Federated Hermes raises concerns over HSBC's public support of national security law in Hong Kong
“Asset manager Federated Hermes raises concerns over HSBC’s public support of national security law for Hong Kong”, 29 June 2020
HSBC is facing more questions over its public support of a controversial national security law for Hong Kong.
Federated Hermes is the latest organisation to raise concerns about HSBC’s backing of the legislation after Aviva Investors publicly rebuked the London-based lender and its rival Standard Chartered earlier… over the new law.
The asset manager, which has a long history of focusing on environmental, social and governance (ESG) issues, said it was “engaging” with HSBC to “fully understand” the bank’s position as part of its EOS stewardship service…
“We have questions on the bank’s statement amid concerns that the new law may have an adverse impact on human rights in Hong Kong,” Roland Bosch, the lead engager for financial services EOS at Federated Hermes, said in a statement. “We expect companies to support improvements in protections for citizens and not back their removal.”
Federated Hermes previously told the South China Morning Post that it actively screens for allegations of human rights violations as part of its investment process…
A HSBC spokeswoman declined to comment…
[Also referred to Jardine Matheson Group, Mandarin Oriental hotel, Cathay Pacific]