Group Chief Executive’s statement
This ESG report, the third we have produced, outlines the measures we are taking to live up to our responsibilities today, and illustrates our ongoing commitment to open, honest and meaningful non-financial disclosure.
It covers a number of topics, from the way we engage with our employees and address their concerns, to our impact on the environment, and customer satisfaction across all our businesses.
It provides an update on metrics that we have disclosed previously, and also a number of new items. These include new commitments to extend education and employment-linked training, both for our employees and for one million people across the globe, and details of how we are applying advanced analytics and AI to improve our customer service and enhance our ability to fight financial crime. We are also meeting our reporting obligations under the terms of the UN Global Compact, and renewing our commitment to the Compact’s 10 principles.
There are areas of our ESG performance in which we have made genuine strides. We have transformed – and continue to strengthen – our ability to detect and deter financial crime. We have been a leading international voice in calling for better climate-related disclosure, while also making good progress in mitigating our own impact on the environment. We have materially improved the way we listen to customers, and have used that data to improve our services.
The report shines a light on those successes, but also highlights where we still have work to do. We are committed to improving aspects of our performance where we can and must do better.
To read more please download:
Modern Slavery Act
The UK’s Modern Slavery Act (the “Act”) came into force in 2015 and is designed to combat modern slavery in organisations and their supply chains in the UK.
In accordance with guidance issued by the Home Office under section 54(9) of the Act, HSBC UK Bank plc
is relying on the Modern Slavery and Human Trafficking Statement produced by HSBC Holdings plc, our ultimate parent company, to meet the requirement of the Act to produce a Statement. The Statement covers the policies and procedures that are applied across the Group under the provisions of the Act and reports on the steps HSBC takes to ensure that Modern Slavery does not take place in its own operations or supply chain, or through its lending or project financing.
The Statement is available on the Group website.
Sustainable Finance Disclosure Regulation
The EU Sustainable Finance Disclosure Regulation (SFDR) imposes new transparency obligations and periodic reporting requirements on EU portfolio managers to disclose how environmental, social and corporate governance (ESG) considerations are incorporated within their investment practices at both a product and portfolio management level. It also imposes obligations on EU firms providing investment advice to disclose how sustainability risks are integrated into their advice. These disclosures are described below.
Under the SFDR, HSBC Global Private Banking is also required to publish information on how its remuneration policies are consistent with the integration of sustainability risks, which can be found on page 252 of the HSBC Holdings Plc 2020 Annual Report and Accounts.
Although an EU regulation, HSBC Global Private Banking is also adopting the SFDR in the UK and Switzerland.