HSBC Bank (UK) Pension Scheme 2018 TCFD Statement

By: HSBC Bank Pension Trust (UK) Limited

The Trustee of the HSBC Bank (UK) Pension Scheme believe that Climate Change is a systemic risk and seek to manage that risk on behalf of its members. As such the Trustee is a signatory to the recommendations of the TCFD. The Trustee’s have produced this TCFD statement, which will be referenced in the Stewardship Report.


What was the initial approach used?

The HSBC Trustee adopted a scheme specific climate change risk policy in June 2015. The Trustee input into the formation of the TCFD recommendations (the current Trustee Chair was a special adviser to the taskforce) and as such the Trustee is very supportive of the TCFD recommendations and wanted to produce its own report as an Asset Owner. Click on the link below to view the report.

What were the barriers, and how were they overcome?

There were no specific barriers to the Trustee producing this report as the Trustee believes that managing climate change risk is consistent with its fiduciary responsibility. The greater barrier is having enough good quality data at the issuer level, something the Trustee is hoping the TCFD recommendations will help improve.

Further insights

Don’t wait for perfection. Start reporting and improve along the way.