{"id":452015,"date":"2022-05-23T21:10:18","date_gmt":"2022-05-23T18:10:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hsbc-suspends-exec-stuart-kirk-over-climate-change-remarks\/"},"modified":"2022-05-23T21:10:18","modified_gmt":"2022-05-23T18:10:18","slug":"hsbc-suspends-exec-stuart-kirk-over-climate-change-remarks","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hsbc-suspends-exec-stuart-kirk-over-climate-change-remarks\/","title":{"rendered":"#HSBC suspends exec Stuart Kirk over climate change remarks"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e305696da3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e305696da3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hsbc-suspends-exec-stuart-kirk-over-climate-change-remarks\/#%E2%80%9CHSBC_suspends_exec_Stuart_Kirk_over_climate_change_remarks%E2%80%9D\" >&#8220;HSBC suspends exec Stuart Kirk over climate change remarks&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CHSBC_suspends_exec_Stuart_Kirk_over_climate_change_remarks%E2%80%9D\"><\/span>&#8220;HSBC suspends exec Stuart Kirk over climate change remarks&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>British banking giant HSBC has suspended a top executive who argued during a recent public presentation that the financial risks of climate change were overblown and exaggerated by central bank officials and other policymakers.<\/p>\n<p>The suspended employee, Stuart Kirk, is global head of responsible investment at HSBC\u2019s asset management division. He made the remarks <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=bfNamRmje-s\">during a presentation<\/a> titled, \u201cWhy investors need not worry about climate risk.\u201d<\/p>\n<p>Kirk stated his view that warnings about climate change have \u201cbecome so hyberbolic that no one really knows how to get anyone\u2019s attention at all.\u201d<\/p>\n<p>\u201cI wouldn\u2019t normally mind that. Twenty-five years in the finance industry, there\u2019s always some nutjob telling me about the end of the world,\u201d Kirk said. \u201cI\u2019ve dealt with gold bugs my entire financial career, the roof\u2019s going to cave down, Y2K. Does anyone remember Y2K, anyone old enough? The lifts didn\u2019t stop.\u201d<\/p>\n<p>Kirk was suspended after an internal investigation into his presentation, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8e1a16ea-bf63-45f8-81af-dc41c0df4e06\">Financial Times<\/a> reported, citing people with knowledge of the matter. His speech took place at the FT Moral Money Summit.<\/p>\n<p>But sources familiar with the presentation\u2019s planning told the outlet that its \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">theme<\/a> and content\u201d were \u201cagreed internally\u201d before the event took place.<\/p>\n<p>HSBC said it could not comment on individual employees\u2019 situations.<\/p>\n<p>Kirk\u2019s remarks drew sharp rebukes from two of his colleagues at the bank, including HSBC CEO Noel Quinn, who said they were a distraction.<\/p>\n<p>\u201cI do not agree \u2014 at all \u2014 with the remarks made at last week\u2019s FT Moral Money Summit,\u201d Quinn <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:6933729465193668608\/\">said in a LinkedIn post<\/a> on the situation. \u201cThey are inconsistent with HSBC\u2019s strategy and do not reflect the views of the senior leadership of\u00a0HSBC\u00a0or\u00a0HSBC Asset Management.\u201d<\/p>\n<p>\u201cOur ambition is to be the leading bank supporting the global economy in the transition to net zero,\u201d Quinn added.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-43.jpg?w=1024\" alt=\"HSBC logo\" class=\"wp-image-22376875\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-43.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-43.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-43.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>HSBC suspended its head of responsible investment.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Nuno Matos, the top boss for\u00a0HSBC\u2019s wealth and personal banking division, also slammed Kirk\u2019s comments.<\/p>\n<p>\u201cIn complete agreement with Noel Quinn \u2014 the transition to net zero is of upmost [sic] importance to us and we will strive for ways to help our clients on this journey,\u201d Matos said.<\/p>\n<p>While top officials at HSBC were critical, his remarks sparked a debate among other financial leaders.<\/p>\n<p>Standard Chartered CEO Bill Winters declined to comment on the suspension, but told <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fnlondon.com\/articles\/standard-chartered-ceo-winters-hsbc-climate-kirk-20220523\">Financial News London<\/a> that workers should be free to express their views.<\/p>\n<p>\u201cDo I agree with the views? No. Do I encourage free speech? Yes,\u201d Winters told\u00a0the outlet while attending the World Economic Forum in Davos.<\/p>\n<p>\u201cPeople should be able to speak their mind, whether you agree with the conclusions or not,\u201d Winters added.<\/p>\n<p>A former Blackrock executive focused on sustainable investment said Kirk\u2019s remarks had \u201cdone us a service\u201d in discussions on climate change risk by \u201cinfusing a dose of honesty into a debate that is otherwise leading us nowhere,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fnlondon.com\/articles\/hsbc-exec-brought-dose-of-honesty-to-climate-debate-ex-blackrock-sustainable-investing-chief-says-20220523?mod=author_panel\">Financial News<\/a> reported.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-42.jpg?w=1024\" alt=\"HSBC CEO Noel Quinn\" class=\"wp-image-22376873\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-42.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-42.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/climate-42.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>HSBC CEO Noel Quinn criticized Stuart Kirk\u2019s remarks on climate change.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>US officials have stepped up their warnings about climate change in recent years, with Treasury Secretary Janet Yellen leading a panel of experts last year in warning that it was an \u201cemerging threat\u201d to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-21\/yellen-s-fsoc-deems-climate-change-threat-to-financial-stability\">the country\u2019s financial stability<\/a>.<\/p>\n<p>Kirk had acknowledged that his stance that climate chance was not an existential financial risk would be taken as \u201cheresy\u201d among policymakers.<\/p>\n<p>His speech began with a slide declaring that \u201cunsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong.\u201d The slide included commentary from the Bank of England, the United Nations, the World Economic Forum and others who have warned that climate change poses a major risk to global economies.<\/p>\n<p>\u201cI completely get that there is a competition for funding,\u201d Kirk said. \u201cI completely get that, at the end of your central bank career, there are still many, many years to fill in. You\u2019ve got to say something, you\u2019ve got to fly around the world to conferences, you\u2019ve got to out-hyperbole the next guy, but I feel like it\u2019s getting a little bit out of hand.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/05\/23\/hsbc-suspends-exec-stuart-kirk-over-climate-change-remarks\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;HSBC suspends exec Stuart Kirk over climate change remarks&#8221; British banking giant HSBC has suspended a top executive who argued during a recent public presentation that the financial risks of climate change were overblown and exaggerated by central bank officials and other policymakers. The suspended employee, Stuart Kirk, is global head of responsible investment at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":452016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/newspress-collage-22376814-1653329279887.jpg?quality=75&strip=all&1653314964&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[129548,71939,43485,5069,71879],"class_list":["post-452015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-23-22","tag-banks","tag-climate-change","tag-economy","tag-hsbc"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/452015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=452015"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/452015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/452016"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=452015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=452015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=452015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}