HSBC suspends senior executive at London who said climate change is being exaggerated

Last week, Stuart Kirk, a leader in the bank's responsible investing team, said: "There's always some nut job telling me about the end of the world," the BBC reported

AgenciesUpdated: Monday, May 23, 2022, 01:05 PM IST
article-image
At the weekend, HSBC's boss Noel Quinn posted on social media that he did not agree "at all" with the comments. /Logo |

HSBC has reportedly suspended a senior executive who accused central bankers and other officials of exaggerating the financial risks of climate change.

Last week, Stuart Kirk, a leader in the bank's responsible investing team, said: "There's always some nut job telling me about the end of the world," the BBC reported

At the weekend, HSBC's boss Noel Quinn posted on social media that he did not agree "at all" with the comments.

The firm declined to comment on reports that Kirk has been suspended.

Kirk, who is global head of responsible investing at the bank's asset management division, was suspended pending an investigation into a speech he made at an event last week, according to the Financial Times.

His role, which is based in London, involves considering the impact of investments on environmental, social and governance issues, said the BBC report.

HSBC came under pressure to sack Kirk after he gave the presentation entitled "Why investors need not worry about climate risk" at a conference on May 19.

In the address he made light of the risks of major floods and said that he had to spend his time "looking at something that's going to happen in 20 or 30 years".

During the 15-minute address at the FT Moral Money Summit, Kirk said: "Climate change is not a financial risk that we need to worry about."

"Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong," a slide shown as part of the presentation said.

(With inputs from IANS)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Maharashtra political crisis: Rebel Maha ministers to lose their posts `in 24 hours', says Sanjay...

Maharashtra political crisis: Rebel Maha ministers to lose their posts `in 24 hours', says Sanjay...

Kolkata: Patient jumps from 8th floor of hospital, dies

Kolkata: Patient jumps from 8th floor of hospital, dies

Maharashtra political crisis: Eknath Shinde, rebel Shiv Sena MLAs extend stay in Guwahati

Maharashtra political crisis: Eknath Shinde, rebel Shiv Sena MLAs extend stay in Guwahati

Mumbai: BMC to start free vaccination camps for 12-14 year children in school campus

Mumbai: BMC to start free vaccination camps for 12-14 year children in school campus

Presidential elections: Mayawati To support NDA's Droupadi Murmu

Presidential elections: Mayawati To support NDA's Droupadi Murmu