AUS
NZ
UK
CA
USA
IND
_06_19_2026_12_34_15_139937.jpg)
Source: Jirapong Manustrong, Shutterstock
Summary
- Investigative climate group DeSmog found out the majority of directors at UK banking giants had potential climate conflict of interest.
- The study has found out that almost 80 per cent of the banks’ directors were currently or previously linked with major polluters.
- All of the 5 FTSE 100 banking stocks were trading in the red following the news.
Five major FTSE 100 large-cap banking stocks, including Barclays (LON: BARC), HSBC (LON: HSBA), Lloyds (LON: LLOY), NatWest (LON:NWG), and Standard Chartered’s (LON: STAN), shares continue to trade in red for the second consecutive day following reports that most board of directors were potentially facing climate conflict of interest, according to a study published by climate group DeSmog on Tuesday, 9 March.
The investigative climate group’s study found that 50 of 64 directors at the five leading UK banking companies had either current or previous links with major polluters. Moreover, 25 per cent of the directors were directly linked with the fossil fuel industry, the climate group has found.
Climate policy
The report comes ahead of upcoming annual general meetings of different companies to discuss each company’s climate related commitments and concerns about how their links to polluters can affect climate policy and commitment.
The UK banking sector has faced increasing pressure from climate activists and investors to adhere to environmentally friendly norms as the UK is set to host the COP26 climate talks later this year.
Copyright © 2021 Kalkine Media Pty Ltd.
Want to know more? Do read: Investors ask HSBC (LON:HSBA) not to lend to coal firms
Barclays (LON: BARC) and HSBC (LON: HSBA) are slated to hold voting on shareholder proposals regarding the bank’s efforts to reduce ties to fossil fuel. Moreover, HSBC (LON: HSBA) had already pledged for its investments to be net zero by 2050.
Barclays’s (LON:BARC) stock prices were trading at GBX 173.54, down by 1.27 per cent, while HSBC Holdings’ (LON:HSBA) shares stood at GBX 443.55, down by 0.85 per cent, as of 10 March at 8:11 AM GMT+1.
Additionally, NatWest CEO Alison Rose had previously said that climate goals are a major focus for the bank. The company’s shares were trading at GBX 185.30, down by 0.28 per cent.
Meanwhile, British financial services company Lloyds Banking Group’s (LON:LLOY) stock prices were down by 0.61 per cent at GBX 40.89 and Standard Chartered’s (LON:STAN) shares were trading at GBX 493.00, down by 1.08 per cent. Comparatively, the broader index FTSE 100 stood at 6,752.07, up by 0.49 per cent as of 10 March at 8:11 AM GMT+1.
