Private banks

Holding HSBC to account

Part of FPP’s role is to hold the private sector to account to reduce the harm that private sector loans have on indigenous peoples.

HSBC is a key funder of the palm oil sector, acting as a principal banker for 15 of the 17 main palm oil business groups

Together with research organisation, Profundo, FPP wrote a report on HSBC’s investments in the palm oil sector, HSBC and the palm oil sector in south-east Asia: towards accountability, demonstrating that HSBC’s standards relating to the organisations they invest in are lower than those of the RSPO. Moreover, despite a claim of ‘commitment to transparency’, HSBC does not disclose which palm oil companies it funds and how they measure up against its policy and standard.

Following publication of the report, there was wide media coverage and HSBC announced that it would exit its relationship with any clients that are making no progress towards meeting the HSBC forestry policy.

Relevant resources

Press Release - Appeal to HSBC to become more accountable in palm oil sector

20 November, 2008

A new report by the Forest Peoples Programme launched today demands greater accountability from HSBC, the biggest bank funding the palm oil sector in South East Asia. The fast-expanding palm oil sector is known to be a major driver of deforestation and the take-over of indigenous peoples' lands without their consent. Conflicts between indigenous peoples and palm oil companies are widespread in Malaysia and Indonesia.

HSBC and the palm oil sector in South East Asia: towards accountability

Forest Peoples Programme with Profundo

2 November, 2008

HSBC and the palm oil sector in South East Asia: towards accountability

The fast-expanding palm oil sector is known to be a major driver of deforestation and of the take-over of indigenous peoples' lands without their consent. This report calls on HSBC to put pressure on the 17 major palm oil corporate groups that are among its clients in order to end violations of forest peoples' rights.

English (0.7 MB)

HSBC's commitment to its Forest Policy and 'due diligence' challenged

12 October, 2007

(Most recent correspondence listed first)
1. 12 October 2007 - FPP letter to HSBC in light of HSBC's failure to respond to earlier requests.
2. 31 May 2007 - FPP and FERN letter to HSBC again questioning the company's procedures and intentions.
3. 24 May 2007 - HSBC reply to FPP explaining its intention to stay involved with Samling as it considers the company to be making progress to improve its operations.

Macquarie Securities asked to account for involvement with Samling Global Ltd

Forest Peoples |Programme

10 April, 2007

FPP letter to the Macquarie Group seeking an end to financial services for Samling Global Ltd in order to curtail the Samling group's human rights violations and irresponsible and destructive logging practices.

English (0.1 MB)