HSBC publishes new ESG update
HSBC will help 1 million people develop the skills they need to thrive in the modern workplace by 2020. The commitment forms a key part of the bank’s latest Environmental, Social and Governance (ESG) Update, which is published today.
In his foreword to the report, Group Chief Executive John Flint says: “There are areas of our ESG performance in which we have made genuine strides… the report shines a light on those successes, but also highlights where we still have work to do.”
To read full details of the bank’s performance, including information about customer complaints and efforts to combat financial crime, download the Environmental, Social and Governance Update (April 2018) PDF 1MB .
Backing future skills
To achieve its goal of helping people to succeed in the global economy, HSBC will give USD80 million to charities around the world that help people develop employment-related skills. This support will be bolstered by increased opportunities for the bank’s employees to share their career experiences, knowledge and skills through volunteering. Employees will also receive support and encouragement to develop the skills they need to build their career for the long term.
In addition, HSBC has pledged to build financial capability skills among its customers and in the community more broadly. It will donate USD35 million towards financial education charity programmes with the aim of supporting 1 million people by 2020, as well as equipping customers with the skills and tools they need to manage their money.
Meeting our responsibilities
These new “future skills” commitments are among a broad range of measures included in the ESG Update, which explains the action HSBC is taking to meet its responsibilities towards employees, customers and communities. The report also describes how HSBC is:
- Collecting and acting on feedback from customers to provide better and more accessible services
- Pursuing high standards of conduct throughout its businesses
- Working with charities and customers to embed environmentally and socially responsible business practices in sectors such as palm oil and clothing manufacture
The report highlights the importance of ongoing efforts to make HSBC a more diverse and inclusive organisation – particularly at a senior leadership level.
Mr Flint adds: “It is critical we get these things right. Our future success is determined by our ability to address these issues and by our impact on people and the planet more generally.”
Previous ESG reports have outlined HSBC’s commitment to support the global transition to a low-carbon economy, as well as its target of switching to sourcing 100 per cent of its electricity from renewables by 2030.
You can read previous reports on the ESG information page.