A provocative speech on climate change that led to HSBC suspending an executive has split the asset management industry.
“Who cares if Miami is six metres underwater in 100 years?” asked Stuart Kirk, head of responsible investing at HSBC Asset Management, during an FT conference last week. “Amsterdam has been six metres underwater for ages, and that’s a really nice place. We will cope with it.”
Many in the industry disagreed with the tone of Kirk’s speech. “Flippant, off-the-cuff remarks don’t do any favours,” said one executive. Another said: “He was maybe trying to be a bit too clever.” But some welcomed Kirk’s willingness to expose groupthink and highlight some of the inconsistencies of environmental, social and governance investing.
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