HSBC Challenges Big Oil More Often Than Peers, Study Shows
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The investment arm of HSBC Holdings Plc is ahead of its peers in backing shareholder resolutions designed to force oil majors to adjust their business in response to climate change, according to an analysis by a key activist.
The fund management unit of HSBC, which is Europe’s biggest bank, was the only large British investor to support climate resolutions at all oil majors in the recent proxy season, according to a report from Follow This. Legal & General Investment Management and Abrdn Plc voted against proposals at five major fossil fuel producers, it said.