HSBC Holdings
Risk Level:
Summary:
HSBC suspended an executive over his criticism of the company's tendency to "exaggerate" climate risks when investing. The executive later quit. The company does pledge to vet vendors for its LGBTQ policies. HSBC does not discriminate against faith-based charities and does not donate to ideological groups hostile to freedom of expression, though it has signed an open letter prohibiting the teaching of gender identity and sexual orientation to children and has supported World Pride in New York City. The company's PAC has not been used for ideological purposes. For these reasons, HSBC receives a "High Risk" rating.
Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.
HSBC suspended a senior executive, the global head of responsible investing, after he criticized the bank’s policy on incorporating environmental risks into investing (1). He later quit, saying, “cancel culture destroys wealth and progress,” and went on to start his own endeavor (2). HSBC received a score of 100 on the Corporate Equality Index from the Human Rights Campaign. Among other requirements, this means the company has pledged to vet vendors based on LGBTQ policies (2).
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
HSBC restricts its giving to organizations supporting the environment, employability and financial literacy, and international humanitarian aid. It does not discriminate against faith-based charities in its giving (1).
Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.
HSBC does not protect employees from viewpoint discrimination (1).
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
HSBC signed an open letter opposing a Florida bill prohibiting schools from teaching gender identity and sexual orientation to children in K-3rd grade (1).
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
Uses corporate political contributions for ideological, non-business purposes.
HSBC uses its PAC in a bipartisan manner and has not used its PAC for ideological purposes (1).
All links were last accessed and all information was updated on:
March 24, 2023
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