HSBC and Standard Chartered have put profits before principles and betrayed Hong Kong
Increasingly, companies are being asked to take a moral stand on the great issues of the day.
From clothing retailers to tea bag brands, every company is being asked where their values lie.
While many organisations proudly broadcast their internationalist and liberal values in the west, some are willing to undermine those principles as soon as it affects their bottom line.
British-based household names HSBC and Standard Chartered were recently asked where they stood on China’s proposed totalitarian National Security Law for Hong Kong. They came down on the side of the oppressor.
I am aghast that companies that benefit from the rule of law in the territories they operate and are based in are supporting actions that subvert that principle, simply for the sake of their profits.
It is in this light that I have tabled a new House of Commons motion to demonstrate that parliamentarians stand shoulder-to-shoulder in opposing the new National Security Law in Hong Kong, because it overtly undermines the city’s autonomy and the practice of democracy in the territory.
British businesses should show solidarity with the people of Hong Kong and publicly oppose these laws, which challenge the very principles of democracy. As a proud and united country, we cannot turn a blind eye to companies that benefit from China’s draconian and unlawful actions in Hong Kong. We must stand together in opposition to all threats to democracy and international law if we are to make any impact at all.
The motion, already signed by 20 cross-party MPs, has revealed serious concern over the stance taken by HSBC and Standard Chartered, which became the first and second UK banks to endorse China’s proposed security law for Hong Kong.
Standard Chartered defended the law by claiming it may “help maintain the long-term economic and social stability” of Hong Kong. The bank went on to say: “we hope greater clarity on the final legislative provisions will enable Hong Kong to maintain economic and social stability”. HSBC’s chief executive, meanwhile, signed a petition to support the new law, sparking outrage from customers and parliamentarians alike.
Through this motion we are sending a clear message: we will not permit this profit before principles approach that HSBC and Standard Chartered have taken. Choosing to back an authoritarian state’s repression of liberties is nothing more than a corporate kowtow. Now the onus is on the government to take heed and set out the measures it will take to encourage HSBC and Standard Chartered to review their support for the proposed legislation.
It is no wonder the motion has such strong cross-party support, with parliamentary signatories representing almost all major parties — including the Conservatives, Labour, SNP, Green and the DUP. The motion is reflective of the ability of this crisis to transcend party politics in the UK and bring us together as a country whose historic ties and duty to the people of Hong Kong must be honoured.
The UK government has already condemned the new law and committed to take action, as it is likely to be “in direct breach of the Sino-British Joint Declaration”. It is therefore hypocritical for UK companies to support efforts to eradicate the very rule of law from which they prosper.
I call upon the UK government to be unwavering in its principles, and not to allow UK-owned and-run businesses to put profits above human rights, fundamental freedoms, and the rule of law. The actions of HSBC and Standard Chartered undermine and devalue the UK’s political warning shots fired at China.
We cannot simultaneously scorn China’s actions and then invest in a regime that so overtly breaches human rights laws. Action must now be taken against these companies if we are to truly, consistently, and meaningfully oppose the bully that is China.
Main image credit: Getty