Posted Jul 9, 2022, 1:17 PMUpdated on Jul 9, 2022 at 2:03 PM
Game over for Stuart Kirk. After a suspension following his speech castigating sustainable investments the director of responsible investment within HSBC Asset Management announced Thursday his resignation on the social network LinkedIn.
“Ironically – given the position I hold – I have come to the conclusion that the bank’s treatment of me since my speech at the ‘Financial Times’ conference in May has made my position, for the less, unsustainable,” he wrote in a vitriolic statement.
“Apocalyptic warnings are always wrong”
A departure that looks like a door slamming, but without surprise. At the end of May, the official had made controversial remarks, entitling his speech “Why investors should not worry regarding climate risk”. He accused regulators of overplaying the financial risks of climate change.
“What does it matter if Miami is six meters under water in 100 years? Amsterdam has been under water for ages, and it’s a very nice place. We will adapt”, had launched this former journalist of the “Financial Times” spent at Deutsche Bank and DWS before joining HSBC. His speech, which had nevertheless been validated internally, had led to his suspension by HSBC and sparked a lively debate in the profession.
Denunciation of the “cancel culture”
In his press release on Thursday, the ousted official denounces the “cancel culture” (culture of banishment) which, according to him, would destroy “wealth and progress”. “Investing is difficult. Saving our planet is too. Opinions on these two topics differ. But humanity’s best chance of success is open and honest debate, he argues. If companies believe in diversity and speaking out, they must walk the talk.”
Despite this controversy, this asset management veteran does not intend to leave the investment world. “I’ve brought together a group of like-minded individuals to come up with what is arguably the best sustainable investing idea ever. It will be a whole new class of assets”, he announces.
How to deal with the rise of uncertainties?
Inflation, rising interest rates, Ukraine and now political uncertainty, the shocks are multiplying. To evolve in an increasingly complex environment, the editorial expertise of Les Echos is invaluable. Every day, our surveys, analyses, columns and editorials accompany our subscribers, help them understand the changes that are transforming our world and prepare them to make the best decisions.