The asset management arm of U.K. insurer, Aviva Investors, said it was «uneasy» with HSBC and Standard Chartered’s decision to publicly voice support over the national security law in Hong Kong.
«We are uneasy at the decisions of HSBC and Standard Chartered to publicly support the proposed new national security law in Hong Kong without knowing the details of the law or how it will operate in practice,» said David Cumming, chief investment officer for equities at Aviva Investors, according to a «New York Times» report (behind paywall) citing an emailed statement.
The British asset manager is a top-20 shareholder in both fellow British lenders.
On June 3, HSBC posted a photo through one of its official social media accounts in the mainland that featured Peter Wong Tung-shun – HSBC’s APAC chief executive and a member of the Chinese People’s Political Consultative Conference (CPPCC) – signing a petition supporting the security law which has yet to be unveiled to the public.
HSBC was joined by Standard Chartered alongside a handful of other companies including Jardine Matheson Group and Swire Pacific.
Protecting Democratic Freedoms
According to Cumming, public statements about politics can be made by corporates assuming there is consistency in the practice.
«If companies make political statements, they must accept the corporate responsibilities that follow,» Cumming explained.
«Consequently, we expect both companies to confirm that they will also speak out publicly if there are any future abuses of democratic freedoms connected to this law».
