Best practice & Ethics
HSBC criticised for arranging listing of logging company
HSBC has been accused of breaching
its own forest sector guidelines by arranging the Hong Kong listing of
Samling, the Malaysian timber giant
accused of destroying tropical forests and abusing local communities.
Global Witness (GW), the
environmental and human rights campaigner, said Samling has for years been
responsible for logging untouched tropical forest in Cambodia, Malaysia, Guyana
and Papua New Guinea. HSBC’s 2004 sector guidelines on forest land and products,
said GW, state the bank will do deal with any business logging in primary
tropical moist forest or high conservation value forest.
HSBC is planting trees to reward its retail customers for requesting online
statements and has donated $8m to research on the effect of climate change on
forests.
However, GW campaigner Anthea Lawson, argued, “HSBC’s association with Samling makes a mockery of its forest policy and commitments on climate change.”
She added that the bank must immediately terminate its relationship with the
logging company and consider carefully what to do with its profits from the
listing.
Links
HSBC
Samling
Global Witness
April, 2007 |
