Federated Hermes questions HSBC's support for security law

The firm expects companies to back moves supporting human rights.

HSBC investor and Pittsburgh-based Federated Hermes has questions about the bank’s support for China’s security law, the second investor in recent weeks to raise its concerns, reports Reuters.

“We expect companies to support improvements in protections for citizens and not back their removal,” said Roland Bosch, lead engager for financial services at Federated Hermes’s stewardship and engagement team, adding that the new law would negatively impact human rights.

Aviva Investors, another leading HSBC investor, has also expressed uneasiness about the bank’s public display of support for the law.

Details of the law went out on 29 June, amidst fears the legislation will crush the global financial hub’s freedoms and reports that the heaviest penalty under it would be life imprisonment.

Here’s more from Reuters.