HSBC Shareholders Ask Bank to Cut Fossil-Fuel Lending Exposure
- Amundi, Man Group are among the firms pushing for action
- Investors want the U.K. bank to first reduce coal business
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A group of HSBC Holdings Plc shareholders have filed a resolution urging the bank to cut its support to the fossil-fuel industry.
Amundi SA, Europe’s largest listed asset manager, and Man Group Plc, the world’s biggest publicly traded hedge fund firm, were among 15 institutional investors overseeing a combined $2.4 trillion that are backing the move, according to a statement from ShareAction, the U.K. nonprofit that coordinated the plan. The money managers, along with 117 individual shareholders, asked HSBC to publish a strategy to reduce its exposure to fossil-fuel assets and set targets in line with the Paris Agreement.