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Authors

  • Roland Bosch
    Reckitt Benckiser (RB) is a leading global household and personal care company. Growing from its home care roots, with strong positions in fabric care, surface care, air care and dishwashing, RB has made a string of acquisitions in the consumer health market and is positioning itself as a Health & Hygiene Home company.
  • Roland Bosch
    HSBC Holdings is one of the world’s largest banking and financial-services companies, with a significant presence in the majority of developed and emerging economies.
  • 10/09/2018
    EOS
    Roland Bosch
    HSBC Holdings is one of the world’s largest banking and financial-services companies, with a significant presence in the majority of developed and emerging economies. Background In the last few years, we have engaged with many global financial institutions to ensure the development of strong climate strategies and policies, in line with the goals of the 2015 Paris Agreement. Most recently, we had a successful engagement with HSBC on its sustainable-finance agenda, focusing particularly on its efforts to support the transition to a low-carbon economy, and on its climate-related disclosures. Our engagement In a meeting with the new chair, we commended the work undertaken by the bank’s internal climate-change centre. However, we specified that the bank could be more explicit when disclosing its exposures to the risks from climate change. We also proposed that it should have long-term, sustainable finance objectives and update its sustainability risk policies. In addition, we urged the bank to demonstrate its commitment to best practice by reporting in line with the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).
  • Roland Bosch
    Royal Bank of Scotland (RBS) is a UK-based banking and financial services company. It provides a wide range of products and services to personal, commercial and large corporate and institutional customers through its subsidiaries, including NatWest, Ulster Bank and Coutts. Background RBS was rescued by successive recapitalisations from the UK government – which now owns 71% of the bank – following liquidity problems after its purchase of ABN AMRO in 2007 and the destruction of much of its value. In addition, the bank was implicated in numerous conduct and litigation issues, such as the Libor fixing scandal, the inappropriate treatment of its SME customers and mis-selling of products – including payment protection insurance – which indicated wider issues in relation to governance and culture. Nevertheless, the bank remains an important constituent of the FTSE 100. Its restoration to health is important not only for its shareholders, including the UK tax payer, but also for its retail, commercial and global banking customers.
  • Roland Bosch
    In the summer of 2014, its board made the decision to appoint a new CEO, which we viewed positively, as the retailer had been underperforming, leading to a series of profit warnings. In addition, in September 2014, the business announced that it had identified an overstatement of profits, principally due to the accelerated recognition of commercial income and delayed accrual of costs. The company’s new management identified three immediate priorities, namely regaining competitiveness in its core UK business, protecting and strengthening the balance sheet and rebuilding trust and transparency with key stakeholders. In the UK, it reset its target margins significantly and embarked on a far-reaching turnaround programme to reverse negative like-for-like sales growth and market share loss. It also initiated extensive restructuring, with large UK property write-downs and the sale of a number of assets, including its South Korean business.
  • Leon Kamhi
    In the years since the financial crisis, the UK’s largest banks have experienced successive misconduct problems and Barclays has been no exception. These scandals have included manipulating the global benchmark interbank exchange rate LIBOR, mis-selling protection insurance (PPI) and relaxing investigatory requirements, which safeguard against fraud and money laundering for ultra=high-net-worth clients, resulting in multiple fines from the UK and US regulators.