HSBC responsible investing chief fired over climate risk

Stuart Kirk, a leader in the bank's responsible investing team, said last week there was always a nut job telling me about the end of the world. The Financial Times reported last week that Kirk, who is the global head of responsible investing at the bank's asset management division, was suspended pending an investigation into a speech he made at an event last week.

HSBC was under pressure to sack Mr Kirk after he gave a presentation entitled Why investors shouldn't worry about climate risk at a conference on Thursday.

In his address he made light of the risks of major floods and said he had to spend his time looking at something that's going to happen in 20 or 30 years. During the 15-minute address at the FT Moral Money Summit, Mr Kirk said Climate change is not a financial risk that we need to worry about. He said later in the presentation: Who cares if Miami is six metres underwater in 100 years? Amsterdam has been six metres underwater for ages and that is a really nice place. He said that they are inconsistent with HSBC's strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management.

Nuno Matos, chief executive of wealth and personal banking at HSBC, said that he was in complete agreement with Mr Quinn and that the transition to net zero is of utmost importance to us. However, both the theme and content of the presentation had been approved within the company, according to the FT.