HSBC has had a forestry policy since 2004 and we review and update our policies regularly. HSBC commissioned two independent reviews on its Forestry Policy in 2013.
The first review was by ProForest into how our policy standards compared to good practice and whether they could be improved. We published the review on our website in March 2014, together with the new Forestry Policy and Agricultural Commodities Policy reflecting the recommendations.
The second review was by PwC into whether the Forestry Policy had been implemented well and whether we could improve implementation. This review found some inconsistent application of the Policy as well as examples of good practice.
HSBC has – through the new Forestry and Agricultural Commodities Policies – implemented many of PwC’s recommendations. We will make further changes in 2014 and 2015. For our full response to the review and our revised policies - Read more