June 9, 2020 / 2:49 PM / 23 days ago

Aviva Investors 'uneasy' over HSBC, StanChart backing for Hong Kong security law

FILE PHOTO: Logos of HSBC and Standard Chartered banks are seen at their headquarters in Hong Kong, China September 5, 2017. REUTERS/Bobby Yip/File Photo

LONDON (Reuters) - Aviva Investors, a leading shareholder in both HSBC (HSBA.L) and Standard Chartered (STAN.L), said on Tuesday it was “uneasy” about the companies’ decision to back a new security law in Hong Kong.

Aviva Investors’ Chief Investment Officer, Equities, David Cumming said both had done so without knowing the details of the law or how it will operate in practice.

“If companies make political statements, they must accept the corporate responsibilities that follow,” Cumming said.

“Consequently, we expect both companies to confirm that they will also speak out publicly if there are any future abuses of democratic freedoms connected to this law.”

Aviva Investors is a top-20 investor in both HSBC and Standard Chartered, data from Refinitiv shows.

Reporting by Simon Jessop; editing by Carolyn Cohn

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