

Further information can be found at The Brunel Pension Partnership and and ShareAction websites.