Shocked, Shocked!! HSBC Pushes Out "Net-Zero" Goals To 2050 While Offering CEO Incentives Worth 6X His Vast Salary
HSBC has been criticised after it delayed key parts of its climate goals by 20 years, while watering down environmental targets in a new long-term bonus plan for its chief executive, Georges Elhedery, that could be worth up to 600% of his salary.
The London-headquartered lender said it was reviewing its net zero emissions policies and targets – which are split between its own operations and those of the clients it finances – after realising its clients and suppliers had “seen more challenges” in cutting their carbon footprint than expected.
HSBC had planned to hit net zero targets for its own operations – arguably a much easier goal than cutting the emissions of its loan portfolio and client base – by 2030. However, those plans, which were set in 2020, are being pushed out by two decades to 2050.
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HSBC is also proposing to water down environmental targets in Elhedery’s new pay package, including a long-term incentive plan (LTI) worth up to £9m, or 600% of the his base salary. It is part of a wider pay proposal that will give Elhedery a chance to earn up to £15m a year, a 43% increase on his current potential pay of up to £10.5m. The environmental portion of the LTI, a bonus that will cover performance from 2025-27, has been reduced to 20% from 25%. HSBC said this would “ensure a greater proportion of the LTI is aligned to value creation while supporting our ESG (environmental, sustainability and governance) ambitions”.
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https://www.theguardian.com/business/2025/feb/19/hsbc-net-zero-goal-delayed-20-years-ceo-bonus