Wednesday 9 September 2009

Socially Responsible Bank?

I have observed that HSBC " is committed to lead the way in eco-responsibility" and "keep the Earth green" and it was no surprise to me to see the bank's advertisement on TV that used the example of the business of a trawler fisherman to illustrate that commitment. In that advertisement, the fisherman woke up very early to go out to sea and trawl. In the rough seas, the crew pulled up the net, only to find a dolphin among the catch. Rather than capture and kill the dolphin, the fisherman cut his net and released the creature back into the sea. I have to understand from the advertisement, that HSBC, as a socially responsible bank will actually sacrifice profits and good business deals, if those transactions involve businesses or investments that destroy the Earth or its denizens in any way! That's a fantastic statement to make, and by walking the talk, I would presume that the Bank will not invest or finance businesses or projects that
  • destroy the forests (ie not finance or invest in Timber companies)
  • manufacture plastic bottles and bags, which if left in the oceans, can be swallowed by turtles and the dolphins that it seeks to save
  • construct residential properites on agricultural land
  • construct premium properties on slopes of Hills that are more than 30% in gradient, and that includes Golf courses
  • emit toxic effluents into our rivers
  • are destructive to the land, eg mining and development of Golf courses
  • have detrimentai effects on the environment
I am curious. Does the bank have any internal guidelines such as those that I have outlined above? If they have, how does the Bank enforce them? I am writing to you, because I feel that advertisement is a VERY POWERFUL one and besides I have to answer my wife's question.. "What is the relevance of the advertisement to the Bank?" I hope I can give her a good answer..

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