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Aviva Investors' Chief Investment Officer rebukes HSBC, Standard Chartered on backing Hong Kong security laws

Bloomberg
Bloomberg6/10/2020 02:42 PM GMT+08  • 3 min read
Aviva Investors' Chief Investment Officer rebukes HSBC, Standard Chartered on backing Hong Kong security laws
One of the largest shareholders in HSBC Holdings Plc and Standard Chartered Plc said it’s uncomfortable about their decision to back China’s sweeping security rules planned for Hong Kong.
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(June 10): One of the largest shareholders in HSBC Holdings Plc and Standard Chartered Plc said it’s uncomfortable about their decision to back China’s sweeping security rules planned for Hong Kong.

In the first public comments from an investor in the London-based banks, David Cumming, chief investment officer at Aviva Investors, said he was “uneasy at the decisions of HSBC and Standard Chartered to publicly support the proposed new national security law in Hong Kong without knowing the details of the law or how it will operate in practice.”

“If companies make political statements, they must accept the corporate responsibilities that follow,” Cumming said in an emailed statement. “We expect both companies to confirm that they will also speak out publicly if there are any future abuses of democratic freedoms connected to this law.” Spokeswomen for the banks declined to comment on Aviva’s statement.

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