In an online post that included a resignation announcement, former HSBC executive Stuart Kirk criticized the prevalence of cancel culture in the financial industry, underlining its potential to destroy wealth.
«Investing is hard. So is saving our planet. Opinions on both differ. But humanity’s best chance of success is open and honest debate,» said Stuart Kirk, HSBC Asset Management’s ex-head of responsible investing, in a Linkedin post announcing his resignation.
Following an investor conference in May where he slammed the financial industry’s overemphasis on climate change, Kirk was suspended for his comments as part of a presentation reportedly approved internally by HSBC.
Cancel Culture
In his post, Kirk criticized the hypocrisy of companies that openly promote diversity and inclusion while simultaneously partaking in active ostracism of those with dissenting views, a practice commonly known as cancel culture.
«If companies believe in diversity and speaking up, they need to walk the talk. A cancel culture destroys wealth and progress» Kirk said.
«Bonkers»
In addition to a new project, he calls «arguably the greatest sustainable investment idea ever conceived» to be announced later this year, Kirk said he would continue critically calling out the flaws of sustainable finance wherever fit.
«Meanwhile, I will continue to prod with a sharp stick the nonsense, hypocrisy, sloppy logic and group-think inside the mainstream bubble of sustainable finance,» he said. «Follow me on LinkedIn if you want to learn the right way to think about ESG – and let me tell you, most of what’s out there is bonkers.»
Outrage and Support
While Kirk’s presentation and public stance have expectedly attracted outrage not only from climate activists but also clients and staff, the 27-year veteran has also seen supporters.
This included a letter from US Senator Steve Daines who accused the broader financial industry of «the same groupthink that led to the 2008 financial crisis» and said HSBC's management may have been potentially influenced by external entities – prohibited under US law – naming Blackrock as an example.
«Finally, can I take this opportunity to thank the tens of thousands of people – from chief executives and congressmen to scientists and mom and pop investors – who contacted me from around the world offering their support and solidarity over the past two months,» Kirk added in his post.
«You have given me strength during what has been a tumultuous time for me and my family. It is for you that the next chapter in my career will be devoted.»
