Green moves: Agscent, HSBC

After 30 years in the financial markets glued to bonds and futures contracts, Dugald Lamont has changed tack and joined Agscent, an agri-biotech company at the forefront of sustainable agricultural innovation.

The former executive director of JP Morgan and Citigroup is now wholly focused on a company that is pioneering non-invasive methane measurement technologies and point-of-care diagnostic breath devices for livestock.

"Agscent's innovative technology is empowering farmers and industry stakeholders with real-time, actionable data-supporting smarter, data-driven decisions around productivity, profitability and helping to better understand and manage livestock emissions across the value chain," Lamont posted on social media.

"With a growing presence in both Australia and the US, Agscent is at the forefront of sustainable agricultural innovation, and I'm incredibly proud to be part of a team working on solutions that support climate-smart farming and future-focused animal health."

Lamont called his job at the two top brokers "a pretty wild ride" with some incredible highs and some decent lows, from watching the markets and equally from a personal point of view.

"My family has been very tolerant over the years, so as they say, it's time to give a bit back," he added.

Meantime, the top sustainable finance executive at HSBC Asset Management is leaving the firm and will not be replaced, according to reports.

The departure of Erin Leonard, who was named global head of sustainability four years ago, follows the exit of several other senior executives in recent months.

Leonard joined a newly created sustainability office that was responsible for the firm's sustainability strategy as well as its diversity, equity and inclusion initiatives.

The reports hold that Leonard's responsibilities will be shared between respective businesses within HSBC Asset Management and the responsible investment team led by Cathrine De Connick Lopez.

Evidently, Leonard's departure is part of a broad governance restructuring at HSBC under its new chief executive.

Since taking over last year as chief executive of HSBC Holdings, the parent of HSBC Asset Management, Georges Elhedery has introduced several restructuring measures that led to some changes to the executive line-up.

In November, Celine Herweijer stepped down as the bank's group chief sustainability officer after her role was demoted from the executive committee. She was replaced by Julian Wentzel

ShareAction, a British campaigner for responsible investing, has slammed HSBC for its latest moves and called on the bank to restate its commitment to the net-zero transition.

"After dropping its chief sustainability officer from its executive committee and announcing plans to review its climate targets and policies in February, HSBC has sent deeply concerning signals around whether managing the rapidly multiplying financial risks of global heating is still one of its priorities," the activist said.

"As one of the largest banks in the world with exposure across Europe and Asia, HSBC is even more vulnerable than some of its European peers to climate risks, such as the effects of extreme weather, which are already impacting the lives and livelihoods of communities."

ShareAction, which represents 30 investors managing £1.2 trillion, said having shown climate leadership in the past by stopping finance for new oil and gas projects, responsible investors have now been left in the dark on just how committed the bank remains to playing its significant part in securing the long-term prosperity of our global economy.

"This group of investors is calling on the bank to urgently affirm it will continue to build on its existing climate progress rather than backtrack, and to undertake this process in dialogue with shareholders. If the bank fails to do so, it should not expect shareholders to remain silent," it said.

However, HSBC told shareholders it remains committed to its ambition of becoming a net-zero bank by 2050 and has begun a review of its targets for emissions linked to its loans, as well as associated policies.