Finance
HSBC Dodges Public Climate Spat With Own Shareholder Resolution
- Investor groups have pressured the bank to reduce coal funding
- Shareholders will vote on plans at annual meeting on May 28
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HSBC Holdings Plc set out fresh commitments to align its lending with the goals of the Paris agreement and wind down its support for coal, following pressure from a group of investors.
The bank’s proposal, which will face a shareholder vote on May 28, comes after U.K. nonprofit ShareAction and a group of HSBC investors, including Amundi SA and Man Group Plc, filed their own resolution in January. ShareAction and the investors have agreed to withdraw their motion and instead support the bank’s plan, though they pledged to take further action next year if they feel HSBC hasn’t sufficiently delivered on its promises.