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HSBC triggers investigation into palm oil company over deforestation allegations
NGOs praise the bank’s move as they step up pressure on investors to stand by environmental and social commitments on palm oil
HSBCUnited Kingdom
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BankTrack
Created before Nov 2016
Last update: 2016-09-27 12:04:47
Alex Scrivener, World Development Movement
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About
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC operates from around 6,100 offices in 72 countries and territories. HSBC provides financial services including: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between China and Europe.
| Headquarters |
8 Canada Square
E14 5HQ London
United Kingdom
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| Supervisor | |
| CEO/chair |
Stuart Gulliver CEO |
| Annual report | Annual Report and Accounts 2016 |
| Website | http://www.hsbc.com |
| Ownership |
listed on Bermuda Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange & NYSE Euronext
With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts. |
Related Dodgy Deals
HSBC has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.
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Type:
Projects
Active
Bauxite mine Niyamgiri Hills India
Active
Cerrejón coal mine Colombia
Active
El Dorado International Airport Colombia
Active
Great Barrier Reef Coal & Gas Exports Australia
Active
Jaitapur nuclear power plant India
Active
Kusile coal power plant South Africa
Active
Offshore Detention Centres Australia
Active
Patents on chimpanzees and other animals - international -
Active
Shwe gas and pipelines projects Myanmar
Active
Trans Mountain Pipeline Expansion project (TMEP) Canada
Active
Tufanbeyli coal power plant Turkey
There are no projects active for HSBC now.
On record
Belene nuclear power plant Bulgaria
On record
Block 31, Yasuni National Park Ecuador
On record
Canadian tar sands Canada
On record
Golden Youth or Gemilang Makmur Subur Plantation Indonesia
On record
Grasberg gold and copper mine Indonesia
On record
Ladang Sawit Mas Plantation Indonesia
On record
Mountain top removal coal mining United States
On record
Toka Tindung gold mine Indonesia
On record
Woodlark Island Kula Gold Project Papua New Guinea
Companies
Active
BHP Billiton Australia
Active
Coal India India
Active
Drummond United States
Active
EPH Czech Republic
Active
IOI Corporation Malaysia
Active
National Thermal Power Corporation (NTPC) India
Active
Sime Darby Malaysia
Active
TransCanada Corporation Canada
Active
Vitol Switzerland
There are no companies active for HSBC now.
On record
Adani India
On record
Anglo American United Kingdom
On record
Areva France
On record
Astra Agro Lestari Indonesia
On record
Bumitama Indonesia
On record
EDF France
On record
Enel Italy
On record
ENGIE France
On record
ESKOM South Africa
On record
First Resources Singapore
On record
Glencore Switzerland
On record
Golden Agri-Resources - GAR Singapore
On record
Kencana Group Singapore
On record
Kuala Lumpur Kepong Malaysia
On record
OLAM Singapore
On record
Rio Tinto Australia
On record
Royal Dutch Shell Netherlands
On record
RWE Germany
On record
Samling Hong Kong
On record
Shenhua Group China
On record
Textron United States
On record
Vale Brazil
On record
Vattenfall Sweden
On record
Vedanta Resources United Kingdom
On record
Wilmar Group Singapore
Dodgy Deals map
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Media
Videos
Links
Policies
Voluntary initiatives
HSBC has committed itself to the following voluntary standards:- Carbon Disclosure Project
- Climate Principles
- Equator Principles
- Extractive Industries Transparency Initiative
- Global Reporting Initiative
- Green Bond Principles
- Principles for Responsible Investment
- Roundtable on Sustainable Palm Oil (RSPO)
- UNEP Finance Initiative
- United Nations Global Compact
- Wolfsberg Principles
Investment policies
HSBC's sustainability risk policies can be found here.
Issues
HSBC and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. HSBC adopted the Equator Principles in 2003.
Reporting on the Equator Principles
HSBC must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
- HSBC is in compliance with its reporting obligations. The 2016 report can be found here.
Dodgy Deals
HSBC is involved in financing the following Equator Principles projects that BankTrack considers controversial.
Human rights
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True leader
Front runner
Follower
Laggard
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BankTrack has assessed HSBC on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. HSBC is assessed as a Laggard, with a total score of 3/12.
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Equator Principles
Implementation and reporting
HSBC is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
Good moves
Year:
2014
HSBC states it would be "extraordinarily unlikely to go anywhere near" Abbot Point
Following several letters and alerts, HSBC was challenged by BankTrack member Market Forces at its 2014 AGM on the financing of the proposed expansion of the Abbot Point coal export terminal in the Great Barrier Reef World Heritage Area. The response was that, given the concerns of the World Heritage Committee over Abbot Point, HSBC would be "extraordinarily unlikely to go anywhere near it".
Nine of the world's top 20 funders of coal won't touch additional coal terminals at Abbot Point
In 2014, JP Morgan, Cit, Barclays and Royal Bank of Scotland all responded to a worldwide pressure campaign of NGOs, including Banktrack, urgewald, Greenpeace and Market Forces, by announcing that they would not help finance the expansion of the Abbot Point coal terminal in Australia. While ANZ and others remain tied to the deal for now, these banks did the right thing in foregoing this destructive deal that threatens the Great Barrier Reef.